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(Marketwatch)   I gave my parents a vintage car. They secretly agreed with my brother to take any upgrade costs out of my inheritance. Is that fair?   (marketwatch.com) divider line
    More: Interesting, Need, Sibling, WANT, Rear-view mirror, Thought, good-condition, Investment, Mind  
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584 clicks; posted to Discussion » on 30 Jul 2021 at 12:53 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



33 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-07-29 9:11:23 PM  
No. Kill them all and eat their bodies.
 
2021-07-29 9:12:53 PM  
Take the car back and save them all that accounting.
 
2021-07-29 9:13:20 PM  
How Shakespeare of them.
 
2021-07-29 9:13:42 PM  
You get the upgraded car then

And the way BBs are buying classic cars, you'll come out way ahead
 
2021-07-29 9:17:11 PM  
Sure it's fair, but the parents are total dicks, which as we've seen for the past 20 years, is not illegal.
 
2021-07-29 9:20:39 PM  

Stephen_Falken: Sure it's fair, but the parents are total dicks, which as we've seen for the past 20 years, is not illegal.


Don't expect fair from parents

/seriously, it's not going to happen
 
2021-07-29 9:21:51 PM  
Don't make a stink over it while they're still not worm food or they could change their will and cut you out completely.
 
2021-07-29 9:31:09 PM  
Fair?

You're an idiot. Classic cars, especially fixed up as they've apparently done, can cost quite a bit to insure.

You're not gonna wind up with that car in all likelihood (wrecked or sold) so I'd better hope you have a contract, forget even the will.
 
2021-07-29 9:37:48 PM  
article: ''I did make it a conditional gift, in the sense I requested it be willed to me upon their passing''

And there it is - its really *his* car, but they can borrow it til dad dies...
So 'yes' conditional-son - you're the owner, so you pay for the upgrades.
 
2021-07-29 9:40:13 PM  

puffy999: , can cost quite a bit to insure


Actually you'd be surprised how inexpensive it is.  You get a stated value policy that has riders attached to it such as less than 500 miles per year driven, stored in an environmentally controlled area above a flood plain, and some other stuff, and you can get a $1500 a year comprehensive and collision policy on a $350k vintage car.

A buddy of mine has a mint 67 Shelby GT500KR convertible that recently appraised for about that, and that's what he pays.
 
2021-07-29 9:44:24 PM  

markie_farkie: puffy999: , can cost quite a bit to insure

Actually you'd be surprised how inexpensive it is.  You get a stated value policy that has riders attached to it such as less than 500 miles per year driven, stored in an environmentally controlled area above a flood plain, and some other stuff, and you can get a $1500 a year comprehensive and collision policy on a $350k vintage car.

A buddy of mine has a mint 67 Shelby GT500KR convertible that recently appraised for about that, and that's what he pays.


My 70k F100 costs about 400.00 a year through Hagerty, for 20k.....
 
2021-07-29 9:48:40 PM  

puffy999: Fair?

You're an idiot. Classic cars, especially fixed up as they've apparently done, can cost quite a bit to insure.

You're not gonna wind up with that car in all likelihood (wrecked or sold) so I'd better hope you have a contract, forget even the will.


I had a '66 Mustang. It's unbelievably cheap to insure if you don't drive it a lot.

This was about 10 years ago, but I had an antique auto policy. I think it limited me to 2,500 miles a year, but it wasn't my main car, we only drove it occasionally, and it was under $100 a year. I think something like $68.

Granted, it wasn't a show piece. But they never asked that. Just Make/Model/Covered Parking/2,500 miles.

Wallet hub says it averages $400 to $1,000 these days.

Again, mine was 10 years or so ago. And maybe I was writing a check every 6 months instead of a year, but it was unbelievably cheap. Seemed like close-to-free.
 
2021-07-29 9:48:45 PM  

SpaceMonkey-66: markie_farkie: puffy999: , can cost quite a bit to insure

Actually you'd be surprised how inexpensive it is.  You get a stated value policy that has riders attached to it such as less than 500 miles per year driven, stored in an environmentally controlled area above a flood plain, and some other stuff, and you can get a $1500 a year comprehensive and collision policy on a $350k vintage car.

A buddy of mine has a mint 67 Shelby GT500KR convertible that recently appraised for about that, and that's what he pays.

My 70k F100 costs about 400.00 a year through Hagerty, for 20k.....


Interesting. That seems insane and an immediate red flag for fraud attempts, but interesting nonetheless.

Now, do these parents seem like the type to go with this show policy? I don't know. If they put that money in and took it out of an inheritance I'd have to imagine they are out and about in the car.
 
2021-07-29 9:50:13 PM  

Three Crooked Squirrels: puffy999: Fair?

You're an idiot. Classic cars, especially fixed up as they've apparently done, can cost quite a bit to insure.

You're not gonna wind up with that car in all likelihood (wrecked or sold) so I'd better hope you have a contract, forget even the will.

I had a '66 Mustang. It's unbelievably cheap to insure if you don't drive it a lot.

This was about 10 years ago, but I had an antique auto policy. I think it limited me to 2,500 miles a year, but it wasn't my main car, we only drove it occasionally, and it was under $100 a year. I think something like $68.

Granted, it wasn't a show piece. But they never asked that. Just Make/Model/Covered Parking/2,500 miles.

Wallet hub says it averages $400 to $1,000 these days.

Again, mine was 10 years or so ago. And maybe I was writing a check every 6 months instead of a year, but it was unbelievably cheap. Seemed like close-to-free.


See that was where I was off. Again it seems like an easy as fark way to commit fraud, but my experiences had never been with people who basically just keep their cars stored. They'd at least do a couple road trips in it and use it around town.
 
2021-07-29 10:05:03 PM  

SpaceMonkey-66: markie_farkie: puffy999: , can cost quite a bit to insure

Actually you'd be surprised how inexpensive it is.  You get a stated value policy that has riders attached to it such as less than 500 miles per year driven, stored in an environmentally controlled area above a flood plain, and some other stuff, and you can get a $1500 a year comprehensive and collision policy on a $350k vintage car.

A buddy of mine has a mint 67 Shelby GT500KR convertible that recently appraised for about that, and that's what he pays.

My 70k F100 costs about 400.00 a year through Hagerty, for 20k.....


73 I mean
 
2021-07-30 1:19:02 AM  
You should turn your backs on them and refuse to take any inheritance. That's how you stand up for your principles.
 
2021-07-30 3:19:19 AM  

puffy999: Three Crooked Squirrels: puffy999: Fair?

You're an idiot. Classic cars, especially fixed up as they've apparently done, can cost quite a bit to insure.

You're not gonna wind up with that car in all likelihood (wrecked or sold) so I'd better hope you have a contract, forget even the will.

I had a '66 Mustang. It's unbelievably cheap to insure if you don't drive it a lot.

This was about 10 years ago, but I had an antique auto policy. I think it limited me to 2,500 miles a year, but it wasn't my main car, we only drove it occasionally, and it was under $100 a year. I think something like $68.

Granted, it wasn't a show piece. But they never asked that. Just Make/Model/Covered Parking/2,500 miles.

Wallet hub says it averages $400 to $1,000 these days.

Again, mine was 10 years or so ago. And maybe I was writing a check every 6 months instead of a year, but it was unbelievably cheap. Seemed like close-to-free.

See that was where I was off. Again it seems like an easy as fark way to commit fraud, but my experiences had never been with people who basically just keep their cars stored. They'd at least do a couple road trips in it and use it around town.


Wouldn't insurance want the odometer before writing that policy?  And, in the event you have a collision, it'd be the first thing they check.
 
2021-07-30 3:30:31 AM  

Snarfle: Wouldn't insurance want the odometer before writing that policy?  And, in the event you have a collision, it'd be the first thing they check


But even that, to me, unless they're doing *full* undercarriage inspections how T.A.F. can you insure so much for so little. Even life insurance has exceptions. And it takes awhile before achieving full coverage.
 
2021-07-30 3:31:38 AM  
But also yes. Odometers were a lot easier to falsify on old cars. Not just rolling them back.
 
2021-07-30 3:32:51 AM  
No Ferris Bueller meme?  Son, I am dissapoint.
 
2021-07-30 4:08:21 AM  
Old people tend to not want to give up their drivers licence until after they've written off a car in a stupid accident. Better hope they are driving their 'other' car when that happens, assuming they have one.
 
2021-07-30 5:06:43 AM  

puffy999: Snarfle: Wouldn't insurance want the odometer before writing that policy?  And, in the event you have a collision, it'd be the first thing they check

But even that, to me, unless they're doing *full* undercarriage inspections how T.A.F. can you insure so much for so little. Even life insurance has exceptions. And it takes awhile before achieving full coverage.


Because most insurance expenses for cars come from crashes.

A car that is on the road for 500 miles a year is way less likely to be involved in a crash than a car that is on the road for 500 miles a week.
 
2021-07-30 7:08:07 AM  
If it's really a gift, you have no say in what or how they use and dispose of it. Putting conditions on that is pretty douchey.  Why not keep the car in your name, pay for maintenance and upgrades yourself, let them drive it, and when they die, well, it's already your car, isn't it?

But even without that - if they leave an estate to be divided, and you get the car, then why shouldn't the car's value weigh equally against any other assets?

Best solution: die before your parents. Everyone will be happier that way.
 
2021-07-30 7:25:40 AM  

mjjt: You get the upgraded car then

And the way BBs are buying classic cars, you'll come out way ahead


That kind of depends what the car is - I've been seeing some that are "classic" and others that are just old, and the prices really reflect that. Want a first generation Mustang? Air-cooled VW? Air-cooled Porsche? Be prepared to spend.  Want a four-door 6-cylinder automatic Nova? Please take it!

CSB: An old friend of mine got in touch not too long ago - his father was getting rid of his old Studebakers, and since I always liked them I could get first shot.
Me: Really? How much does he want for the Hawk?
Him: Oh, no, not the Hawk, that's staying in the family, but the Lark? Name your price.
Me: Hmm......I'd really love to, but gosh, I just have no space for an extra vehicle right now.
Him: You know it's in great shape, plus we have a bunch of spare parts, it's a great little car.
Me: Well, the good thing is that you could always keep it.
Him: Yeah, I'd really love to, but gosh, I just have no space for it right now...
 
2021-07-30 7:44:50 AM  
For the hundredth time, it isn't your inheritance when they're still living.
 
2021-07-30 8:10:50 AM  
Just make a little note of that when it comes time to pick out the retirement home.
 
2021-07-30 8:20:14 AM  

Gramma: For the hundredth time, it isn't your inheritance when they're still living.


I wear grandmother's ring
On my finger
She had a tooth of gold
And just before she died
She said son
You can have my tooth
But do I
Really have to go?
 
2021-07-30 8:39:35 AM  
I made sure to buy a good-condition classic

But then I read...

My parents have already put money into it with an engine rebuild and high-end paint work.

They're already sinking money into his car.
 
2021-07-30 9:11:37 AM  

Interceptor1: I made sure to buy a good-condition classic

But then I read...

My parents have already put money into it with an engine rebuild and high-end paint work.

They're already sinking money into his car.


Right?

"It was a totally sweet ride, all they had to do was get it repainted and have the engine rebuilt."

This guy wanted to buy himself a toy and have his parents fix it up and store it for him for free until they died.
 
2021-07-30 9:21:23 AM  

Gramma: For the hundredth time, it isn't your inheritance when they're still living.


Then why are the parents and brother discussing him getting less already?

Surely that is an issue for after they've died.
 
2021-07-30 9:36:34 AM  

DerAppie: Gramma: For the hundredth time, it isn't your inheritance when they're still living.
Then why are the parents and brother discussing him getting less already?
Surely that is an issue for after they've died.


Because people with money are sick.
 
2021-07-30 3:29:06 PM  

cryinoutloud: DerAppie: Gramma: For the hundredth time, it isn't your inheritance when they're still living.
Then why are the parents and brother discussing him getting less already?
Surely that is an issue for after they've died.

Because people with money are sick.



and it is the asshole asking the article question that is the one with the monye who is the sick'o here to be sure.

FTA
"My parents are known to not have much in savings, and they spend their money paycheck to paycheck, so the general inheritance will be minimal. Do you see this as fair? "


So he is literally saying, i do not anticipate actually any meaningful amount of inheritance, this is a financially important  situaiotn really, i just want to hear if i am being treated "fairly" or not.

Christ what a dick hole that expects to get nothing but wants to consider if their cut of nothing was fairly  derived nor not WHEN FAIRNESS HAD NO INTRINSIC PLACE IN THE SITUATION AT ALL ANYWAY.

Who anyone leaves anything to is just their ARBITRARY choice, there is no reasonable situation of asking about 'fairness' really.

If they choose to leave everything to a random stranger  and leave a hand written letter saying their kids are worthless turd pickles they want to get nothing, there is no fair/unfair about it, it is just what it is, that is their free chocie to do as they wish.
You have no entitlements here jack rag.
 
2021-07-30 5:24:07 PM  

nanim: article: ''I did make it a conditional gift, in the sense I requested it be willed to me upon their passing''

And there it is - its really *his* car, but they can borrow it til dad dies...
So 'yes' conditional-son - you're the owner, so you pay for the upgrades.


Yup. You should have kept it in your name and just let them use it. But enjoy having it go through probate, if it survives that long.

/Better hope your parents have money, because if they have to go into medicare nursing homes they're going to have to sell off everything of value before they go in, and the lawyers will be watching for big gifts.
 
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