AJFord54 Posted February 29 Share Posted February 29 I searched a bit but didn't find anything quickly, so I thought I'd post here. I am doing some estate planning and would like to transfer the title of my car to my daughter. My question: Does this have any effect on AACA judging? I have my Grand National and am seeking my Senior Grand National. Should the car be registered in my name and I wait for transfer or can I transfer it to her now and register it in her name for AACA purposes. Is there any reason I can't title it over to her? Thanks in advance. Link to post Share on other sites
gossp Posted February 29 Share Posted February 29 I am sure there is a more correct answer, but a very pragmatic answer is: no show checks ownership papers. People enter cars they do not technically own all the time. Who cares whose name is on a title when you enter the same car you have been entering for years? There could be an issue with changing the name of who enters it as you work towards senior grand national, as I do not know if those titles transfer with ownership. Link to post Share on other sites
alsancle Posted February 29 Share Posted February 29 I assume you realize that when she goes to sell it her basis will be zero and she will owe capital gains on the entire sale amount. If you give it to her in the estate, her cost basis will be its book value at that time she inherits it. For most people inheritance taxes are less than capital gains taxes. 1 Link to post Share on other sites
Tinindian Posted February 29 Share Posted February 29 You could simply fill out the DMV transfer papers leaving the date and mileage out. Sign them and give them to your daughter. When appropriate she can fill in the date and mileage and license the vehicle. Link to post Share on other sites
playswithbrass Posted February 29 Share Posted February 29 Doesn’t the award belong to the vehicle in the mind of the AACA rather than whoever owns it? I could be wrong? Link to post Share on other sites
AJFord54 Posted February 29 Author Share Posted February 29 (edited) 54 minutes ago, alsancle said: I assume you realize that when she goes to sell it her basis will be zero and she will owe capital gains on the entire sale amount. If you give it to her in the estate, her cost basis will be its book value at that time she inherits it. For most people inheritance taxes are less than capital gains taxes. I believe her cost basis would be that of what I had invested in it. Similar to placing her name on our home. For instance, assume I put her name on our home, for which let's say we paid $75,000 for it back in 1983. That would become her cost basis. On the other hand, if she inherited it, her cost basis would be the true market value at the time of my death - say $185,000. If she sold it for $200,000 down the road, her long-term capital gain would be $15,000 if inherited, rather than the $125,000 if her name was added to the title during my lifetime. Of course, the reasoning behind much of estate planning is to move items out of the estate as a protection for Medicare. Thus, if my cost basis on the car can be established at $30,000 and it is sold for $40,000, the capital gains are $10,000 rather than perhaps zero through inheritance, but the goal of removing it from the estate was realized. Your point is excellent. It's a crap-shoot on some of these things, but the antique car is a decent bet on passing on valued things over a home purchased many years ago which greatly improved in value. My biggest question here is how AACA feels about allowing Grand National status to be passed on vs. having to start all over. Can I turn it over to her and have her receive the Senior Grand National? Edited February 29 by AJFord54 (see edit history) Link to post Share on other sites
playswithbrass Posted February 29 Share Posted February 29 As I said, you didn’t win the grand national award. The car won it. The daughter needs her own AACA membership and the car needs to be listed under her name. Then one of you enter the car for the Senior Grand National and if it wins collect the award in her name. 2 Link to post Share on other sites
kevin1221 Posted February 29 Share Posted February 29 I owned a 1966 Mustang that I showed through Senior Grand National status. I eventually sold the car to my brother and I was able to have him retain the AACA awards I had earned. He did not have to start over in the awards he was seeking. Today, that car has several Repeat Senior Grand National Awards in AACA. All I had to do was send a letter to the Hershey office of AACA and advise them of the ownership transfer , the car number and my brothers name. Kevin Link to post Share on other sites
1937hd45 Posted February 29 Share Posted February 29 25 minutes ago, playswithbrass said: Doesn’t the award belong to the vehicle in the mind of the AACA rather than whoever owns it? I could be wrong? I thought the vehicle returned to Junior status once ownership changes. Things may have changed since I left AACA Judging. Bob Link to post Share on other sites
AJFord54 Posted February 29 Author Share Posted February 29 10 minutes ago, 1937hd45 said: I thought the vehicle returned to Junior status once ownership changes. Things may have changed since I left AACA Judging. Bob That's the $64,000 question! Link to post Share on other sites
AJFord54 Posted February 29 Author Share Posted February 29 14 minutes ago, kevin1221 said: I owned a 1966 Mustang that I showed through Senior Grand National status. I eventually sold the car to my brother and I was able to have him retain the AACA awards I had earned. He did not have to start over in the awards he was seeking. Today, that car has several Repeat Senior Grand National Awards in AACA. All I had to do was send a letter to the Hershey office of AACA and advise them of the ownership transfer , the car number and my brothers name. Kevin That's the kind of answer I was looking for. If AACA can verify, I will probably make the transfer. Link to post Share on other sites
kevin1221 Posted February 29 Share Posted February 29 34 minutes ago, 1937hd45 said: I thought the vehicle returned to Junior status once ownership changes. Things may have changed since I left AACA Judging. Bob I made the transfer about 5 years ago. It was an easy process. Kevin Link to post Share on other sites
mercer09 Posted February 29 Share Posted February 29 For most people inheritance taxes are less than capital gains taxes. you can pass 5.5 million to each of your children without tax. Most of us will never be so fortunate.......... Link to post Share on other sites
1937hd45 Posted March 1 Share Posted March 1 1 hour ago, kevin1221 said: I made the transfer about 5 years ago. It was an easy process. Kevin So were did the car go in the AACA Judging systerm back to Junior or were it was last judged with you as the owner? There was a time when the oval badges had to be returned to National upon the sale of an award winner. . Bob Link to post Share on other sites
Peter J.Heizmann Posted March 1 Share Posted March 1 5 hours ago, AJFord54 said: I searched a bit but didn't find anything quickly, so I thought I'd post here. I am doing some estate planning and would like to transfer the title of my car to my daughter. My question: Does this have any effect on AACA judging? I have my Grand National and am seeking my Senior Grand National. Should the car be registered in my name and I wait for transfer or can I transfer it to her now and register it in her name for AACA purposes. Is there any reason I can't title it over to her? Thanks in advance. AJ: Send an e-mail to Chuck Crane, VP Judging @ flivverway@gmail.com Possibly Steve Moskowitz will see your query first and have some input on direction. Link to post Share on other sites
John_S_in_Penna Posted March 1 Share Posted March 1 3 hours ago, 1937hd45 said: I thought the vehicle returned to Junior status once ownership changes. Things may have changed since I left AACA Judging. Bob I had heard that too, so I checked the latest AACA Judging Guidelines (2020). That publication is posted on the AACA website, and the relevant provisions begin on page 4-29. Evidently there is now a choice: "OPTION 1 When a Senior Award-winning vehicle changes hands by sale or transfer, the vehicle reverts to the status of a First Junior Award winner. The Senior Tab is returned to the National Headquarters by the seller or person transferring the vehicle. If the vehicle has received the AGN FIRST PRIZE plaque, the plaque will be returned to AACA Headquarters. (This plaque may be returned to the previous owner, stamped “RETIRED,” for a covering fee of $5.00.) If the vehicle is an Annual National Award winner and has received a National Award winner tab, the tab will remain the property of the seller and must be removed from the vehicle upon transfer of ownership. 4-30 B. OPTION 2 Effective 2006, it is permissible for an AACA class judging award-winning vehicle to retain the awards it has previously won. In this case, the new owner can continue entering the vehicle in Nationals and pursue the next eligible award. For example, if the highest award the vehicle has previously won is a Senior, then the vehicle can compete for the Annual Grand Nationals Award. Please contact AACA National Headquarters to advise us of your purchase and judging status of the vehicle." Link to post Share on other sites
AJFord54 Posted March 1 Author Share Posted March 1 Thanks for all of your comments. I will confirm before making any changes, but it certainly appears all is well and my daughter may continue to bring it to future AACA shows down the road. Link to post Share on other sites
Peter J.Heizmann Posted March 1 Share Posted March 1 Just now, AJFord54 said: Thanks for all of your comments. I will confirm before making any changes, but it certainly appears all is well and my daughter may continue to bring it to future AACA shows down the road. Please do ASAP so as not to assume anything about ownership versus retaining award tabs only. I believe you should be OK, AJ however let National HQ give you details. Link to post Share on other sites
kevin1221 Posted March 1 Share Posted March 1 2 hours ago, 1937hd45 said: So were did the car go in the AACA Judging systerm back to Junior or were it was last judged with you as the owner? There was a time when the oval badges had to be returned to National upon the sale of an award winner. . Bob The car retained all awards it had earned in my possession. Kevin Link to post Share on other sites
John_Mereness Posted March 1 Share Posted March 1 Ohio allows a transfer on death title - is reads something like X transfer upon death to X - they just bring in a death certificate and title .... Link to post Share on other sites
John_Mereness Posted March 1 Share Posted March 1 14 hours ago, John_S_in_Penna said: I had heard that too, so I checked the latest AACA Judging Guidelines (2020). That publication is posted on the AACA website, and the relevant provisions begin on page 4-29. Evidently there is now a choice: "OPTION 1 When a Senior Award-winning vehicle changes hands by sale or transfer, the vehicle reverts to the status of a First Junior Award winner. The Senior Tab is returned to the National Headquarters by the seller or person transferring the vehicle. If the vehicle has received the AGN FIRST PRIZE plaque, the plaque will be returned to AACA Headquarters. (This plaque may be returned to the previous owner, stamped “RETIRED,” for a covering fee of $5.00.) If the vehicle is an Annual National Award winner and has received a National Award winner tab, the tab will remain the property of the seller and must be removed from the vehicle upon transfer of ownership. 4-30 B. OPTION 2 Effective 2006, it is permissible for an AACA class judging award-winning vehicle to retain the awards it has previously won. In this case, the new owner can continue entering the vehicle in Nationals and pursue the next eligible award. For example, if the highest award the vehicle has previously won is a Senior, then the vehicle can compete for the Annual Grand Nationals Award. Please contact AACA National Headquarters to advise us of your purchase and judging status of the vehicle." Not to muck the waters and I know the point of what is trying to be made - though I buy cars with badges on them and to get the prize money the car better have them all and have them all mounted too. Link to post Share on other sites
tomcarnut Posted March 2 Share Posted March 2 On 3/1/2020 at 10:50 AM, John_Mereness said: Ohio allows a transfer on death title - is reads something like X transfer upon death to X - they just bring in a death certificate and title .... Transfer on Death title also avoids gift taxes if you give some of more than $15000 in a year. 1 Link to post Share on other sites
CarFreak Posted March 3 Share Posted March 3 On 3/1/2020 at 10:50 AM, John_Mereness said: Ohio allows a transfer on death title - is reads something like X transfer upon death to X - they just bring in a death certificate and title .... I don't believe Michigan allows that for vehicles but they do for real estate property. That's alled a Lady Bird Deed aka Enhanced Life Estate. The cost basis for the property is value at time of transfer. Link to post Share on other sites
Isaiah Posted March 3 Share Posted March 3 Put the car in both of your asd your daughter and when you pass its hers and all she would need to sell it would be a death certificate Link to post Share on other sites
ted sweet Posted March 4 Share Posted March 4 in ny cars before 1973 , because they have no title, cant be jointly owned Link to post Share on other sites
nick8086 Posted March 4 Share Posted March 4 (edited) On 2/29/2020 at 12:59 PM, AJFord54 said: I searched a bit but didn't find anything quickly, so I thought I'd post here. I am doing some estate planning and would like to transfer the title of my car to my daughter. My question: Does this have any effect on AACA judging? I have my Grand National and am seeking my Senior Grand National. Should the car be registered in my name and I wait for transfer or can I transfer it to her now and register it in her name for AACA purposes. Is there any reason I can't title it over to her? Thanks in advance. Just add them to the title.. I did this in my will to add my kids. "wros" make sure you use the "or" "and" they make the person selling it.. To one person has to sign or both.. Edited March 4 by nick8086 (see edit history) Link to post Share on other sites
Isaiah Posted March 4 Share Posted March 4 in Michigan if you put both people on the title then when one dies you don’t have to do anything but if you want to sell it you will need A death certificate.. get a Certified death Certificate, YOU CAN GET THEM AT THE FUNERAL HOME. Link to post Share on other sites
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