Titling a vehicle in Montana via LLC

[Donatello.]

Originally Posted by dreamingat30fps

The part that I find extra hilarious is all the hate for the "rich" people supposedly scamming the system with their sneaky loopholes. Instead those sneaky fucks should give their money to the sneakiest, laziest, richest, most corrupt sob of all... the rich asshole who created all the loopholes in the first place... the government!

No, the hate is loopholes are setup for the rich.

[Humdizzle]

Originally Posted by BMWCCA1

How many times do you have to lie to your state and your insurance company when they ask where the vehicle is "garaged"? And could that eventually void your insurance in the event of a claim?

Insurance doesn't care. People aren't using montana plates for daily drivers through state farm or progressive. Companies like Hagerty and Grundy are well aware of the montana thing and have step by step guides walking their clients through it so they can register in MT and keep insurance where they live.

[XutvJet]

Originally Posted by Humdizzle

Insurance doesn't care. People aren't using montana plates for daily drivers through state farm or progressive. Companies like Hagerty and Grundy are well aware of the montana thing and have step by step guides walking their clients through it so they can register in MT and keep insurance where they live.

Insurance absolutely does care when it comes to insuring a 6 figure car. They will look to every avenue to avoid paying on an expensive car. You'd best be honest with your insurance about where the car is garaged and primarily used. Don't believe me? Do some research and not solely info from the firms that assist those with the Montana LLC thing. They will tell you what you want to hear in order to take your money. They only know Montana law.

[nunzo]

I have 2 cars currently registered in MT, adding another one next week for a whopping combined $67k in appraised value. Cars are garaged in CA at my business. I live in PA. Hagerty has them insured knowing all of this.

[dgoldenz]

Originally Posted by XutvJet

Insurance absolutely does care when it comes to insuring a 6 figure car. They will look to every avenue to avoid paying on an expensive car. You'd best be honest with your insurance about where the car is garaged and primarily used. Don't believe me? Do some research and not solely info from the firms that assist those with the Montana LLC thing. They will tell you what you want to hear in order to take your money. They only know Montana law.

GEICO will cover MT LLC cars as long as you notify them it’s registered there under the LLC that you own.

[R N M]

Originally Posted by XutvJet

Would 49 be considered "a youngster". I work on the risk evaluation side of US and international mergers and acquisitions, thus I need a fairly good understanding of how LLCs, Inc., etc. work and the legal protections and implications.

We're not talking about how governments manage their tax revenues. We're talking about wealthy individuals gaming the system.

So you contributing to a 401k - is that “gaming” the system?
Poor folk definitely can’t afford that. How about a 529 plan for your poor Junior so he can go to college?
Point is where do you draw the line with rich/wealth and regular folks. Everyone can use these tax advantages. Its called Google or paying a CPA / tax attorney for advice.

BTW no entity games the system more than the Government. They create new policies all the time to raise tax revenue.

[R N M]

Originally Posted by Donatello.

Regular people don't have car collections. The wealthy do. So many of you are out of touch with reality.

SMH

I Personally know many regular people with car collections of 3-5 cars. I’m one of them. Some have up to 10.

I suggest you travel to all 50 states and see that regular folks love cars.
Just like regular folks collect art, watches, antiques, baseball cards etc.

[Donatello.]

Originally Posted by R N M

I Personally know many regular people with car collections of 3-5 cars. I’m one of them. Some have up to 10.

I suggest you travel to all 50 states and see that regular folks love cars.
Just like regular folks collect art, watches, antiques, baseball cards etc.

3-5 is not a "collection"

Regular middle class people with 10 cars, huh? They must be rollers, old junk that needs a restore etc. That's not what I mean. I could go buy 10 $500 cars too. That's a junkyard, not a collection

[BMWCCA1]

Originally Posted by Donatello.

Regular middle class people with 10 cars, huh? They must be rollers, old junk that needs a restore etc. That's not what I mean. I could go buy 10 $500 cars too. That's a junkyard, not a collection

My 20 BMWs in my state costs me very little, but then the newest is a 2013. Once they hit a certain age I pay no property tax and I can get a lifetime vintage registration on them once they hit 25-years old.

[XutvJet]

Originally Posted by Donatello.

3-5 is not a "collection"

Regular middle class people with 10 cars, huh? They must be rollers, old junk that needs a restore etc. That's not what I mean. I could go buy 10 $500 cars too. That's a junkyard, not a collection

^Truth.

[XutvJet]

Originally Posted by BMWCCA1

My 20 BMWs in my state costs me very little, but then the newest is a 2013. Once they hit a certain age I pay no property tax and I can get a lifetime vintage registration on them once they hit 25-years old.

I don't know how you do it. I own 5 cars (2020 Mazda 3, 2020 4runner, 2016 M235, 2015 Outback, 2011 Cayman) though two are technically my kid's. I maintain all of them and I wouldn't want to maintain any more cars than this, no matter how much money I have. Insurance, maintenance and repairs, property tax, etc. adds up and you constantly feel like you're paying for something every few weeks. We easily have the money for all of this and all cars are paid for, but I have no desire to spend money like this so often. I like working on cars a lot, but not the expense of so many (the kid's do help pay and I teach them how to work on their cars). I can't imagine maintaining a large number of 10 y/o cars. I guess most people that have "collections" aren't really car guys anyways, in the sense that they actually know how to work on a car, much less even know how a car really works (not saying this is you). They essentially just like cars and don't have a passion for them.

[Donatello.]

Originally Posted by XutvJet

I don't know how you do it. I own 5 cars (2020 Mazda 3, 2020 4runner, 2016 M235, 2015 Outback, 2011 Cayman) though two are technically my kid's. I maintain all of them and I wouldn't want to maintain any more cars than this, no matter how much money I have. Insurance, maintenance and repairs, property tax, etc. adds up and you constantly feel like you're paying for something every few weeks. We easily have the money for all of this and all cars are paid for, but I have no desire to spend money like this. I like working on cars a lot, but not the expense. I can't imagine maintaining a large number of 10 y/o cars. I guess most people that have "collections" aren't really car guys anyways, in the sense that they actually know how to work on a car, much less even know how a car really works (not saying this is you).

I hear you on that one. 4 in our house now (Just the wife and I). However, I want more toys, but don't want to work on them anymore LOL.

Oh well, I'll keep doing it till I physically cannot. Then hope I can afford to pay someone trustworthy to do it. There are too many toys I still want to add. It's a sickness, I tell ya! My main problem right now is no room for anymore. Guess I'll have to wait till we buy our next home.

[x622]

Originally Posted by R N M

I Personally know many regular people with car collections of 3-5 cars. I’m one of them. Some have up to 10.

I suggest you travel to all 50 states and see that regular folks love cars.
Just like regular folks collect art, watches, antiques, baseball cards etc.

Don't bother with them. They don't get it. If they ever went to a car show and talked to the owners, there's tons of people with all sorts of interesting things.

[G MONEY]

Originally Posted by XutvJet

I don't know how you do it. I own 5 cars (2020 Mazda 3, 2020 4runner, 2016 M235, 2015 Outback, 2011 Cayman) though two are technically my kid's. I maintain all of them and I wouldn't want to maintain any more cars than this, no matter how much money I have. Insurance, maintenance and repairs, property tax, etc. adds up and you constantly feel like you're paying for something every few weeks. We easily have the money for all of this and all cars are paid for, but I have no desire to spend money like this so often. I like working on cars a lot, but not the expense of so many (the kid's do help pay and I teach them how to work on their cars). I can't imagine maintaining a large number of 10 y/o cars. I guess most people that have "collections" aren't really car guys anyways, in the sense that they actually know how to work on a car, much less even know how a car really works (not saying this is you). They essentially just like cars and don't have a passion for them.

I wouldn’t say people with a bunch of cars aren’t car people because they don’t work on them? I’m a car nut and don’t change my own oil😄. If you’re lucky enough to have a sick collection of exotics, most people are not working on those!! Wish I was in that club!! My M4 get worked on by VAC/458 is a Ferrari mechanic and the GTR goes to Sean Ivey. I would say it’s 50/50 on guys who love cars and also do their own work. Maybe that’s way off

[XutvJet]

Originally Posted by G MONEY

I wouldn’t say people with a bunch of cars aren’t car people because they don’t work on them? I’m a car nut and don’t change my own oil😄. If you’re lucky enough to have a sick collection of exotics, most people are not working on those!! Wish I was in that club!! My M4 get worked on by VAC/458 is a Ferrari mechanic and the GTR goes to Sean Ivey. I would say it’s 50/50 on guys who love cars and also do their own work. Maybe that’s way off

To me, a real car guy is one that understands how a car operates and is one willing to get their hands dirty. I'm not saying you need to know how to rebuild a motor, but you maintain and repair them for the most part. To me, it's hard to relate to those that simply buy and drive cars as a majority I come across at meets and such know next to nothing about a car. They just have deep pockets and "a guy" that maintains their collection. In general, cars are just Legos and they come a part pretty easily. There's nothing inherently special about how a 458 comes a part vs an Altima. I find that pulling a part and working on my Cayman is easier than my wife's 4Runner.

I get that most people have no desire or time to work on their cars. That's fine.

[murderspice]

Originally Posted by XutvJet

To me, a real car guy is one that understands how a car operates and is one willing to get their hands dirty. I'm not saying you need to know how to rebuild a motor, but you maintain and repair them for the most part. To me, it's hard to relate to those that simply buy and drive cars as a majority I come across at meets and such know next to nothing about a car. They just have deep pockets and "a guy" that maintains their collection. In general, cars are just Legos and they come a part pretty easily. There's nothing inherently special about how a 458 comes a part vs an Altima. I find that pulling a part and working on my Cayman is easier than my wife's 4Runner.

I get that most people have no desire or time to work on their cars. That's fine.

The difference between ’having’ a car and ‘owning’ one.

[c1pher]

Originally Posted by XutvJet

I don't know how you do it. I own 5 cars (2020 Mazda 3, 2020 4runner, 2016 M235, 2015 Outback, 2011 Cayman) though two are technically my kid's. I maintain all of them and I wouldn't want to maintain any more cars than this, no matter how much money I have. Insurance, maintenance and repairs, property tax, etc. adds up and you constantly feel like you're paying for something every few weeks. We easily have the money for all of this and all cars are paid for, but I have no desire to spend money like this so often. I like working on cars a lot, but not the expense of so many (the kid's do help pay and I teach them how to work on their cars). I can't imagine maintaining a large number of 10 y/o cars. I guess most people that have "collections" aren't really car guys anyways, in the sense that they actually know how to work on a car, much less even know how a car really works (not saying this is you). They essentially just like cars and don't have a passion for them.

I have the same issue. Four cars takes up a fair amount of time for service intervals, cleaning, inspections etc. Plus in VA we pay tax on vehicles every year so you’re kind of penalized for the cars you own and it’s based on value so if you have nice, expensive cars, you pay quite a bit more. One way to reduce the tax is to find a county that taxes personal property at a lower rate and buy a home there to tie the cars to. But beyond that, I feel I’d have to hire someone to help me maintain everything. So I’m think four cars is enough for me.

[Efthreeoh]

Originally Posted by c1pher

I have the same issue. Four cars takes up a fair amount of time for service intervals, cleaning, inspections etc. Plus in VA we pay tax on vehicles every year so you’re kind of penalized for the cars you own and it’s based on value so if you have nice, expensive cars, you pay quite a bit more. One way to reduce the tax is to find a county that taxes personal property at a lower rate and buy a home there to tie the cars to. But beyond that, I feel I’d have to hire someone to help me maintain everything. So I’m think four cars is enough for me.

I have 5 cars and a motorcycle. Live in VA. I take an entire day off work just to get the safety inspections done.

[Efthreeoh]

Originally Posted by XutvJet

I don't know how you do it. I own 5 cars (2020 Mazda 3, 2020 4runner, 2016 M235, 2015 Outback, 2011 Cayman) though two are technically my kid's. I maintain all of them and I wouldn't want to maintain any more cars than this, no matter how much money I have. Insurance, maintenance and repairs, property tax, etc. adds up and you constantly feel like you're paying for something every few weeks. We easily have the money for all of this and all cars are paid for, but I have no desire to spend money like this so often. I like working on cars a lot, but not the expense of so many (the kid's do help pay and I teach them how to work on their cars). I can't imagine maintaining a large number of 10 y/o cars. I guess most people that have "collections" aren't really car guys anyways, in the sense that they actually know how to work on a car, much less even know how a car really works (not saying this is you). They essentially just like cars and don't have a passion for them.

When 4 cars of your 5-car fleet (err... "collection") averages to 19 years old and 209,000 miles each, then you can start complaining.

[Efthreeoh]

Originally Posted by XutvJet

To me, a real car guy is one that understands how a car operates and is one willing to get their hands dirty. I'm not saying you need to know how to rebuild a motor, but you maintain and repair them for the most part. To me, it's hard to relate to those that simply buy and drive cars as a majority I come across at meets and such know next to nothing about a car. They just have deep pockets and "a guy" that maintains their collection. In general, cars are just Legos and they come a part pretty easily. There's nothing inherently special about how a 458 comes a part vs an Altima. I find that pulling a part and working on my Cayman is easier than my wife's 4Runner.

I get that most people have no desire or time to work on their cars. That's fine.

Jay Leno is a real car guy. And an exception to the rule.

[BlkGS]

The MT LLC thing is tax fraud, pure and simple. While some might have gotten away with it, it's still tax fraud and can land you in jail.

If you ACTUALLY own a business and can prove it and that business is incorporated in MT, that's one thing. But if it's a holding company that you're faking to buy cars with, that's tax fraud and the government can come after you long after you thought you got away with it

[R N M]

Originally Posted by BlkGS

The MT LLC thing is tax fraud, pure and simple. While some might have gotten away with it, it's still tax fraud and can land you in jail.

If you ACTUALLY own a business and can prove it and that business is incorporated in MT, that's one thing. But if it's a holding company that you're faking to buy cars with, that's tax fraud and the government can come after you long after you thought you got away with it

So for example - are Corporations that are incorporated in Delaware and other states also committing tax fraud?!

It’s wild to me that “regular” folks are so eager to give their hard earned $$$ to uncle sam but then complain about the rich lol.

The politicians themselves use every possible loophole to avoid paying taxes and they are the ones creating the laws.