Quote:
Originally Posted by john70t
(again guessing)
The car probably wasn't titled/held/registered/whatever within the Trust...ie A separate entity...Like business property.
Thus different application applies.
Them's the rules
Address that problem head on.
Was it truly owned and operated as personal property? Or as an investment or other? Some vehicles were used as business advertisements. Were there any previous titling for it under any other names? Worth a check in all the records. Paperwork can change everything. Or not.
'Valuation' of an asset is probably determined by 'Fair Market Value' and any comparable sales today given the condition.
It's a big grey area. Don't ever lie. But be able to state your position favorably.
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It was titled in my dad's name. Ohio recognizes Transfer on Death and you can also list beneficiaries in the event the owner dies. My mistake was not TOD'ing the car to the Trust. The attorney my parents used advised against titling the car in the name of the trust. I never asked why.
The Estate, a car, is now tied up in probate which was completely my mistake. I thought about the car not being in the trust a few weeks before my dad died and just didn't get the issue corrected. I thought I had more time. I didn't.