Asset that is located outside of the country

[cometkitty]

Anyone have experience with an asset that was not in the U.S.? My parents own a home in Mexico and about 5 years ago we purchased 2 beater Sea-Doos and 2 old dirtbikes for toys down there. Paid about $4000 for everything 5 years ago and we went 50/50 with my brother for the stuff. It was all registered in my husbands name since he was driving it down there and we wanted the registration to match his passport so he did not run into issues at the border.

The stuff is not worth much but I am guessing we have to claim it? Do they pull DMV records? I don't have the money to go down there and haul it back here to surrender it. It would cost more to do that then the stuff is worth. Can I just give them the address in Mexico (joke)

[keepmine]

It's an asset and needs to be scheduled.
I doubt it's worth very much now and Ca. has some generous exeptions. Should be no problem.

[AngelinaCat]

I concur with keepmine. List everything and where it is located. I'll bet that the trustee won't be interested in it.

Now that I've said that, I was referring to the bikes and the sea-dos. How is the real property titled?

[justbroke]

The Trustee may not be interested in the property in Mexico. However, I would make sure that any attorney that you consult and ultimately hire, knows of this property (especially the real property).

[cometkitty]

The home is not ours. It is my parents house. We just have some older "toys" down there. I would surrender them but I am assuming it would be my responsibility to get them back here. That would cost $1500

[AngelinaCat]

Make sure that you know exactly how that real estate is titled.

Also are you in line to inherit that property in the untimely and hopefully-not-any-time-soon event that your parents pass? You will be asked the question: "Are you expecting any inheritance in the next 180 days?"