Ownership Options

[8T03S1425]

Recently, a question was posed about the practicality of leveraging an LLC for ownership of Shelbys. I'd like to expand that topic to ask about other options, like a trust.

I'm not too adverse to giving up ownership, or liability, as long as I can maintain control and beneficial ownership. The car is not being financed, but it does still require maintenance and finishing of restoration.

Maybe, allowances vary state-to-state, and maybe I should be talking with an estate atty, but I am hoping to be pointed in a good direction, and armed with relevant questions, by folks with an interest in these types of cars that are also now part of assets that can be liquidated for retirement, if need be.

Steve

[Rickmustang]

Montana offers LLC ownership, with the advantage of no sales tax when you purchase the car, boat, plane, motor home. The negative is you have to get commercial insurance, and your license plates are Montana.

[Harris Speedster]

Guys,
I can not remember which group the guy is from, either Pink Floyd or Led Zeppelin, serious.
His name evades me too, he has, give or take, probably 75 million in cars.

BUT, he is also vested in a company>> LLC>> from within Europe.
I think about 20 guys dropped about 15 million in a LLC>> to buy what the Crystal Ball predicted. !

8T03S1425,
SO, I might check out what this group did,  these guys most definitely had the best legal talent draw up the whole thing.
Maybe there is something on the web about it.



Respectfully submitted,
John

[8T03S1425]

Thanks for the reply, Rick.

Yes, I saw that in the thread I referenced. I'd like to find a solution that didn't involve registering the car in a state outside of my residency.

Reason being, early in my ownership of 8T03S-01425 I had the car registered in MD, at my parent's address, in my Dad's name while I and the car resided in PA. The benefit to me was that MD had one inspection, at the time of registration. After that, I didn't have to worry about having the car inspected again unless a MD state trooper cited the car as being unsafe for highway use. There were also some insurance benefits with this arrangement.

If I registered the car in my name, in PA, the state of my residency, I would have to meeting PA's stricter and twice a year inspections. PA prohibited exhaust modifications, i.e., headers, '65 Shelby style side exhaust, and holes in the body. My car made those and other PA state inspection issues.

On the down side, PA didn't allow for a car, registered out of state, to reside in PA for more than 30 days.

With that being said, I've been wondering if there is a need and means for me to distance myself from the car while maintaining control, if not ownership, and avoiding any downside of direct ownership, such as estate planning and liability that exceeds insurance coverage.

Has anyone else in the club had those concerns, and if so what solution worked for them?

Or, am I over thinking this?

Steve

[8T03S1425]

John,

Thanks for that nugget of info. I'll see what I can find on the web.

Steve

[mark p]

Nick Mason of Pink Floyd is pretty deep into cars, as is David Gilmour...

[s2ms]

Jeff Beck has a few.

[2112]

Nick Mason of Pink Floyd is pretty deep into cars, as is David Gilmour...

I knew Mason was into top tier Ferraris and McLarens. Had no idea Gilmore was too. Or Jeff Beck for that matter.

[Side-Oilers]

Rod Stewart has had a bunch of Lambos. Not sure what else.

[2112]

Yeah, Fantasy Junction had his Miura SV several years back.

How you give that car up is beyond comprehension.

[BGlover67]

Yeah, Fantasy Junction had his Miura SV several years back.

How you give that car up is beyond comprehension.

How do they divorce supermodels?  Same thing.

[Harris Speedster]

Nick Mason of Pink Floyd is pretty deep into cars, as is David Gilmour...

>>>>>>>>>>>>>>>
That rings the bell.
Mason, I think he even has a 57 Ferrari TR race car.

Several of them did form an investment group.
As mentioned, their legal advice would be the best of the best.
Wouldn't doubt that the same legal counsel bought in.!!

John

[sd427]

Mason, I think he even has a 57 Ferrari TR race car.

I don't know about a TR, but he has a Ferrari GTO.

[Side-Oilers]

Yeah, Fantasy Junction had his Miura SV several years back.

How you give that car up is beyond comprehension.

How do they divorce supermodels?  Same thing.

I think a supermodel is higher maintenance than any car.   But if you can afford one, why not have it? 
Or maybe occasionally trade up to a newer model.

Agreed on how could anyone give up a Miura, however. 

[papa scoops]

word to wise, check with your insuance company first. if you live at one address, insure it at another, drivers licence in another and the house burns down where the car is "stored", will they pay? phred