Splitting inherited car with siblings

[Anonymous]

As a pp suggested, you could deduct the current resale value of the car from your parent’s assets after their passing.

As for explanations to your siblings, I would probably let it drop, because they already know, and parents are entitled to help in the ways they see fit, without getting their children’s permission—your parent is still alive and cognizant of the situation, so it’s their choice.

For yourself, try to make sure the car is in good shape, and not in need of expensive surprise maintenance.

[Anonymous]

I had a sibling "steal" a car from our dead grandpa and never pay the equitable share, and it's caused a small fracture in our family. I would not advise taking it without mentioning it. I think it's totally fine to pay them at a later date, so long as you do it from the POV of todays value, not after you crash and total it in 10 yrs when its worth nothing.

[Anonymous]

Anonymous wrote:Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.

Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same.

Did they? Why is only one sibling receiving a free vehicle if that's the case?

[Anonymous]

Anonymous wrote:I had a sibling "steal" a car from our dead grandpa and never pay the equitable share, and it's caused a small fracture in our family. I would not advise taking it without mentioning it. I think it's totally fine to pay them at a later date, so long as you do it from the POV of todays value, not after you crash and total it in 10 yrs when its worth nothing.

That’s not an equivalent scenario. OP’s parent is still alive and competent to make financial decisions, and the whole family was already made aware.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.

Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same.

Did they? Why is only one sibling receiving a free vehicle if that's the case?

Maybe the other siblings received equivalent help along the way. Either way, it’s not your business.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.

Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same.

Did they? Why is only one sibling receiving a free vehicle if that's the case?

Maybe the other siblings received equivalent help along the way. Either way, it’s not your business.

If OP is worried her siblings will feel resentment, it sounds like it is relevant (aka our business in answering her question), and it doesn't sound like it's actually as equal as she makes it out to be. The golden child always thinks things are equal when the others see it differently.

[Anonymous]

I am from a family of 5 siblings.
I am not the one who is closest (distance) and I am so appreciative of my siblings who are able to be there. I would not think twice about a car as I assume (?) that since they are giving up the car, you will be leaning in more to help out with driving around. It would at some level help me deal with my guilt of not being able to run to CVS or Drs Appt. etc

If it makes you feel better, just send your siblings a note and say - hey - as you know Mom is giving up driving and has gifted me the car. As this is something that is of material value, I want to be fair so that there are not any rifts created by this. Right now, I am not in a position to buy everyone out of the car, but I brought the car to CarMax to get an estimate of what we would get if it was sold and it is Y. I would like to propose that I log this amount and settle out in the future. Is everyone OK with that approach?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.

Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same.

Did they? Why is only one sibling receiving a free vehicle if that's the case?

Maybe the other siblings received equivalent help along the way. Either way, it’s not your business.

If OP is worried her siblings will feel resentment, it sounds like it is relevant (aka our business in answering her question), and it doesn't sound like it's actually as equal as she makes it out to be. The golden child always thinks things are equal when the others see it differently.

I don't see this as a golden child issue, just that OP happens to need a car while the parent is getting rid of one. She can't afford to buy out her siblings right now, which means she also can't afford to buy a car on her own. She's being very thoughtful to want to give the others something from her inheritance, which she's not obligated to do at all.

[Anonymous]

Of course. It's called a buy-out, and is often done when a group of heirs receives an indivisible asset.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.

Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same.

Did they? Why is only one sibling receiving a free vehicle if that's the case?

Maybe the other siblings received equivalent help along the way. Either way, it’s not your business.

If OP is worried her siblings will feel resentment, it sounds like it is relevant (aka our business in answering her question), and it doesn't sound like it's actually as equal as she makes it out to be. The golden child always thinks things are equal when the others see it differently.

I don't see this as a golden child issue, just that OP happens to need a car while the parent is getting rid of one. She can't afford to buy out her siblings right now, which means she also can't afford to buy a car on her own. She's being very thoughtful to want to give the others something from her inheritance, which she's not obligated to do at all.

We don't know if it is or not. All we are hearing from OP is that
1) she's getting an expensive gift that is only for her
2) she's worried her siblings will feel resentment
3) she wants to mitigate this situation with future money

I'm not sure why you're arguing with me over asking if her parents truly did treat them as equals and if that's the reason she's worried about resentment. But go off, maybe you like the sound of your fingers typing.

[Anonymous]

I think your proposal sounds good.

Another option if your parent has the funds would be the gift you the car and gift your siblings the $ value of the car - all now, when you take possession.

Or another option which is what my family did is your parent sells the car to you. My mom sold her car to my brother for my nephew’s use - and gave him an interest fee loan. My brother paid her $300/month until it was paid off. She needed the monthly income and the 2 other siblings were fine with this arrangement.

[Anonymous]

You need to acknowledge to your siblings that you are aware. I suggest against keeping it silent. Silence is a starting point of future resentments.

[Anonymous]

Do you keep track of the money you spend helping out your mom? I would communicate with your siblings about as the carmax poster above suggested, and propose deducting what you're spending on your mom from what you'll owe them on the car.

[Anonymous]

This is a $12,000 used car? Or $16,000 if the $12k was for the other 3 siblings?
How much is the total estate supposed to be worth?
Seems like fighting over scraps. If that's the sibling dynamic I would ask parent to sell the damn car and give everyone $4k. Then use it as a down payment.

[Anonymous]

Anonymous wrote:Of course. It's called a buy-out, and is often done when a group of heirs receives an indivisible asset.

+1. And OP only needs $9k to distribute $3k each to her three siblings.