Go Back   The Ford Barn > General Discussion > Model A (1928-31)

Sponsored Links (Register now to hide all advertisements)

Reply
 
Thread Tools Display Modes
Old 11-12-2021, 09:43 PM   #41
Gene F
Senior Member
 
Gene F's Avatar
 
Join Date: Mar 2012
Location: Ohio
Posts: 1,915
Default Re: Preparing for the end.

Quote:
Originally Posted by Stretch Cab View Post
Good morning everyone,

I was going to jump back in last night but thought I would let it run until this morning. I must say that you have given me a lot to think about and a lot to get started on.
I too had the idea of owning a car for each of the grandkids but the reality of that has set in that most of them would not want it or know what to do with it.

When my dad passed away he thought he was dividing up his cars fairly and gave me a 53 Chevy Convertible and a 31 Deluxe Rdst. My brother got a 34 Cabriolet. I personally don't think the deal was fair for my brother but he isn't a car guy and gave the Cabriolet to his son who took the rare dual side mount front fenders off, along with the rear to make a "Hiboy" out of it. He is to busy so the Cabriolet just sits in his garage.

I gave my son the 53 and because of the cost of new tires and lack of time it too just sits in the garage. I had given my daughter my 30 Rdst. PU but now have it back in my garage after her divorce. At least her x didn't force her to sell it. I had given it to them thinking that they would enjoy it but her husband wasn't into old cars.

I think from reading all of your thoughts that I am going to sit down with the kids after talking to my wife and form a plan for making sure the government doesn't get anything from the deal and my wife and kids are happy.

I know we need a trust as soon as possible so I will start working on that. I will also incorporate some of your other ideas as well. I love just sitting and looking at my cars, memorabilia and tools. I actually call my shop my museum. It is mostly memories that I have made over the years so kind of hard to pass those along. Whether I wind up selling it all and enjoying retirement a little more if/when that day comes or saving it for the kids will remain to be seen. I may have sufficient time to know what would be best for them but am going to prepare as if I don't. After all, it is only stuff!

Thanks so much for letting me put this topic out there. Each of your responses were valuable.

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)
Gene F is offline   Reply With Quote
Old 11-13-2021, 12:09 AM   #42
SHEC
Senior Member
 
SHEC's Avatar
 
Join Date: May 2010
Posts: 273
Default Re: Preparing for the end.

Quote:
Originally Posted by Keith True View Post
They are buried side by side in the cemetery next to the fence,with the car about 8 feet away.I really wish I had gotten more information from the farmer that dug the hole and buried the car.I have no idea what year the T was,but was told the couple bought it new when they got married.My mother is the cemetary historian in town,she will have the ages and dates of death recorded.I thought she knew the whole story,turns out she only knew the basic facts.She didn't know who did the job,and she knew him well,she could have asked him at any time.If he was alive he would be 101 now.
Now New Hampshire sounds like an interesting place. Thanks for sharing ✔️
SHEC is offline   Reply With Quote
Sponsored Links (Register now to hide all advertisements)
Old 11-13-2021, 05:04 AM   #43
woofa.express
Senior Member
 
woofa.express's Avatar
 
Join Date: Jan 2018
Location: Tocumwal, NSW, Australia
Posts: 1,744
Default 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.
.
Attached Images
File Type: jpg image0 (4).jpg (7.4 KB, 319 views)
__________________
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.
woofa.express is offline   Reply With Quote
Old 11-13-2021, 05:29 AM   #44
woofa.express
Senior Member
 
woofa.express's Avatar
 
Join Date: Jan 2018
Location: Tocumwal, NSW, Australia
Posts: 1,744
Default 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.
woofa.express is offline   Reply With Quote
Old 11-14-2021, 10:48 AM   #45
ThosD
Member
 
ThosD's Avatar
 
Join Date: Sep 2016
Location: San Jose, CA
Posts: 46
Default 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.
ThosD is offline   Reply With Quote
Old 11-14-2021, 02:47 PM   #46
Jeff/Illinois
Senior Member
 
Jeff/Illinois's Avatar
 
Join Date: May 2010
Posts: 2,787
Default Re: Preparing for the end.

Sponsored Links (Register now to hide all advertisements)
Quote:
Originally Posted by ThosD View Post
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.
Welcome to the hobby! And, you have the right mind set

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
Jeff/Illinois is offline   Reply With Quote
Old 11-14-2021, 05:23 PM   #47
ronn
Senior Member
 
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,758
Default 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.......................
ronn is offline   Reply With Quote
Old 11-15-2021, 10:46 PM   #48
Brad in Germany
Senior Member
 
Brad in Germany's Avatar
 
Join Date: May 2010
Location: Potomac, Maryland
Posts: 909
Default Re: Preparing for the end.

Quote:
Originally Posted by Incognito-A View Post
For vehicles: Make sure that the recipient is on the title with you, ie you “or” recipient whether that be your wife or kids. That is the easiest way to avoid putting vehicles in a will or trust and automatically avoids probate.

Car and collectible markets go up and down all the time. I’m not sure putting a fixed value on these items is the best way to go. Are you really going to spend the time and effort to price out everything on even an annual basis? My suggestion would be to have a trusted friend or two that knows your hobby, whatever it might be, to be listed as an advisor.

Get advice from a reputable estate planning attorney.
Having a title with "or" with you and the other person listed on the title gives the right of the "or" person to sell your car when they see fit, at any time (even against your will). To protect your vehicle from the possibility of the other person selling it from under you (or before you are maybe ready to sell it), it is better to designate a beneficiary on the title instead. That avoids your car from entering probate, keeps it out of the total value of your estate (avoids possible taxes) and insures that the ownership of your car transfers to the person you wish, upon your demise.

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.
Brad in Germany is offline   Reply With Quote
Old 11-17-2021, 12:22 PM   #49
Jeff/Illinois
Senior Member
 
Jeff/Illinois's Avatar
 
Join Date: May 2010
Posts: 2,787
Default Re: Preparing for the end.

Quote:
Originally Posted by ronn View Post
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.......................

True bud, these are crazy times for sure
Jeff/Illinois is offline   Reply With Quote
Old 11-17-2021, 12:24 PM   #50
Jeff/Illinois
Senior Member
 
Jeff/Illinois's Avatar
 
Join Date: May 2010
Posts: 2,787
Default Re: Preparing for the end.

Quote:
Originally Posted by Brad in Germany View Post
Having a title with "or" with you and the other person listed on the title gives the right of the "or" person to sell your car when they see fit, at any time (even against your will). To protect your vehicle from the possibility of the other person selling it from under you (or before you are maybe ready to sell it), it is better to designate a beneficiary on the title instead. That avoids your car from entering probate, keeps it out of the total value of your estate (avoids possible taxes) and insures that the ownership of your car transfers to the person you wish, upon your demise.

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
Good things to know, thanks.

Wish life was simpler but it isn't anymore.
Jeff/Illinois is offline   Reply With Quote
Old 11-17-2021, 04:14 PM   #51
Oldbluoval
Senior Member
 
Oldbluoval's Avatar
 
Join Date: Jun 2015
Location: Signal Mtn, TN (SE TN)
Posts: 2,359
Default Re: Preparing for the end.

One prime factor..
You better know state law in which you are domiciled.
Oldbluoval is offline   Reply With Quote
Old 11-17-2021, 05:05 PM   #52
ronn
Senior Member
 
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,758
Default 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

ronn is offline   Reply With Quote
Old 11-17-2021, 07:02 PM   #53
J Franklin
Senior Member
 
J Franklin's Avatar
 
Join Date: May 2010
Location: Oregon
Posts: 5,947
Default Re: Preparing for the end.

Quote:
Originally Posted by ronn View Post
cash it all in- bury it in the ground and leave a note to whomever is left.........

no probate
no lawyers
no stinkin government

You must not have any friends or organizations you want to support.
J Franklin is offline   Reply With Quote
Old 11-18-2021, 03:22 AM   #54
ronn
Senior Member
 
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,758
Default Re: Preparing for the end.

Just my family J.


The ones that supported me.
ronn is offline   Reply With Quote
Old 11-18-2021, 05:09 AM   #55
Oldbluoval
Senior Member
 
Oldbluoval's Avatar
 
Join Date: Jun 2015
Location: Signal Mtn, TN (SE TN)
Posts: 2,359
Default 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!!
Oldbluoval is offline   Reply With Quote
Old 11-18-2021, 05:24 AM   #56
ronn
Senior Member
 
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,758
Default 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.
ronn is offline   Reply With Quote
Old 11-18-2021, 08:55 AM   #57
Stretch Cab
Senior Member
 
Stretch Cab's Avatar
 
Join Date: May 2010
Location: Lexington, NC
Posts: 694
Default 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
Stretch Cab is offline   Reply With Quote
Old 11-18-2021, 09:09 AM   #58
ronn
Senior Member
 
Join Date: Feb 2011
Location: NNNNNNNNJJJJJJJJJJ
Posts: 6,758
Default Re: Preparing for the end.

easy peasy Stretch- just buy silver and gold.


no inflation problem there. Everything else is overpriced at the moment.
ronn is offline   Reply With Quote
Old 11-18-2021, 09:24 AM   #59
Keith True
Senior Member
 
Keith True's Avatar
 
Join Date: May 2010
Location: Epping N.H.
Posts: 2,969
Default 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.
Keith True is offline   Reply With Quote
Old 11-20-2021, 11:18 AM   #60
nkaminar
Senior Member
 
nkaminar's Avatar
 
Join Date: Jan 2012
Location: Western North Carolina
Posts: 3,817
Default 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.
nkaminar is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Sponsored Links (Register now to hide all advertisements)


All times are GMT -5. The time now is 11:04 AM.