My parents both have dementia and have moved to a memory care. I have POA and have been driving their car which is an older model car (Lexus that keeps its value but still older model). My car is also an older model car as well and I have made the decision to get rid of my car and keep their car. I have continued registering their car in the state they moved from and paying insurance that is still in their name. I would like to have the car under my name and start registering the car in my state under my name. My parents are still paying insurance for it but I would like to have the insurance under my name and I would pay insurance. Any ideas on how I can handle this transaction? Can I sell the car to myself? Being POA? Any others have to deal with their parents car? What did you do?
As POA I did sell Mom’s car, but not to myself. I had to use the funds to pay one of her debts.
Now if your parents are seeing Medicaid on the horizon, that will complicate things. Medicaid may view this as a "gift" if not sold at fair market value.
With my parents, I donated the car to a charity. But I didn't want their vehicle, no way, never, nada.
What is your states laws on vehicle registration? & vehicle taxes?
Some states have a teeny window in which vehicle must be registered and transferred once in state & if not there’s a hefty penalty placed. Mississippi has like a 3 week window & for more fun you may have to provide for notarized act of sale in old state, new state drivers license or something to establish residency to determine the start date for penalty period.
Some states require the old license plate to be removed. TX does this.
If their car is viewed as being “garaged” permanently in the new state, their auto insurance in another state I’d bet will be totally invalid. I would not drive it at all till registration & insurance in new state is all done with new plates, etc.