New member with "barn find" question

[Trueoo7]

Originally Posted by eschaider

Tom,

This is a barn find I stumbled across a few years ago



It was in exceptional company. The car on the left is a like new Allard and the Benz on the right is a 300 SL Gullwing. In total there were more than 30 cars in the 'barn'.

The plate the guys are talking about looks like this



My barn find Cobra needed to have the engine rebuilt - it had seized up! After the rebuild it sat for a while as potential buyers mulled it over in our bad economy. A sale is finally about close and the agreed upon price is middle six figures.

This should give you some sense of what yours is worth.

BTW if your cousin is really serious about her executrix responsibilities she will not get secretive about this stuff. The #1 responsibility of the executor / executrix of an estate is to be sure all the taxes are paid. In the event the estate has insufficient funds to pay the taxes she becomes personally liable!

It is decidedly in her best interests to get fair market value (or better if possible) for the estate property. A turtle/ostrich mentality is a sure way to get into trouble. Get some professional counsel and pay attention to what the guys on the site here tell you, we actually have some lawyers on here who are Cobra enthusiasts and they are pretty smart guys.

Ed

Is that true about being personally liable?

[*13*]

Where's the Beef!!!?

[jwd]

Originally Posted by Trueoo7

Is that true about being personally liable?

No!!!!!

[undy]

I'd be very surprised if we hear from the OP again...

[patrickt]

Originally Posted by Trueoo7

Is that true about being personally liable?

Originally Posted by jwd

No!!!!!

I don't want to derail this thread, so anyone interested in the real answer can just read this read this very short PDF on Executor personal liability.

http://www.williamsmullen.com/files/...%20-%20Cha.pdf

[jwd]

Originally Posted by eschaider

In the event the estate has insufficient funds to pay the taxes she becomes personally liable!

Originally Posted by jwd

No!!!!!

Originally Posted by patrickt

http://www.williamsmullen.com/files/...%20-%20Cha.pdf

Thanks for posting the link. My answer still stands. Now, back to waiting for the serial number.

[eschaider]

Originally Posted by Trueoo7

Is that true about being personally liable?

Everyone is entitled to make their own decisions. Patrickt's link to the pdf on Executor's personal liability is telling the straight story. There are a small group of people who will tell you the Federal Income Tax is unconstitutional. There are others that actually believe this to the extent they don't pay their tax. Later after they have been convicted and sentenced to Jail time (like Wesley Snipes) they repent stating they had received "bad advice" from a trusted advisor.

As individuals we all have the freedom to make any choice we wish. Choice however does have consequences soooo, as the old Knight's Templar said to Indy in the cave just before he selects the Holy Grail from all the other chalices - choose wisely!

I will suggest to you my earlier statement is 100.00% True! For those who choose not to believe it - that is your right.

For the rest of us, the Estate Executor/Executrix has the primary responsibility of paying all the taxes the estate owes before anything else. After taxes come other financial obligations. If there are insufficient funds to pay the taxes you have an "Estate Sale" to generate the funds. If there are still insufficient funds then the Executor/Executrix becomes personally liable.

Estate Sales are what happens when people who should have done Estate Planning chose not to (choice again). They are public exhibitions of extreme incompetence in the Estate Planning arena!

If your Executor/Executrix has paid all taxes and debts and then wants to liquidate the Estate's Assets for other reasons, auctions at places like Christies are the smarter way to go.

Ed

[jwd]

Originally Posted by eschaider

I will suggest to you my earlier statement is 100.00% True! For those who choose not to believe it - that is your right.
Ed

You need to read the 3rd paragraph of Patrick's link. The only way the executor is liable for any taxes is if they distributed funds/property PRIOR to paying all outstanding taxes. If the estate isn't worth the amount of taxes owed, the full value of the estate goes toward the tax bill. The executor IS NOT liable for the unpaid balance.
Many people have attorney's as executors. Do you really think they would subject themselves to that kind of a liability?

[eschaider]

Originally Posted by jwd

You need to read the 3rd paragraph of Patrick's link. The only way the executor is liable for any taxes is if they distributed funds/property PRIOR to paying all outstanding taxes. If the estate isn't worth the amount of taxes owed, the full value of the estate goes toward the tax bill. The executor IS NOT liable for the unpaid balance.
Many people have attorney's as executors. Do you really think they would subject themselves to that kind of a liability?

Patrickt's link tells you how you can mitigate the liability. It does not tell you you have no liability.

You do have the right to believe you have no liability. If you choose to believe that - that is your privilege and choice. It's one of the great things about living in this country.

Hissy fits not withstanding we still need a CSX number ...

Ed

[ACademic]

If it is what they say it is, I'd skip the legal fumbling and get that sucker insured RIGHT NOW for at least $500K. And anyone that is remotely interested (and capable of purchasing) that car has probably already contacted the executor of the estate. You can't contain information like this for very long.