How do you hold title on your FGT or other cars?


6s219

6s219

GT Owner
Mark II Lifetime
Nov 30, 2010
155
Covina, CA
How do you hold title on your FGT or other cars? I was thinking of placing my FGT, other cars and trailers in a person property trust.
I have plenty of insurance, but like the idea of anonymity. Any thoughts?
 
How do you hold title on your FGT or other cars?

Well, I usually hold them in my left hand......:lol. All kidding aside....I have them in my company name...of course it helps being in the car business.......I would think that setting up a trust would do the same?
 
My wife and I had trusts established with everything we own going into them. You might want to seek out a local attorney that specializes in this type of thing for the best advise for you.
 
All my vehicles (cars, motor home, motorcycles etc.) are in a LLC except my daily driver.
 
Farm equipment

Haul cowgirls, free milk
 
California now allows PO Box on your driver license as long as you use your home address on line 2. Of course they dont ask for proof so one can use his mail box. In my case, Insurance, DL and registration now all point to a PO Box. As far as vehicles go they do not need to be registered to be insured and yes IMO they need to be in a trust which can vary by state. As far as society menacing and idiots in general go the last thing you need is a police report (in case of an accident) that has your home address on it leading to unwanted guests.
 
x2 on getting advice from a local attorney. How you address asset protection and privacy concerns will depend on the laws in your state. If titles are held in the names of individuals, avoid holding any one title in both spouses' names.
 
almost all of my "title-able" assets including cars are titled under my Revocable Living Trust.

if & when you go to the DMV in your state, you will most likely be faced with a clerk who does not know what the heck you are talking about. i learned about Living Trusts, and titling assets in the Trust's name, from reading books i found at Nolo.com, a very good legal self help retailer. in fact, i took a Nolo book to the CA DMV and showed the DMV clerk what part of the DMV code authorized titles made in the name of Trusts.
 
tmctguer said:
almost all of my "title-able" assets including cars are titled under my Revocable Living Trust.
Click to expand...

If you don't want to go to the trouble of setting up a trust, you can put your assets in mine. :lol
 
Wouldn't every moving asset require it's own trust or LLC? Otherwise if you had a wreck in one of them, then everything in the trust or LLC could be taken correct?
 
There are several advantages to LLC holding as well as "auto trusts". I have no connection or interests in either of these listed in the attached links or any of the several others out there; just examples for reference and ideas.

http://www.alaskanautotrust.com/

http://www.mtvehicles.com/

No matter what you decide (or why) GET GOOD LEGAL ADVICE. Your banker is likely a good source of reference to good counsel on trusts and other tools for asset protection. Your State Farm / Allstate / etc agent is not. They do what they do and do it well enough for the other 99% of the population but insurance and asset protection for the driver of a car that screams "assets - sue me" are another realm.
 
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