Need legal/title advice for putting coach in name of LLC

[FactoryShowtime]

Hello!

My wifes father wants to put his class A pusher into sort of a partnership or trust, Im not familiar with how this would work but I know what he wants.

He wants it taken out of his name and free from liability and responsibility (it is paid off), he would like it registered under my business name (LLC), he wants certain members of the family to have access to use the coach but they must pay their part in maintenance/storage/insurance ect. to maintain their privileges.

To me this sounds similar to doing a partnership on an aircraft. But I dont know how the titling would work, and I assume it must be left to my wife and I to ensure that his wishes that it be available to contributing family members are maintained (trust?). He is wanting actual ownership to remain neutral, I assume to avoid any jealousy.

This is in Texas if that helps.

If someone has some advice for me on what type of paperwork needs to be done I would appreciate it!

[Mr_Mark1]

FactoryShowtime wrote:
All good feedback, thanks. I feel like a living trust is the best avenue but I will contact an attorney Monday to get a solid answer. I do think he should sell it, but he does not want to as several family members have tried get him to. He really wants it to be shared by family who are wanting to contribute to the costs of upkeep, ins, storage, ect.

FS, just curious, are there actually any family members that want to get involved with this set-up?

Safe travels,
MM.

[Sam_Spade]

FactoryShowtime wrote:
He really wants it to be shared by family who are wanting to contribute to the costs of upkeep, ins, storage, ect.

THIS almost never turns out good in the long run.
Just ask Judge Judy.

[Sam_Spade]

1968mooney wrote:

I think SS is offended you would even think about asking for advice on his forum. Not really friendly. :h

And I think that comment was just totally uncalled for.

A lot of SERIOUS mistakes have been made over the years because of BAD advice obtained from well-meaning but totally wrong individuals in places like this.

If you are involved in something that normally is handled by a trained professional, then hire one. Taking the advice of amateurs is a fools errand.

Some people think it's funny to give bad advice and then see how a big a mess it can cause.

[FactoryShowtime]

All good feedback, thanks. I feel like a living trust is the best avenue but I will contact an attorney Monday to get a solid answer. I do think he should sell it, but he does not want to as several family members have tried get him to. He really wants it to be shared by family who are wanting to contribute to the costs of upkeep, ins, storage, ect.

[1968mooney]

Sam Spade wrote:

FactoryShowtime wrote:

If someone has some advice for me on what type of paperwork needs to be done I would appreciate it!

The ONLY advice you need is:
Don't ask for legal advice on an Internet forum; not even one intended for giving legal advice.

Ask the state DMV or a real lawyer.

I think SS is offended you would even think about asking for advice on his forum. Not really friendly. :h

[2oldman]

You can search 'LLC' and be here reading all day.

[Sam_Spade]

FactoryShowtime wrote:

If someone has some advice for me on what type of paperwork needs to be done I would appreciate it!

The ONLY advice you need is:
Don't ask for legal advice on an Internet forum; not even one intended for giving legal advice.

Ask the state DMV or a real lawyer.

[jrp]

Using either an LLC or Trust to own property and vehicles is very simple to set up, and easy to transfer ownership of the property by executing a title transfer just as if you sold the property (which you legally are actually selling it). There are slightly different advantages to LLC vs Trust ownership and those vary slightly state to state.
Many families have a Family Trust to own all real property & sometimes vehicles, for both liability issues as well as ease in avoiding Probate when an individual owner passes away.
Any local Trust attorney can explain the process.
I agree with the above comment that mixing this family item with your personal business is probably not a good idea. There is no advantage to using an existing LLC when its so easy to setup a new LLC (or Trust) to handle this item. You will incur some additional fees, but those are minor in the big picture. Also keep in mind the vehicle insurance will have to be transferred into the name of the LLC or Trust and that usually means a higher rate, and not all insurance companies will deal with an LLC.

managing the family dynamics, shared use & responsibilities and payments will be a much more difficult issue, than the legal solution.

[DownTheAvenue]

Regardless of the family dynamics, the viability of the concept, you absolutely do not want to put this into your business and its LLC. Form a separate LLC for the motor home if that is what you decide to do.

[Greydennyhawk]

How many family members? Do y'all have any common business interests? Why not a legitimate business RV?
Maybe like I have seen, rescue dogs, a food extract business, tools 4 sale, animal hospital, veterans affairs, etc.
RV 's with logos and sometimes, towing trailers to conduct a business, that is mobile.
I realize that some folks are purchasing/ incorporating in some state to avoid...whatever, but what I suggest is what I would like to do myself soon, ( except that my business is still a secret....)
Good luck

[buttetiful]

I would reccomend to your father-in-law to putting the coach in a living trust and appointing an executor. Not a lawyer though.

[Mandalay_Parr]

If you put it in the LLC, the company would be the owner and title holder.
Please consult a local Texas LLC attorney.

[rexlion]

Sounds like a messy can of worms. Transferring ownership to your LLC results in the LLC having legal liability, responsibility for license tags and maintenance, possible tax consequences, etc. You do not want to go there IMO. FIL should get himself a lawyer and look into creating a trust, and then he can transfer title to the trust. The trust can specify usage and maintenance and eventual disposition of the property. Not your problem that way. Shoot, if he could afford his class A, he can afford to do this thing right instead of cheaping out and having you take the brunt.

[FactoryShowtime]

My gut tells me just to hire an attorney, I guess I was just hoping someone else has done this. Seems rather uncommon.