Transferring a car to one child while father still living

I am the trustee of my father's trust. He has offered his car to one of the siblings for him to trade it in for a car more appropriate for his needs. The value of the car would come from his eventual portion of the inheritance.

Need advice on the best way to handle this situation to determine the correct value of the car. Should it be based on the Kelley Blue Book value, the trade in value or what? Should we transfer the title of the car to the sibling before he purchases a new car, or accomplish the transfer at the purchase of the new car.

Advice is appreciated.

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Apr 17, 2012
Kelley Blue Book is Reasonable
by: Mo

Hi, I'm not certain I understand your questions -- but, in any event, I would say that generally Kelley Blue Book value is better than trade in value since often "trade-in" value is manipulated up or down to finesse a deal.

As for timing of transfer of title -- I'm not sure I see any difference really -- except that maybe best to hold off till after your dad gets the new car to be sure that's what he really wants to do.

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