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EV Credit & Revocable Living Trust

Discussion in 'Model S' started by Carguy949, Mar 26, 2014.

  1. Carguy949

    Carguy949 Member

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    Hi,
    Does anyone here have a revocable living trust, and if so have you titled you car in the trust name? Does that have any impact on the EV tax credit? Bonus points if you live in California and also got the state EV rebate. I just want to make sure that registering the car in the name of the trust doesn't jeopardize anything.

    Thanks!
     
  2. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    My car is titled and registered in trust; because the trust uses my SSN, it makes no difference. In addition, Illinois' rebate worked just fine as well.
     
  3. Burt Court

    Burt Court Member

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    carguy949, I'm your older brother in 909. Trust works, financing works, rebate approved via e-mail, hopefully check in the mail.
    SoCal Burt
     
  4. rjcbox

    rjcbox Member

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    doesn't having a pour-over will (which should be part of estate trust plan) accomplish the same goal?
     
  5. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    I'll let those that know better explain it better than I can, and over the past decade these things have changed a lot, but as was explained to me in the formation of my trust about 15 years ago, property subject to the pour-over provision of a will is still subject to probate, while trust-owned property at time of death is not. I'm not sure about the tax implications, either - as I understand (but could be wrong) pour-over may have tax implications in some states.

    (IANAL, consult your estate planner, yadda yadda yadda.)
     
  6. gnelson

    gnelson Member

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    When I set up my living revocable trust the lawyer did not recommend having automobiles or homes in the trust.
     
  7. lorih

    lorih Member

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    What is "pour-over" in this context. Trying to decide between trust and will myself...
     
  8. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    A "pour-over will" is one that automatically dumps all of your assets into your trust upon your death. The two are used together.
     
  9. rjcbox

    rjcbox Member

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    I think many estate planning attorneys will provide an initial consultation free, so you can see what option/cost will work best. Some around NJ have periodic introductory free seminars at local libraries as a starting point.

    - - - Updated - - -

    -yes, same info given from atty to a family member who recently went through the process

    -as far as needing home to be in LLC or trust, I think that depends on your state, as different states have varying degrees of protection/exemption for your homestead when sh*t hits the fan
     
  10. lorih

    lorih Member

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    thanks! I love this community! I came here for Tesla, and I gotta say, have gotten great info on a variety of subjects.

    :)
     
  11. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    I think one reason they now recommend against putting them in trust is that the thresholds have gone up for estate tax exemption since the days when I established my trust. I have found there are difficulties with financing, higher % rates, etc., when assets are held in trust vs. personal as well.

    Consult your professional is the bottom line. :)
     
  12. strider

    strider Active Member

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    You need to have both. Trust for big things like savings, house, to list as the beneficiary on your life insurance, etc. The pour-over becomes the catch-all for everything not in the trust (personal effects, checking account, etc). Laws likely vary by state. My attorney said it's not worth putting cars in the trust's name unless they are collector's items.

    Since you're in the bay area I will recommend the firm I used - $495 flat fee California Living Trust Estate Plans 495 | Vaksman Law Offices I have no affiliation w/ them, just a satisfied customer.

    - - - Updated - - -

    Yes. One big one is that you may have to carry commercial insurance vs personal.
     
  13. gregincal

    gregincal Active Member

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    Our lawyer said that it wasn't worth it putting the automobiles in the trust "unless you have a Tesla or something." Basically you need to have less than $150,000 of combined value outside the trust to avoid probate in California.
     

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