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Transferring RV ownership to a trust

koupster

Well Known Member
Wondering what's involved in transferring RV ownership to a trust as far as the FAA aircraft registry goes.
I'm the owner, and would be the trustor and trustee.
Also, has anyone experienced difficulties with transferring the insurance coverage due to the change of ownership (from personal ownership to trust ownership)?
Thanks.
 
FAA has a write up on what’s required to register in a trust. When I looked into this for my parents trust it was so onerous that I did not do it. Most trusts and wills provide for the grantor to leave a written list of assets and direct to whom they should go. I ended up selling my dads airplanes before his death and therefore he could sign the bill of sale.
 
I wanted to put my plane in a trust account. The Faa does have a procedure, I think that they wanted a copy of the trust, with Notary seal. This was to sent in with the registration. There may be more to the process than that, I do not know.
I did not do it but put my name and my wife together on the registration. Therefore if I pass first she would be able to sell the plane. It however was valued less than 50,000.
 
Watch out for Taxes

My wife wanted to be added to the registration of the plane. We have a trust. As noted above, the FAA wanted the full trust document, and a bill of sale and registration, selling it from me to the trust. To add my wife as co-owner required a just a bill of sale plus registration form.

The State of Tennessee said that if I sold the plane from (me) to (me + my wife) there would be no tax implications, but if I sold it to a trust, it would charge us full sales tax, which in TN is pretty high.
 
Interetsing

So when I register my plane, it seems like a good idea to put my wife on the registration. Does this prevent me from getting a repairman's certificate?

Can I also include my kids on the registration?
 
So when I register my plane, it seems like a good idea to put my wife on the registration. Does this prevent me from getting a repairman's certificate?

Can I also include my kids on the registration?

You can put anyone that you want on the registration, and it will have no effect on the Repairman’s Certificate.
 
Most trusts and wills provide for the grantor to leave a written list of assets and direct to whom they should go.

My attorneys guidance was to leave cars, boats, planes out of the trust. Those can get swept into the trust easilly without re-titling them with the trust name. Still no probate or will issues necessary to do this.

As prices rise, this could be a greater issue. It might make sense to put a $350K RV-10 into the trust.

Larry
 
Avoiding Probate

States have their own upper limit for avoiding probate. In Utah it's $100,000 worth of assets that are not in a trust.
A pour over will can sweep assets into a trust upon the trustees death, but if the value of those assets exceed the probate limit, probate will be required anyway.
Since one of the chief advantages of a trust is avoiding probate, having assets over the limit outside of the trust can nullify that advantage.

Rising RV values have prompted this question. I have some terrestrial vehicles that I'd like to leave out of the trust. Putting the RV in the trust is the obvious answer.

Thanks for your helpful comments.
 
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