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Old 10-24-2013, 09:51 AM   #1
6mm
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MH Purchase

When we buy or new MH can we pay for it,plate it, pay all taxes ECT.
And have my sons name on the title so if any thing happens to us it will already be his without troubles from the state or feds or any need to be involved in the division of our estate.
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Old 10-24-2013, 10:08 AM   #2
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Quote:
Originally Posted by 6mm View Post
When we buy or new MH can we pay for it,plate it, pay all taxes ECT.
And have my sons name on the title so if any thing happens to us it will already be his without troubles from the state or feds or any need to be involved in the division of our estate.
Problem with that is...if, God forbid, you have an injury accident the persons you injury can also sue your Son as he is on the title. All of our vehicles are in one name, mine or DW. They, lawyers, can't attach house or other property, investments, as they are co-owned.
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Old 10-24-2013, 10:27 AM   #3
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The odds of both of you passing on at the same time are so slim that I dont think they can be calculated.
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Old 10-24-2013, 10:31 AM   #4
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I think you can do what you suggest but there is the possible liability issue already mentioned.

A good Living Trust should do the same thing without the additional headaches.

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Old 10-24-2013, 12:28 PM   #5
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+1 for living trust.
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Old 10-24-2013, 12:49 PM   #6
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Some states also have "at Time of death" on the title..where you can place a name.
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Old 10-24-2013, 01:24 PM   #7
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+2 for living trust.
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Old 10-24-2013, 01:31 PM   #8
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You also have to be aware that you may have to file gift tax returns for the implied gift of the motorhome. The living trust may help you with the liability issue but if you are looking at protecting the asset from the nursing home you should seek the assistance of an elder care attorney.
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Old 10-24-2013, 04:54 PM   #9
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Missouri has a "Transfer on Death" where another person can be named on the title as the recipient.
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Old 10-24-2013, 05:16 PM   #10
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You should research how large an estate has to be before you even need to think about estate taxes. The exemptions are quite large so most people need never find themselves subject to it. You should have a will drawn up to deal with financial circumstances upon your death.

I don't get the "living will" thing at all. We hold our properties in joint tenancy with survivorship. Works for us just fine
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Old 10-24-2013, 06:18 PM   #11
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I would not worry a bit.

The odds of both of you passing on at the same time are so slim that I dont think they can be calculated.

Yes, you will have gift taxes if you gi beyond the annual limits.
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Old 10-24-2013, 09:59 PM   #12
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I have a question? If only one spouse's name is on the title and that spouse dies, is the other spouse responsible for the lean on the RV?

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Old 10-24-2013, 10:52 PM   #13
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You sure can. It's not as complicated as you may think. You bought it, paid for it, and insured it. The son just happens to own it. Period!

Like was posted earlier. You have a wreck and get sued, he will be on the suit as well.

Other than that, it doesn't matter who dies when, he just happens to own a MH.
Your 'estate' has nothing to do whatsoever with your son's MH. It's his.......not yours!

I'm about to do a similar thing with an immature daughter. I will purchase a vehicle, insure it, pay taxes, etc. BUT......all title and insurance will be in her name. Dad will be nowhere near any insurance or title info. Therefore, if...........and when, she has a wreck (hopefully not serious we all understand) dad is nowhere to be found regarding any legal issues.
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Old 10-25-2013, 12:15 AM   #14
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Consult a lawyer .. Money well spent . for instance what happens when God forbid your son dies first ? You don't own the motorhome your living in .. His estate does you could easily be out of your home on the street let a competent eldercare attorney handle the problem.
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