Adding car to trust

Ovfitbob

Member
Joined
Dec 25, 2020
Messages
53
Cars
2016 Honda accord EXL
I’m curious if any members have added or are considering adding their car to their trust.
I’m not sure there’s any tax benefits to adding a car to the trust but I believe it might be better as to avoid probate for family members when the car owner passes.
I’m waiting to hear back from my tax advisor, but wanted to check with the forum members as well.
 
You can set up a trust now but leave it unfunded and then have your estate attorney transfer assets into the trust upon your death for distribution to your heirs. If you put the car in a trust now, it can complicate a later sale or trade.
 
My attorney suggested NOT placing an auto in a trust so that someone can't go after the trust in the case of an accident. Check with your attorney for legal acvice
 
Yes that’s what I was reading. In case of an accident, someone can go after the trust.
 
Got same council here = not in trust.
Was happy to see/hear how enthusiastically they applauded Lucid purchase.
 
Just have a pour over will and you don't have to worry!
 
Hey while we are on the topic did you guys ask your advisor how to pay for the car?
I was going to finance with "cheap money" and leave my cash invested, but counsel said, "no, buy the car."

Huh.

oh, and does anyone besides me think Putin will "salt the earth" when he realizes he's lost Ukraine? (nuke 'm or worse).

am I nuts for thinking we are teetering on the brink of a global economic collapse? (this is how I rationalized the car)

Russian oil + grain stops.
Europe freezes.
Global political disruption and disunity.
Ukraine devastated , no crops, no ability to export
Global starvation and tens of millions of displaced refugees... make that hundreds of millions ...
Half of South Asia underwater in monsoon season.
Pakistan is already 1/3 submerged, and it's barely started.

Wild Cards:
Japan takes Formosa.
China takes Japan.
Russia scuttles its navy.
New Zeland removes itself from every map
The Court and both houses go full MAGA .
DeSantis is president
(here comes the White Wanker)

WINTER IS COMING

It's not all bad though. In ten years down the shore will be 10 miles from my door instead of 100.

so what did you guys do?
cash finance other
 
Hey while we are on the topic did you guys ask your advisor how to pay for the car?
I was going to finance with "cheap money" and leave my cash invested, but counsel said, "no, buy the car."

Huh.

oh, and does anyone besides me think Putin will "salt the earth" when he realizes he's lost Ukraine? (nuke 'm or worse).

am I nuts for thinking we are teetering on the brink of a global economic collapse? (this is how I rationalized the car)

Russian oil + grain stops.
Europe freezes.
Global political disruption and disunity.
Ukraine devastated , no crops, no ability to export
Global starvation and tens of millions of displaced refugees... make that hundreds of millions ...
Half of South Asia underwater in monsoon season.
Pakistan is already 1/3 submerged, and it's barely started.

Wild Cards:
Japan takes Formosa.
China takes Japan.
Russia scuttles its navy.
New Zeland removes itself from every map
The Court and both houses go full MAGA .
DeSantis is president
(here comes the White Wanker)

WINTER IS COMING

It's not all bad though. In ten years down the shore will be 10 miles from my door instead of 100.

so what did you guys do?
cash finance other
Finance, but I got a rate of 1.45% so it really was trivially cheap money (this was back in January 2021)
 
Finance, but I got a rate of 1.45% so it really was trivially cheap money (this was back in January 2021)
Just finalized my loan with Consumers Credit. Rate is 3.49% for 60 months. Rate goes up on Monday. Not sure to what.
 
Just have a pour over will and you don't have to worry!
Not sure about the worry, better, but not entirely safe as I understand (HS graduate here).


the other thing is do you register the car to one or both spouses RE: going after assets ?
I heard it this way if there is a suit over a crash:
Your car you at wheel: Spouse half of joint property safe. (this is why it looks like the right answer)
Joint ownership: all assets at risk.
Spouse crash your car: all assets at risk.

My spouse does not practice this kind of law, but she did due diligence and we decided Joint ownership.

When my son died his car was in his name, so we could not sell it. You need another death certificate (you will need about 30 of these, and if it's complicated, more than that) ... you don't need extra steps when you are bereaved.
We just re-did our wills and my smart lawyer wife was embarrassed at how out of date it was. We did the pour over thing.
 
Not sure about the worry, better, but not entirely safe as I understand (HS graduate here).


the other thing is do you register the car to one or both spouses RE: going after assets ?
I heard it this way if there is a suit over a crash:
Your car you at wheel: Spouse half of joint property safe. (this is why it looks like the right answer)
Joint ownership: all assets at risk.
Spouse crash your car: all assets at risk.

My spouse does not practice this kind of law, but she did due diligence and we decided Joint ownership.

When my son died his car was in his name, so we could not sell it. You need another death certificate (you will need about 30 of these, and if it's complicated, more than that) ... you don't need extra steps when you are bereaved.
We just re-did our wills and my smart lawyer wife was embarrassed at how out of date it was. We did the pour over thing.
Or just buy umbrella insurance.
 
Or just buy umbrella insurance.
Yea, that's when we realized we should just jointly own the car and let our 'brella cover it.

Thanks so much for your informative post on the charger/wiring. If the wall wart is coming soon I'll just forgo buying another charger just to get the wire.
 
Yea, that's when we realized we should just jointly own the car and let our 'brella cover it.

Thanks so much for your informative post on the charger/wiring. If the wall wart is coming soon I'll just forgo buying another charger just to get the wire.
Happy to help. If you don’t *need* the additional speed, it may not be worth the 80A, tbh, since it’ll probably be a bit more expensive of an EVSE thanks to the higher speed and V2H capabilities. That said, some people also just like the speed and that it matches the car (me, lol)

(Really, it’s just futureproofing)
 
If you don’t *need* the additional speed, it may not be worth the 80A, tbh, since it’ll probably be a bit more expensive of an EVSE thanks to the higher speed and V2H capabilities. That said, some people also just like the speed and that it matches the car (me, lol)

(Really, it’s just futureproofing)
Yea I was thinking I don't really want to charge at full amps every time, but then the back-up house battery thing is sexy as heck.
 
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Yea I was thinking I don't really want to charge at full amps every time, but then the back-up house battery thing is sexy as heck.
“Charging at full amps” is not an issue, for what it’s worth. Whether you do 8 hours at 40A or 4 hours at 80A does not affect the battery at all, and uses the same amount of electricity.

The only time it matters is when you are using a DC fast charger (which can charge at 350kW or 150kW) which uses up to 350A, and usually 480V or so (compared to your home 240V). The car intentionally slows down the charging as you get up in higher percentage so as to not harm the battery. Using DCFC as your main charging source is likely to kill the battery faster, but on an 80A circuit at home it won’t make an iota of difference.
 
The only time it matters is when you are using a DC fast charger (which can charge at 350kW or 150kW) which uses up to 350A, and usually 480V or so (compared to your home 240V).
CCS DC chargers are up to 1000 volts, Tesla uses 480V DC charging. With Lucid's 924V system, it requires a DC to DC voltage boost with DC chargers that are less than 924 volts. The Lucid Wunderbox can do the DC to DC voltage boost but is limited to 50kW. Hence, if you use a 480V DC charger, you will only charge at 50 kW.
 
CCS DC chargers are up to 1000 volts, Tesla uses 480V DC charging. With Lucid's 924V system, it requires a DC to DC voltage boost with DC chargers that are less than 924 volts. The Lucid Wunderbox can do the DC to DC voltage boost but is limited to 50kW. Hence, if you use a 480V DC charger, you will only charge at 50 kW.
I stand corrected!
 
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