My vehicle is not actually in my personal name, but is in the name of a personal property trust name. But, I am still thinking of listing it. I have done exemptions one other time before and did not list it. I know personal items are what you could sell things for like a a yard sale. But, what about vehicles? What method should I use to determine market value? I was thinking just a kbb.com or nadaguides.com valuation. Is that acceptable in NC? If not, what method is ok to use? Lastly, if the vehicle is actually in a trust and not in my name personally, should I bother with including in in the exemptions? Thank you.
1 Answer from Attorneys
No. Exemptions are personal for you. A trust is not a person. If the judgment is against you personally, then you can list the car. If the car is not owned by you then you cannot list the car.
Your definition of personal as being "what you can sell at a yard sale" is - well, WRONG. You are not a lawyer but its WRONG. Personal means - person as in human being. Trusts and corporations are not persons, no matter what Mitt Romney believes (he made the inane comment when he was running for office that corporations are people. They are not).
In determining value, there are several ways to go about it.
However, you would greatly benefit from having legal advice in assisting you fill out the exemptions. Regardless of whether you have done it before, you may not be doing it correctly. Please email me at [email protected] if you are interested. I charge a reasonable flat fee.