While it can be enjoyable to drive, renovate, and perform maintenance on a set of antique cars, they're often a hassle for your family to sell or account for in taxes when you die. Since so many antique cars are fully or partially renovated, it can be very hard to place an exact monetary value on them without expert knowledge of their internal workings. To make the lives of your family members easier, make sure your antique cars can be handled quickly and cheaply by an estate plan with these three tips.
Get a Precise Value on Antique Cars That Have Been Fully Renovated
If the antique car was sitting in a warehouse for decades and you just had to install a new exhaust pipe radiator to make it work again, you can be pretty confident that a buyer's asking price won't stray far from the norm for the particular model. However, if the car came to you as little more than a husk of junk and you had to put all kinds of parts in it from various sources, ascertaining both the reliability and the total value of the car will be very difficult.
Before you finalize an estate plan, get an expert antique car appraiser to come inspect your car. The appraiser may even be able to set you up with potential antique car collectors beforehand so that an inexperienced and stressed out family member doesn't have to go look for one.
Sell Off Antique Cars That Aren't Close to Getting Fully Renovated
If you're not even halfway done with fixing up an antique car and you've been procrastinating for a very long time, it's often better to cut your losses now than assume that you'll find more time in the future. Otherwise, your family might lose money by taking the car apart for its individual parts instead of selling the whole thing at once.
Find a few professional car renovation businesses and ask them whether they'll take your most beat up antique car as it is. Even if a family member decides to go this route after all, someone without much experience in selling cars of uncertain value will have to either hire a middleman or risk getting ripped off.
See If You Can Find a Good Refinancing Deal for an Antique Car with a Loan on It
Everything involved with selling off an antique car is significantly more difficult if there's a loan on it. If the loan in question is relatively small and you can bundle it with either your mortgage payment or some other debt bill with an equal or lesser interest rate, you might as well do so. Talk to a professional about estate planning for more information.
Share15 September 2015
There are so many legal situations that you can find yourself involved with, but do those situations really require that you hire an attorney? Some instances you may not need an attorney working with you, but in other situations, an attorney is definitely a necessity. This blog contains tips and advice for working through the different elements of the legal system. You will find information that can help you determine if/when you need to hire an attorney to represent your best interests. Knowing this information can help you avoid the costly mistake of taking on the legal system without someone who knows how the system works.
