Putting a documented vessel in a Trust

timjet · Apr 3, 2012

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?

ksanders · Apr 4, 2012

timjet said:
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.

rwidman · Apr 4, 2012

timjet said:
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.

Phil Fill · Apr 4, 2012

.
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.

Vyndance · Apr 4, 2012

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.

Phil Fill · Apr 4, 2012

Also check with the insurance company? Had some trouble with my dads trust we ended not putting the car in the trust.

yachtbrokerguy · Apr 5, 2012

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

Scary · Apr 6, 2012

Yes

timjet said:
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.

timjet · Apr 6, 2012

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.

Putting a documented vessel in a Trust

timjet

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ksanders

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rwidman

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Phil Fill

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Vyndance

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Phil Fill

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yachtbrokerguy

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Scary

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timjet

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