How to Plan A CarEstate for Owners of Collector Cars and Collections

How to Plan A CarEstate for Owners of Collector Cars and Collections
By Tony Monopoli & Mario Monopoli

Nobody lives forever!

Nobody outlasts “Their Stuff”!

Don’t take your Estate Plan lightly!

You can’t learn about the CarEstate at your CPA, Wealth Manager or Attorney’s offices.

Maybe! Guys or Girls at the Car Club or Car Shows, may know this!

When they read it here or attended our CarEstate Seminars!

Plan a CarEstate before you are “Incapacitated or Die”
It is never Too Late!

Get your Family to Read This Article!

Make Your Car Collector Friends Read This Article!

Like us on Face Book (Collector Car Industry News)!

Please like us on Face Book (Collector Car Industry News)!

And Share this link for this Article!

Reading This Article Will Help Family, Friends & Heirs!
So Act Now!

Turn the Clutter into a Collection!

Don’t let your hard work and effort get lost to being called Clutter!

Those valuable parts were hard to find by you but may look like clutter!

A CarEstate helps Survivor’s know the Difference
“Clutter or Collection”

 

Turn Clutter into Kool!

When you get the Grand Kids or Heirs involved maybe they will learn: Who you are and what you like. The experience might rub off on them. Everybody says Take-a-kid-to-A- Car-Show.Car club are working on a plan to bringing in the youth to our clubs and associations.

We all hear!
“I Gave at the office and Charity Starts at Home”
Start by getting the Kids Involved in the Cars at Home!

I told my Daughter I would take her Boys to the Car Shows. She asked what if they don’t want to go to the show. I said Candy, when that won’t work anymore, Cash and then Cars. The CarEstate might be the means to the End! Keep the kids interested in cars. Give Um Cash For Their Help!

Get the (Kids & Grand Kids) involved!
Let them help plan your CarEstate!

Share your Knowledge

Club members may refer a trust worthy appraiser, but do your own research.

Share your selection with the people you care about.

You know more about your Packard, Citroen Cabriolet
or that special Fiat Ghia?

The photos of the Cabriolet with soldiers in it were shared as part of a living CarEstate plan; how would I know anything about its provenance?

Dad let the family know about the Citroen and its Province!

I was asked to appraise a collection that had a Fiat Ghia that looked more like a Heap of Junk than a special car that was worth its weight!  My appraisals include photo and documentation that I review. The owner gave me a jump start because he was there to interview. The owner of the Fiat Ghia’s son helped me sort out the otherwise “Unidentified Driving Object” or “UDO”.  I would believe that the Collector heard about our CarEstate for Collectors Cars and Car Collections from fellow enthusiast that attended our Seminar at the AACA national meetings in Philadelphia, PA.

A good Appraiser can provide documentation that has an organizational value. Look at the Photos of the Ghia. I was provided information about it as part of someone exercising a living CarEstate. Without that input, it did not look like much of a find. I often come across otherwise unknown information about collectables that are interesting for the client, myself and a potential buyer.  My Appraisal for the Fiat Ghia helped the seller find the right home at a price that was fair to all.

Read More About This Barn Find

You Can Get To See Where This Jewel Went

With The Appraisal and Information I uncovered and Documented!

Your Family Needs Help with the CarEstate!

Where are all your cars?

Learn from others mistakes; A Texas Car collector named John O’Quinn, passed suddenly. John wins the “Why You Should Plan Your Estate Award”.  Mr. O’Quinn was an exceptional attorney who won phenomenal cash awards from tobacco companies. His out of the Court Room organizational skills are questionable. Unfortunately those Court Room skills didn’t carry over to planning for his Collector CarEstate. It has been said that they were discovering cars and titles years after he died. The irony is that attorneys get lots of John’s fortune unraveling his estate assets that could have been avoided if he read this or attended a seminar and followed the plan.

Remember his Will may have been in order but the collection and where it was, wasn’t.”

Where are all the parts?

Can you identify the spares if you found them in someone’s clutter?

© Bonhams Auction

Below: Someone did their homework and made Lot # 121 easier to identify the parts above by writing Bugatti on the container.

Lot # 121 is part of an Estate Collection that Bonhams auctioned at their Greenwich CT Auction.

Keeping your spare parts grouped, tagged and bagged works.

Mom Ma, Family and the Potential Heirs:

‘Benefit from a CarEstate”

When they are well informed!

When they know where the Cars & Parts are!

Take heed my friends: pay attention to what we learn from others: A Texas Car collector named John O’Quinn, who passed suddenly wins the “Why You Should Plan Your Estate” award. Mr. O’Quinn was an attorney who won phenomenal cash awards from tobacco companies which took organizational skills that he either had or orchestrated in the courtroom. Unfortunately those skills didn’t carry over to planning his Collector CarEstate. It has been said that they were discovering cars and titles years after he died. The irony is that attorneys get lots of John’s fortune unraveling his estate assets that could have been avoided if he read this or attended a seminar and followed the plan.

John’s Will may have been in order,

but a list of the collection and where they were wasn’t.

I was part of a legal case that cars were in restoration. The estate did not know where the engine was sent. This was a problem that took a detective to fix. The cars matching number engine was lost because the owner did not make a note of who had it. Document where the chrome, parts and engine went when you send them out!

Let them know who they can trust!

When they Know what your collection is worth!

When they Know the Attorney, Accountant or an Appraiser, that you want them to use.

You need one of each, So Be Sure to Vet them!

Read about IRS Complacency 

What do you need to know about Titles?

Titles in transit?

Attendees and those watching auctions on TV may hear the auctioneer announce the title is in transit. This is common in the automotive business at every level so the importance of where they are is important. When you pick up a car at a dealer they ask you to come back for the title and tags. Make sure that you receive them assign someone to follow up immediately!

Each list should include where the cars came from if you remember; a best practice is to photo copy every document before giving up a title to the DMV and keep them safe.

I request a copy of both sides of the title for any car I perform a pre purchase inspection on. I also review them to make sure they are filled out correctly and clear of a lien.

The NADA Title and Registration Textbook is a source of information that is invaluable when it comes to research.

Help; Plan your own CarEstate

LIST the Cars, Memorabilia and Stuff! Stuff maybe be valuable but not look so good!

Come clean; LIST everything and keep the list safe!

I provided an Estate Appraisal for an Executrix who handed me a hand written list that her deceased father left behind. The list included information and what he thought each car was worth. It helped me with facts that the owner knew and shared about the cars.

He was an AACA member who I believe attended one of my CarEstate Planning Seminars or he may have gotten the idea from someone that did.

How To Record Your CarEstate

  • Videos, Photos or a Recording works.
  • Use a cell or smart phone. “Pay the Grand Kid to record your Cars and Stuff”
  • Be the commentator!
  • Put a sell for not less than price on it, be realistic

 

Don’t Let Mom Sell them, For The Price You Told Mom Ma You Paid!!

A Cell Video is easy, save it to a new SD card on the camera or phone! Ask (Pay) the Kids

Another option is to video or photograph, each piece you own. Video is easy with the use of a cell or smart phone. Hint, pay the Grand Kid to do it; this is every grandparents dream, educate our offspring about our cars and parts. While you’re at it be the commentator put a sell for not less than price on the tape, be realistic and don’t let them sell your stuff for the price you told Mom Ma you paid. Doing a cell video is the easy part, saving it to a disk may take a pro. AVM hint, buy a new card for the camera or cell phone and save it. Let your Famiglia worry about making the video.

Give the Famiglia the Video!

Or

Break Out The Brownie!

  • Develop the pictures!
  • list the year make and model on the back of each photo along with notes!
  • Put a “Not Less Than Price” on each photograph!
  • Number each photograph 1 of 2, or 1 of how many you have altogether!

The CarEstate List is Important, Just Do It!

Write The Story About your Plane on a list!

Include who built it and what to do with it!

Keep the CarEstate documentation safe!

Title all the vehicles you own!

  • Keep titles and documentation together!
  • Match each car listed with it’s title!
  • When you don’t have a title, GET IT NOW!
  • If they are not in your name immediately, “RUN TO THE DMV”!
  • Then put them in your name. “Don’t be Cheap or Foolish”

Title and ownership issues present potential and costly problems for the survivors. You can avoid them. Document your purchases and the locations they are at of every one you buy or sold!

How to Auction the CarEstate!

  • Ron Pratte brought 140 cars to the Barrett Jackson in Scottsdale January 2015. Everybody had a theory on why Ron was downsizing.
  • I think Ron was just preparing for his future CarEstate.
  • RM auctions cleared John Staluppi’s “Cars of Dreams MuseumCollection in 2012. John and Dog are seen at Barret Jackson buying More Cars!

Collection or CarEstate?

RM Auctions’ sold the Bruce Weiner Microcar Museum in 2013

CarEstate Panning for Sure!

MECUM AUCTION – KISSIMMEE 2017  JAN 6-15

 

His CarEstate Panning for Sure! 

I would think the information was provided by Don About the Collection!

The information you include can be used to market your CarEstate.

  • If you keep up with modern sportsman drag racing, you may have heard Don Fezell’s name before. After all, the Dubois, Pennsylvania-based racer made history when he clocked the very first 8-second pass in NHRA Stock Eliminator back in 2012, running an 8.95 while driving his factory-supercharged 2008 Cobra Jet Mustang. While few may know this fact, Fezell’s latest foray into history could well come at Kissimmee in January as the treasures he accumulated over literally decades cross Mecum’s stage.
  • To amass a collection of this magnitude today would be very difficult, if not impossible. Names like Bill Jenkins, Phil Bonner, Ed Miller and Bud Faubel, classes like A/FX, S/S and A/MP, plus engines like Z11, Hemi, Cobra Jet and so on, are legend. Fezell, whose background was in the grocery business, was careful about what he chose, taking the effort to locate and buy some of the best, most significant drag-racing door cars in history, focusing on the northeastern United States. In addition, he and his wife Mary Lee also purchased excellent unrestored muscle and other cars with important pedigrees and scarce options. The result, coming to Florida, is no fewer than 44 selected gems, the very cream of the group and one that will likely astound attendees in terms of buyer intensity and interest.
  • What is more, literally every race car here is properly prepped to its as-built specifications. Unlike some restored trailer queens, the true compression ratios and blueprinted engines have allowed Fezell and even the original drivers to make at-speed 100-mph-plus runs in them. Not built or updated with modern nostalgia specifications, these are restored to exact-to-the-era excitement, which makes this offering a standout opportunity for every ‘real race car’ aficionado.  © Mecum

Barret Jackson is one of the auctions that sell no reserve!

“Which means everything goes when the whistle blows”

SOLD – SOLD – SOLD

Barrett Jackson Consign link

Young or Old

Young collectors are not oblivious from dying

or

 being incapacitated either;

Plan Your CarEstate Now!

Young and New Buyers are on the RISE

Read the IAAA Classic Car News BARRETT-JACKSON TIMELINE

 

 

Tony & Mario Monopoli

Automotiveappraiser.com

avmtony@yahoo.com

MM Appraisals

avmappraiser@yahoo.com

AVM & MM Provide Consulting and IRS Compliant Auto Appraisals for Estates, Charitable Contributions, Car Collections and Legal Issues

@ AVM  Advice Disclaimer The information contained in this Seminar is not legal advice and is for informational and/or educational purposes only.
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