|
Sponsored Links (Register now to hide all advertisements) |
|
|
Thread Tools | Display Modes |
11-12-2021, 09:43 PM | #41 | |
Senior Member
Join Date: Mar 2012
Location: Ohio
Posts: 1,969
|
Re: Preparing for the end.
Quote:
I had to giggle after reading this. I have been caught a time in the garage or barn, sitting in one of my cars with a cookie and a bottle of beer just enjoying the view. LOL (I'm 61) |
|
11-13-2021, 12:09 AM | #42 | |
Senior Member
Join Date: May 2010
Posts: 279
|
Re: Preparing for the end.
Quote:
|
|
Sponsored Links (Register now to hide all advertisements) |
|
11-13-2021, 05:04 AM | #43 |
Senior Member
Join Date: Jan 2018
Location: Tocumwal, NSW, Australia
Posts: 1,748
|
Re: Preparing for the end.
It’s now your farm Wilhelm.
I worked in an area where there were several expat German farmers, one being Wilhelm Grieve. He could hardly speak a word of English, but he could manage to say “More beer Gary”. A personable fellow with personable wife, Ingrid and 3 kids who became high achievers. His dad came to visit him I remember. He had only one hand and a hook in place of the second. Lost it on the Russian front and would have died had a high ranking officer and personal friend not spotted him and took him for medical help. Anyway I am getting off the point of this story. Wilhelm inherited the family farm. A farm that had been in the family for over 440 years. One day Wilhelm said to dad “I would like to sell the farm” and dad said “it is now your farm Wilhelm” meaning it is yours to do what you wish. I have never forgot that and have adopted the same concept and practise. I owned a pristine Piper Cub. It was totally rebuilt from a corrosion free airframe. Had intended to spend 65K on it but like old cars it escalated in cost. After two years the novel aspect wore off and it sat in the shed for another two years without me flying it. So I gave it to my son Dennis. Not forgetting Wilhelm’s dad, I told Dennis he now owned it. After 5 years he traded it on a Cessna 180. That type once was our family aeroplane in which I taught he and his brother to fly in. He is tickled pink with his trade and I’m pleased for him although a little sorry to see the Cub go. So what are we to do with our prized possessions? It’s an individual choice but don’t assume you know what your kids should have. It is Wilhelm in the picture. Not far from reach is a stubby and glass of beer. .
__________________
I know many things, But I don't know everything, Sometimes I forget things. And there are times when I have a long memory. Last edited by woofa.express; 11-13-2021 at 05:33 AM. |
11-13-2021, 05:29 AM | #44 |
Senior Member
Join Date: Jan 2018
Location: Tocumwal, NSW, Australia
Posts: 1,748
|
Re: Preparing for the end.
What should I do?
I have always had a love affair with the Model A since I was a kid but I was aged forty before I got one. As a kid I always wanted a bicycle but had a horse. That was not what I wanted. As a result my four kids always got bicycles. In later years I bought three Model A’s and one classic G.M. Holden with the view of giving each of them an vintage or classic motorcar. Myself, I am besotted with the A’s but don’t warm to the Holden but my kids have no interest in any. One saving Grace is one daughter in law likes two of the A’s. I can’t sell any because they have been allocated and promised. Both Patsy and I have learned not to give our kids things that we think they should have. They have different aspirations which does not include vintage motorcars. I now wish I had purchased only one A for myself.
__________________
I know many things, But I don't know everything, Sometimes I forget things. And there are times when I have a long memory. |
11-14-2021, 10:48 AM | #45 |
Member
Join Date: Sep 2016
Location: San Jose, CA
Posts: 47
|
Re: Preparing for the end.
I have been into the Model A hobby for 5 months. Before I started, I told my wife that I would probably be spending more on the project than it's projected market value. For me it's an investment in my soul, not my estate.
To her question about what to do with an old car and the parts that may not be attached, I told her to just call the local Model A club. |
11-14-2021, 02:47 PM | #46 | |
Senior Member
Join Date: May 2010
Posts: 2,789
|
Re: Preparing for the end.
Sponsored Links (Register now to hide all advertisements)
Quote:
If you look at buying a new car or truck (Ph. Co. that I sit on the BOD for just bought a new Chevy Silverado, three quarter ton etc. etc. and is shelling out $54K before taxes and al of the extra costs) and it will be worth what, $20K in 4-5 years? So my point being, you buy a new car or truck and you will eat 20-30,000 in depreciation in just a very few years, so the money you put in a Model A Ford ain't that big of a deal |
|
11-14-2021, 05:23 PM | #47 |
Senior Member
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,789
|
Re: Preparing for the end.
If you look at buying a new car or truck (Ph. Co. that I sit on the BOD for just bought a new Chevy Silverado, three quarter ton etc. etc. and is shelling out $54K before taxes and al of the extra costs) and it will be worth what, $20K in 4-5 years? So my point being, you buy a new car or truck and you will eat 20-30,000 in depreciation in just a very few years, so the money you put in a Model A Ford ain't that big of a deal
in the normal world Jeff, you would be correct. the way things are going, that new silverado might be worth 100k in 5 years....................... |
11-15-2021, 10:46 PM | #48 | |
Senior Member
Join Date: May 2010
Location: Potomac, Maryland
Posts: 911
|
Re: Preparing for the end.
Quote:
In Maryland the process is super easy, just fill out the "Transfer Upon Death" form for your vehicle(s) and MD will then issue you a new title for your car which includes the TUD designation......so when you die, the designated person can immediately take possession of your car and dispose of it as they see fit, with no need to wait for the probate process. Most states offer similar TUP program for your vehicles and for anything else that has a title (or deed). Similarly for your deeded property (house, land, farm, etc) you can designate a beneficiary directly on the deed in what is called a Life Estate Deed. That allows the transfer of the deed upon your demise but keeps the property out of probate. Everyones' situation is different, but to avoid probate and to avoid the need to pay some expensive attorney to settle your estate and/or to manage a Trust, best to designate TOD (Transfer on Death) on all of your financial assets (bank accounts, investments, etc), and designate a beneficiary on your vehicle titles (per the above) and set up a Life Estate Deed for your property (or anything you might have that has a deed). Any tangible goods that do not have a title or deed can be covered in your will and with a codicil as things change in your estate after you have signed your will. In addition, the disposition of specific tangible items in your estate (like car parts, collectables, jewelry, your collection of Amish quilts, heirlooms, petroliana collection, tools, etc) can be managed via a "Tangible Personal Property Memorandum".....which can be modified (without an attourney) as you add or dispose of items in your estate while you are still alive. Brad in Maryland Last edited by Brad in Germany; 11-15-2021 at 10:51 PM. |
|
11-17-2021, 12:22 PM | #49 |
Senior Member
Join Date: May 2010
Posts: 2,789
|
Re: Preparing for the end.
Quote:
True bud, these are crazy times for sure |
11-17-2021, 12:24 PM | #50 | |
Senior Member
Join Date: May 2010
Posts: 2,789
|
Re: Preparing for the end.
Quote:
Wish life was simpler but it isn't anymore. |
|
11-17-2021, 04:14 PM | #51 |
Senior Member
Join Date: Jun 2015
Location: Signal Mtn, TN (SE TN)
Posts: 2,371
|
Re: Preparing for the end.
One prime factor..
You better know state law in which you are domiciled. |
11-17-2021, 05:05 PM | #52 |
Senior Member
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,789
|
Re: Preparing for the end.
cash it all in- bury it in the ground and leave a note to whomever is left.........
no probate no lawyers no stinkin government |
11-17-2021, 07:02 PM | #53 |
Senior Member
Join Date: May 2010
Location: Oregon
Posts: 5,963
|
Re: Preparing for the end.
|
11-18-2021, 03:22 AM | #54 |
Senior Member
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,789
|
Re: Preparing for the end.
Just my family J.
The ones that supported me. |
11-18-2021, 05:09 AM | #55 |
Senior Member
Join Date: Jun 2015
Location: Signal Mtn, TN (SE TN)
Posts: 2,371
|
Re: Preparing for the end.
So ronn….
When you gonna know when to do that? Now, next year…5 years from now? So do it next year and then live another 20? Seriously, that really isn’t planning as this thread was meant to be But if that’s what you want to do…this is America have at it. Let us know and someone will get a metal detector and be all over your yard. Don’t forget to leave a note in case not found!! |
11-18-2021, 05:24 AM | #56 |
Senior Member
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,789
|
Re: Preparing for the end.
actually, have been selling off this past year. still have too much and am going to keep selling.
20 cars is too much. I will whittle it down to 5. I have a couple of detectors here. Have at it! lol we all have diff ideas Oldblue. Mine is not necessarily the "right" one, but I do laugh at all of you who make huge plans and spend more on lawyers then the estate is worth. reminds me of life insurance..........spend spend spend for years and get little back in the end. My "life insurance" is the rust in my yard. The wife will get by fine on it........ yes we eat road kill. |
11-18-2021, 08:55 AM | #57 |
Senior Member
Join Date: May 2010
Location: Lexington, NC
Posts: 695
|
Re: Preparing for the end.
Hey Ronn, a relative passed away not long ago and just before he died his son was visiting him. He told the son upon his death to look in the 5 gallon buckets in the garage. I think the son looked on his way out and found almost $250,000.00 in cash under a layer of sand in the buckets.
As you said, no lawyers, probate or taxes. It has been a hassle to get it invested under the radar since then.
__________________
Let us live so that when we come to die, even the undertaker will be sorry. Mark Twain |
11-18-2021, 09:09 AM | #58 |
Senior Member
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,789
|
Re: Preparing for the end.
easy peasy Stretch- just buy silver and gold.
no inflation problem there. Everything else is overpriced at the moment. |
11-18-2021, 09:24 AM | #59 |
Senior Member
Join Date: May 2010
Location: Epping N.H.
Posts: 2,987
|
Re: Preparing for the end.
I don't think anybody will have to worry about a federal inheritance tax from my estate.I won't meet that 11 million dollar threshold where it kicks in.We don't have a state one where I live either.
|
11-20-2021, 11:18 AM | #60 |
Senior Member
Join Date: Jan 2012
Location: Western North Carolina
Posts: 3,897
|
Re: Preparing for the end.
We had a friend who just died. He was in his 60's and appeared healthy. Went into the hospital with a pulmonary embolism and was dead the next day. Point is it can happen very quickly. Best to be prepared and have a will. If nothing else, write something out in your own handwriting and stash it somewhere where it will be found.
__________________
A is for apple, green as the sky. Step on the gas, for tomorrow I die. Forget the brakes, they really don't work. The clutch always sticks, and starts with a jerk. My car grows red hair, and flies through the air. Driving's a blast, a blast from the past. |
|
|
Sponsored Links (Register now to hide all advertisements) |
|