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Heir Time

It was raining pretty good at last night's Waupaca Burger King Cruise (where you'll find me nearly any Wednesday) so the gathered car collectors had to stay inside and "bench race" for a few hours. Of all things, the hot topic of conversation was how to leave your cars to your kin when you're no longer around to drive them. The man who asked the question wondered if he should allocate his collection, one to the Missus and one to each kid. In that case, of course, you might have to sell or buy some cars to round off the numbers. Another view is to put values on the cars and equalize the inheiritance in terms of dollars. Still another way to plan (and the one I use) is to request that all the cars be sold and the money be split. That way, if the one heir wants to own the Airmobile, he can buy it with the cash. There are probably a dozen different ways to deal with this issue and you're free to pick your favorite, but here's my advice: DON'T PUT IT OFF! Based on personal experience, I can tell you that deciding what to do with your cars in not a pleasant thing to face, but it's important. The time to set the plan up is now! It may just be one of the most important choices you ever make.

What do you think on this topic? Click "comments" below and let us know, or email, or call 715-445-2214 x248 or write John Gunnell, c/o Old Cars Weekly, 700 E. State St., Iola, WI 54990.

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