2019 – 01/03 – If you’re driven to transfer a vehicle’s ownership to a trust, know the risks
A revocable trust isn’t effective unless you fund it by transferring ownership of assets to the trust. Transferring a vehicle to it, however, brings a unique set of issues. If you still owe money on an auto loan, the lender may not allow you to transfer the title to the trust. But even if you own the vehicle outright, there are risks to consider. For example, as owner of the vehicle, the trust will be responsible if the vehicle is involved in an accident, exposing other trust assets to liability claims that aren’t covered by insurance. Contact us for details.