Inherited car through Living Trust

[badlanders]

What is the name of your state (only U.S. law)? Colorado/Arizona

My father passed away recently. He lived in Arizona and had a car licensed/registered there. My brother and I are to share in his property, and he had a living trust, which I am the successor trustee of. We live in Colorado. The car has an outstanding loan of about $8800 on it, and the value of the car is approx $30,000. We would like to buy the car by paying off the current lender/lien holder and then work something out with my brother to pay him for his share.
Wondering what, if any, tax implications will be as far as sales taxes due on the car, as well as if there are any estate or inheritance taxes we would be responsible for. We can't afford to hire an attorney for this so any help anyone on here can give us related to this situation will be greatly appreciated! We need to pay off his old loan soon or they will be trying to repossess it.
Thanks!

 

[realfilm]

What is the name of your state (only U.S. law)? Colorado/Arizona

My father passed away recently. He lived in Arizona and had a car licensed/registered there. My brother and I are to share in his property, and he had a living trust, which I am the successor trustee of. We live in Colorado. The car has an outstanding loan of about $8800 on it, and the value of the car is approx $30,000. We would like to buy the car by paying off the current lender/lien holder and then work something out with my brother to pay him for his share.
Wondering what, if any, tax implications will be as far as sales taxes due on the car, as well as if there are any estate or inheritance taxes we would be responsible for. We can't afford to hire an attorney for this so any help anyone on here can give us related to this situation will be greatly appreciated! We need to pay off his old loan soon or they will be trying to repossess it.
Thanks!

Didnt he have insurance for the loan if he died?

 

[Zigner]

Didnt he have insurance for the loan if he died?

I would wager that most folks don't.

 

[badlanders]

No he didn't have insurance to pay off the loan. We are trying to get a loan from our credit union to pay off the $8800. We aren't sure if there are taxed due, or how we would have to pay sales tax on the car when we license it.

 

[OHRoadwarrior]

If there are other assets equal to brothers share perhaps taking the car yourself and letting him take other assets is a better solution.

 

[realfilm]

I would wager that most folks don't.

Well that would be stupidity on anyones part no?? When my dad passed away he still had a loan on his Porsche. When he died I called the loan company and sent them documentation that they wanted and was informed the loan was paid off.

 

[badlanders]

I do not think he was stupid. I think your comment is rude.

 

[Zigner]

Well that would be stupidity on anyones part no?? W

Absolutely irrelevant to the OP's discussion.

Quit trollin'.