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How to advise on the sale of a collection?
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<blockquote data-quote="davidd" data-source="post: 52747" data-attributes="member: 1177"><p>Part B</p><p></p><p>You mentioned the most obvious way of transferring property which is to own it with someone else in joint tenancy with rights of survivorship (JTWS). If the idea is to minimize the probate estate (the portion of your property that will be included in your estate at the time of death) in order to simplify the estate and minimize taxes then JTWS is probably the easiest. Many states offer this form of ownership on the title and registration documents. At the time of death the property immediately transfers to the joint tenant and no other action is necessary. The property is not part of the estate. There is usually no notice to the taxing authorities although there may be other laws requiring you to volunteer that you have received property as income, but at worst it would be inferred that you only owe taxes on half of the property.</p><p></p><p>A more direct way to transfer property is just to give it away. If you son or daughter wants the bike transfer the title and agree to keep it in your garage until you are done with it. I know several Vincents that have been transferred this way. There are two potential risks. You have a falling out and the bike is not yours anymore. Second, you may have to ask your accountant how you should do it for tax purposes. If it is an A Twin, you may have to "gift" it over many years utilizing the maximum amount you can give per year without triggering taxes. This is usually a formality (or ignored), but you should get some advice from an accountant.</p><p></p><p>The third way to handle expensive or complicated property is to create a trust. I have seen this done, but it is somewhat cumbersome and expensive. A trust is a separate entity (like a corporation) that has a business life of its own. Some person or persons will be trustee, directing the trust and they will carry out your orders as detailed in the trust document. The bikes, parts, tools and any money will be the corpus of the trust. The named beneficiaries will receive the income from the corpus or the distribution of the corpus in a percentage amount specified in the trust. A trust can do almost anything, but that makes it expensive to create and maintain, so it is usually done where there are large assets that will support the high costs. The trust is the owner of title so the property would not be subject to probate. </p><p></p><p>Again, just general information. It is a good time to think about giving stuff away, even if you keep it in your garage!</p><p></p><p>David</p></blockquote><p></p>
[QUOTE="davidd, post: 52747, member: 1177"] Part B You mentioned the most obvious way of transferring property which is to own it with someone else in joint tenancy with rights of survivorship (JTWS). If the idea is to minimize the probate estate (the portion of your property that will be included in your estate at the time of death) in order to simplify the estate and minimize taxes then JTWS is probably the easiest. Many states offer this form of ownership on the title and registration documents. At the time of death the property immediately transfers to the joint tenant and no other action is necessary. The property is not part of the estate. There is usually no notice to the taxing authorities although there may be other laws requiring you to volunteer that you have received property as income, but at worst it would be inferred that you only owe taxes on half of the property. A more direct way to transfer property is just to give it away. If you son or daughter wants the bike transfer the title and agree to keep it in your garage until you are done with it. I know several Vincents that have been transferred this way. There are two potential risks. You have a falling out and the bike is not yours anymore. Second, you may have to ask your accountant how you should do it for tax purposes. If it is an A Twin, you may have to "gift" it over many years utilizing the maximum amount you can give per year without triggering taxes. This is usually a formality (or ignored), but you should get some advice from an accountant. The third way to handle expensive or complicated property is to create a trust. I have seen this done, but it is somewhat cumbersome and expensive. A trust is a separate entity (like a corporation) that has a business life of its own. Some person or persons will be trustee, directing the trust and they will carry out your orders as detailed in the trust document. The bikes, parts, tools and any money will be the corpus of the trust. The named beneficiaries will receive the income from the corpus or the distribution of the corpus in a percentage amount specified in the trust. A trust can do almost anything, but that makes it expensive to create and maintain, so it is usually done where there are large assets that will support the high costs. The trust is the owner of title so the property would not be subject to probate. Again, just general information. It is a good time to think about giving stuff away, even if you keep it in your garage! David [/QUOTE]
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