Projects Death and Taxes. How to pass it on.

Well, without getting into too much detail right now, it looks like I’ll be passing on my tools and project (1950 Chevy 3100) on to someone else. I have a 20 year old step son and a 13 year old daughter. I’m 38. How do I determine who gets what? I don’t want to burden my family with a garage full of crap and a torn apart project that none of them have the skill to complete. How do you find a good person to pass things on to instead of leaving behind a pile of parts and empty dreams to eventually get sold off for god knows what?


Sent from my iPhone using The H.A.M.B. mobile app

 

Don’t give up, just yet. You are a young man at 38. If time, health and money becomes available, you can complete a project and enjoy it. Admire you for not wanting to burden any one. You can plan for when that day comes and it will. For now, enjoy yourself.

 

If you are still able, liquidate the project, parts and excessive tools. Leave $$ to help the family, don’t burden them with what they probably think is junk. Only do this if you truly think you won’t be around or able to continue the project. If things improve you can always start over.

 

Assume you found out some news that is not good.

Ask them both if they have an interest, if so...just let it be.

If not, contact an auction place, when you're gone they'll appreciate the money.

Best wishes.

 

It's something that we should all think about, I've got a 34x20 shed FULL of cars, parts and tools, today might have been my last.

 

I reread it a couple of times.
Sounds like Viking already knows he won’t finish this project.
If the kids have absolutely no interest,,,,,ask around,,,,,pay it forward .

Tommy

 

Unfortunately, it seems that it's really hard to find folks with the interest needed to get someone else's project finished. My guess is the auction advice is what you'll have to do, and not get much back out of it. Hope things work out OK for you.

 

If you can try to get it back together and auction/sell it outright. The tools would be tough to sell but if you know what is needed do the best you can to clear it all up. There are a lot of people on this forum that know they need to take care of there own projects and clear most of it out of there lives and to not leave a mess behind. I am one of them and have given a lot of parts because I thought it could help somebody finish a project. I have sold and traded a few this past year and will continue. I have way too many projects and past 70+ and could never get them all gone but have been clearing it out.

 

I have the desire to pass on my old car stuff and had an ideal situation. My son and grandson love the old buggies and want to learn how to cut and weld on 'em. IRS rules allow you to make a once in a lifetime gift to any person of your choice. It's tax free as long as your still around after 5 years. It takes a lawyer about 1 hour to complete the real estate transfer and whatever is laying on the property belongs to the new owner. You gotta trust who you give it to. Whoever it is can evict you tomorrow. My son said that I can stay here forever. In the meantime the new owner maintains the place and pays the property taxes. It's good for him and me!

 

My father in law was diagnosed with cancer in 2008. He was a true a old car guy to the core and loved 58-64 Fords- but especially fond of Edsels. When he was diagnosed and time was short he did get anxious about the huge hoard that he was leaving behind but it was not worth getting worked up over in a persons final days.
He had 2 daughters and to each one he left a beautiful Edsel convertible

My father in law was the type of guy who would give you the shirt off his back and he helped my wife and I out in so many ways I couldn’t possibly write them all down - and excellent father and grandfather. It took nearly 2 years of all our ( wife and I) free time to sell down the hoard with the money going to his wife which helped her out quite a bit.

So I guess the point is if things can go to loved ones who RESPECT the gift given to them and the PERSON who gave it to them - then that is a really nice thing to do. And if other things can be sold and the money goes to ones spouse that is good also.

Good luck Viking will be thinking of you.

 

There's no easy answer to this question as it can be something very personal. But, if your immediate family is not interested, contact a local car club, find a young guy through them that seems responsible and give him the chance of his lifetime. I'll assume your time to do this is limited, cashing out is an option, but again, finding someone who can realise the value in your stuff can be a problem as well. I wish you luck young man, sometimes life is unfair.

 

If you're truly not going to get to the project, sell the truck and tools leave the $ to the Son and Daughter.
If the Son wants the tools, deduct the value from his half of the truck so they each net equal $.
Tools are EASY to sell. If you have a tool garage sale you'll have dozens of people show up.

What is the make up of the project truck? It it a complete roller needing full resto? Any progress work done to it? Any "new" parts with it?

If you have a lot of new in the box parts with it, new long block etc. sometimes you can make more selling off the roller and the parts separately (part it out)

 

Sorry to read this and I sincerely wish you the best. Maybe there is some local buddies that can finish the truck and sell it for the family. We had a police officer that died a few years back and he was working on a Camaro (a Baldwin Motion clone) when he passed. A bunch of guys got together, finished the car and took it to BJ and sold it and provided the wife with the proceeds. It was good for the community, good for the family and (I'm not sure how it works) I think he would have been pleased as well.

 

First off I hope for the best for you, and dont give up..a family friend was given months to live and is still around and in remission years later.
That said if I am lucky enough to get a heads up that I am leaving I would go the auction route. I have been to similar auctions, and everything is gone in hours. To get the most for your family I would start putting tags on everything of higher value labeling what the item is and approximate value if possible. Ask your family if there is something they would want to keep for themselves, everything else goes. That is how I plan on doing it if I get the chance, I already label things now to get a head start.

 

Best wishes to you and your family.
I've tried to keep enough toys around for each of the kids in a worst case scenario.
That being said, I've told them and the wife they could keep what they want or pile it all together for sale and buy land, something else we've wanted.
Hoping for the best.

 

Wow this sounds like heavy news Wishing you all the best for what sounds like a tough situation Viking Bastard.

As the others have said unless the kids have a special bond with the 3100 I would sell it ASAP and maybe set aside a small set of tools for each of them, like a socket set. The stovebolt.com is a forum for the early AD trucks and I think you would be able to find a good home for it on there, if not on here.

My thoughts are with you.

 

I my case, I have 3 grandchildren, Brenda inherited the wagon from her grandmother, she figured she was Mamma Jesse's first grandchild Brenda's first grandchild will inherit the wagon, our eldest, Hannah is approaching her mid 20's and we have discussed this with her, she loves the car and it will go to her after we are gone.

If she drives the car and enjoys it that's great but if she decides to send it down the road that will be her decision.

Over the Christmas holiday's our 20 year old grandson expressed interest in my old '65 Ford truck that has sat in the barn for a long time and I told him it was his, I told him it could stay right where it's at until he had a place to keep it, he is in school at FSU.

That leaves my old beater, I will most likely go to our youngest granddaughter if she want's it, I mean with a name like Veda wouldn't you expect her to drive a Deuce.

Basically when we are gone the cars may stay with the family our they may be sold, I'm sure all the tools can be sold or donated to a trade school. HRP

 

I have a will. I made my will at 19 years old and added to it and subtracted from it as the years rolled on. My son gets all of my garage junk while my daughter is not very enthusiastic about this hobby.

If you're not going to sell everything now, make out a will for later in life.
Probate can be a bitch.

 

Basically what my mom did - going in birth order until all the wants are gone. We knew pretty much so my 5 siblings and I didn't have any issues....going to do the same....but not sure how many takers out of the 5 that will be maybe taking my shits....that's if they are most likely restored !

 

We have no kids, and none of the kids in our extended families seem interested. Wills say whatever, if anything, is left after we both croak goes to charity.

 

Hopefully my kids inherit a couple slap wore out rides.
That’s means I drove the money out of em and they are worth less at tax time
This is the only win win situation for this.

 

I'd sell everything and give it to your local Humane Society.. The dogs and cats will be eternally grateful.....

 

Fort Leonard Wood was a great place for Basic Traing

Your a Military Man and that base is a great place to find a home for your pile of parts and empty dreams. But this family of H.A.M.B.'s has given you all the answers to your question.

If I might be so bold to say your dream wasn't empty! If it's being cut short or ending I want you to know it was your dream and that truck enjoyed being part of it! I hope that truck gets to find another dreamer.

Lastly I've stood in front of family members trying to close out a loved ones pile more than once and it's always the same, "hard hart breakingly hard" if you need to resolve your pile because you have to! you must! For them

Sending positive thoughts your way !!!!

 

Find a good estate lawyer and get a will written. It doesn't have to cost that much if you find the right person. Make sure your family knows what you have in the garage, and what it's worth.

 

Yeah, we're in the same boat...no kids and no interested relatives (or relatives that need money) So the house, cars and coin collections will all go to Project Paw, a local animal shelter that we volunteer at. Make sure in the will to include instructions/suggestions on the best way to liquidate items they may not be knowledgeable about.

 

Can't help but feel sick at my stomach thinking you've gotten some bad news from the doctor. I sincerely hope that's not the case here. But that's none of my business. I had an older buddy that had a huge barn full of Ford parts that he had collected over many years. I was doing some paint work on a 59 Ranchero for him and went over to his place to pick up some parts for the car. Walking through his barn i noticed that each and every part in there had a wired tag on it with a description and a price. I asked if he was gonna have a barn sale or something, he told me that he did that so if something happened to him, his wife would know what she had and how much it was worth. Sad to think about, but he was thinking ahead. Best of luck with whatever is going on buddy.

 

Well crap. I’m guilty of reading the title of the thread and commenting without reading anything else.
Can’t answer, only suggest. Being a teacher I know there are plenty of young folks that are interested in old rides.
I wouldn’t recommend donating cars to a school, especially old ones. The tools are different. The only way I would ever donate a car to a school is that it would be specified that it be auctioned off to benefit the program after completed by the students.
Sell off and enjoy or use car clubs or sites like this to locate a worthy candidate.
Those are popular trucks and shouldn't be hard to sell.

best wishes and keep folks here posted.

Car show season is coming up, maybe print a list of the stuff and pass out as a flyer at some shows. Pic a date and have a hot rod yard sale. Advertise on sites like this as well as facebook pages that cater to your truck. Might could knock out a big chunk of it in a weekend.

 

Another idea, sell it all now and buy them something they want,like and will treasure for a longtime, My wife when we knew she wasnt gonna live sold her music stuff (all except an accordien which i treasure) and bought me a secondhand motorcycle, she wanted me to be happy, Wishing you and your family the best.

 

Sorry to hear of your bad news..wishing you the best.
This thread prompted me to resurrect my old thread "Where there's a will..There's a way", as this is a reality, we all will eventually face.

 

Wills aint worth the paper that they are wrote on. All the recipient who has custody of the will has to do if they read it and don't like it is throw it away. If a will doesn't ever make it to probate court its worthless. Everything then goes to the nearest relative. If you want someone to have something just give it to them no strings attached. Any gift with strings isn't a gift at all.