Reply
 
Thread Tools Display Modes
 
Old 04-03-2012, 11:26 PM   #1
Guru
 
timjet's Avatar
 
Join Date: Apr 2009
Posts: 1,905
Putting a documented vessel in a Trust

My estate attorney doesn't know how to do this, he says the USCG has to release the boat to allow it to be put in a trust. I have no idea how to do this nor does he.
Has anyone put their documented boat in a trust?
__________________
Advertisement

timjet is offline   Reply With Quote
Old 04-04-2012, 12:39 AM   #2
TF Site Team
 
ksanders's Avatar
 
City: SEWARD ALASKA
Country: USA
Vessel Name: LISAS WAY
Vessel Model: BAYLINER 4788
Join Date: Feb 2011
Posts: 3,952
Quote:
Originally Posted by timjet View Post
My estate attorney doesn't know how to do this, he says the USCG has to release the boat to allow it to be put in a trust. I have no idea how to do this nor does he.
Has anyone put their documented boat in a trust?

Like everything else you own, you transfer ownership of the boat to the trust.

I would use a marine title company to do this. should be easy for them, just like any other sale except no money.
__________________

ksanders is offline   Reply With Quote
Old 04-04-2012, 03:49 PM   #3
Guru
 
City: North Charleston, SC
Country: USA
Join Date: Sep 2010
Posts: 4,390
Quote:
Originally Posted by timjet View Post
My estate attorney doesn't know how to do this, he says the USCG has to release the boat to allow it to be put in a trust. ................
That doesn't make any sense. I can't think of any reason a trust could not own a documented boat. You should be able to transfer the ownership just like you would if you sold it.
rwidman is offline   Reply With Quote
Old 04-04-2012, 04:10 PM   #4
Guru
 
Phil Fill's Avatar
 
City: Everett Wa
Country: US
Vessel Name: Eagle
Vessel Model: Roughwater 58 pilot house
Join Date: Oct 2007
Posts: 2,919
.
I would call a marine title company. If there is a loan or collateral then you have to get the Ok from the banks, and most use a marine title company.

I would be more concerned about the transfer as it might trigger some tax being a change in owner ship. We just took out a trust and been transferring assets into. We were going to transfer an annuity but the change in name/tax ID would trigger Federal Income tax which we want to defer until we take the money out. So before you due any transfers make sure it does not trigger tax/fees.
Phil Fill is offline   Reply With Quote
Old 04-04-2012, 07:39 PM   #5
Senior Member
 
Vyndance's Avatar
 
City: Ventura, CA
Country: USA
Vessel Name: Vyndance
Vessel Model: 48 Californian CP
Join Date: Aug 2010
Posts: 154
The process is exactly the same as buying then documenting a boat in your name. If you are transferring the boat from you personally to a trust where you are the trustee just have the documentation service do a transfer. My boat is owned by a trust. This boat was purchased by the trust. My last boat was transferred with no tax ramification.
Vyndance is offline   Reply With Quote
Old 04-04-2012, 07:59 PM   #6
Guru
 
Phil Fill's Avatar
 
City: Everett Wa
Country: US
Vessel Name: Eagle
Vessel Model: Roughwater 58 pilot house
Join Date: Oct 2007
Posts: 2,919
Also check with the insurance company? Had some trouble with my dads trust we ended not putting the car in the trust.
Phil Fill is offline   Reply With Quote
Old 04-05-2012, 10:00 PM   #7
Senior Member
 
yachtbrokerguy's Avatar


 
City: Fort Lauderdale, FL
Country: USA
Vessel Model: I have keys to lots of boats...
Join Date: Jan 2011
Posts: 469
You should get an exemption from Florida sales tax by using Form HMSV 82002
A transfer of ownership on a Florida Certificate of Title has occurred due to operation of law as provided by section
319.28, Florida Statutes. Select exemption reason of "operation of law." (A copy of the documentation which
validates how the vehicle was acquired must be submitted.)

A transfer of ownership on a Florida Certificate of Title has occurred from a person to a member of that person's
immediate family as defined in 657.002, Florida Statutes, who resides in the same household. Select exemption
reason of "immediate family."
(NOTE: The address of the previous owner and new owner must be the same in

the FRVIS system.)

For the documentation try ASAP Marine Documentation in Fort Lauderdale 800-492-8362
yachtbrokerguy is offline   Reply With Quote
Old 04-06-2012, 11:01 AM   #8
Guru
 
Scary's Avatar
 
City: Walnut Grove Ca
Country: USA
Vessel Name: Cary'D Away
Vessel Model: Hatteras 48 LRC
Join Date: Apr 2012
Posts: 884
Yes

Quote:
Originally Posted by timjet View Post
My estate attorney doesn't know how to do this, he says the USCG has to release the boat to allow it to be put in a trust. I have no idea how to do this nor does he.
Has anyone put their documented boat in a trust?
My boat is in a trust, My attorney handled it with out any problems. I don't remember the coast guard being involved. This is in California, no sales or use tax involved.
Scary is offline   Reply With Quote
Old 04-06-2012, 12:50 PM   #9
Guru
 
timjet's Avatar
 
Join Date: Apr 2009
Posts: 1,905
Thanks to all for your help. Since my boat is documented I will have to
re-submit paper work with USCG to have the boat documentation changed to the trust. This is not a problem.

I've got a call in to the FL Dept of Revenue to determine if FL considers a transfer of ownership to a trust a taxable event.
Thanks yachtbrokerguy for your help. I downloaded the form and will give it to my attorney.

For you FL residence folks, I'll let you know what I find out about the tax consequences.
__________________

__________________
Tim
Tampa Bay
Carver 355 ACMY Twin Cummins Diesels Sold
timjet is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 10:52 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012