bending up the Z28 again

[syborg tt]

Originally Posted by Vegas69

This is one of the reasons I sold mine. I couldn't afford to burn it to the ground and walk away. I came to the realization that I was a flippin moron for running my 130,000 street car down a straightaway at 130 mph lap after lap. Safety, ha, the 4 point would have kept my body in one piece for the casket.



Do yourself a favor, build a safe race car or get a good life insurance policy. That way the old lady doesn't end up with a piece of charcoal and the kids.

Not to make light of your comment about the life insurance policy. But this is also very important. So far in my group of car guys friends 3 have died and they were the sole supporters of there family and because of carelessness and lack of planning there wife and kids not only have to suffer emotionally but now financially.

Plan for the worst and hope for the best and trust me this is coming from a guy that doesn't drink, smoke or do any drugs and yet had had cancer twice. You never know what life is going to throw your way and it's important to think about your family first so buy a 25 or 30 year life insurance policy when your young. If you have kids but it immediately because it's more important then any car part. It's your family's future.

Ps sorry for the little rant


Marty-mj
www.garagescene.net www.syborgtwinturbo.com www.2ndcamaro.com

[Vegas69]

Good catch, anybody with a wife or kids should have a healthy policy. Not negotiable. It should pay off all your liabilities so they can be debt free plus a healthy number of years to cover the income loss. Set them up...

I'll throw in a healthy disability policy as well. I've seen guys get hurt and crumble their families and lively hood. A disability policy lets you ease into a sustainable lifestyle or it gives you a chance to recover. A five year policy is a good start.

Next is a living trust. That way you avoid probate and the assets automatically go to your loved ones. Decisions have been made in advance. I can't believe how many people over 50 I meet without living trusts. They have kids and grand kids. I've had my trust since I was 32?

Would you want to leave your family without any income and all your debts? Oh ya, and they can't touch your assets unless they are awarded in probate? Don't leave them that mess on top of your death...

This is where a financial advisor really earns their money in my mind. Asset protection and putting an umbrella over your loved ones.

[syborg tt]

Great Post Todd I am meeting with my Lawyers to set up all of this stuff and your post will act as a cheat sheet for me.

[COYBILT]

thanks Marty,
you have me all freaked out now, i can say your right though.
There are a boat load of cars that don't have near enough saftey equipment,
I am glad this is being brought up, there is no reason at all you should be putting a six figure show car on a road course with out safety gear unless you like playing Russian roulette.

It is not a miracle in some cases that people walk away from these accidents its called planning for the worst possible scenario. I have noticed most people don't want to even really think of this. You need to think of every part of the car as a battering ram or some blunt object that wants to kill you.


I used to think I was immortal when I was younger, then I got bitch slapped by reality and I had my first big wake up. I was riding my motor cycle 10 years ago, I broke my leg, twisted my pelvis and cracked a vertebrae.

This is all from t boning a car that ran a stop sign at 30mph.

I will say that greg nailed it down though, think of every possible thing that can go wrong and multiply it. This is the risk of racing cars,bikes, etc.

[Ron in SoCal]

Originally Posted by syborg tt

Great Post Todd I am meeting with my Lawyers to set up all of this stuff and your post will act as a cheat sheet for me.

Marty I'm sure your legal counsel will bring it up, but if not remind them of a durable power of attorney that carries out your medical directive in case you are unable to.

Hoping everyone reading this never needs to exercise this option.

[GregWeld]

Agree with this! So many think they have a "power of attorney" -- and don't have a DURABLE power of attorney.

The other thing to discuss is the typical household which might have a His and Hers checking accounts -- or credit cards etc. These should be JOINT accounts or at the very least - have signatory privileges. But like most things - these need to be discussed as there are plusses and minuses to almost everything. Just don't think that because you're married - that you have access to your spouses accounts. You don't!

Also --- Be careful what you read - say in this thread - about advice regarding legal "ideas". Laws vary by STATE. What might be a good idea in California doesn't work at all in Idaho...

Be very careful if you already have Trusts where you're the beneficiary.... ask about "co-mingling". I could write about this but it's better if you have a discussion with your personal attorney.

Originally Posted by Ron in SoCal

Marty I'm sure your legal counsel will bring it up, but if not remind them of a durable power of attorney that carries out your medical directive in case you are unable to.

Hoping everyone reading this never needs to exercise this option.