That was a full frame-up restoration and modified car. My guess is that it would fetch $100-$125K from an auction even though it’s not original. The fact that is was done by Richard Petty’s garage is a pretty big deal in itself. Before you take the cash, I’d call Richard Petty’s garage and ask them to give you a value, then call Barrett’s or one of the auction houses to get a second opinion. You could even put it on eBay for $150k and see what the interest level is. You have a few months before you have to file your taxes so there is time. Hell, if I had the money, I’d make an offer and it would be far more than $39K. Don’t know anything about taxes so I’d follow Steve’s advice and get a lawyer.
Rory From: Af [mailto:af-boun...@afmug.com] On Behalf Of Steve Jones Sent: Saturday, November 18, 2017 3:59 PM To: af@afmug.com Subject: Re: [AFMUG] OT Quandry My sister lives in a group home, same scenario, funding fully from programs. She had a substantial windfal when her pos dad died. Went through a lawyer and got the money into a specific type of trust, its usable as she sees fit, but upon her death the government gets any remaining funds. Its a fairly common setup, but you really need a lawyer to handle it, there are alot of Is and Ts any one of which not being correct can cause ineligibilty for aid If he has the option to take cash value on the prize it would probably be easier to swing. On Nov 18, 2017 3:28 PM, "Chuck McCown" <ch...@wbmfg.com<mailto:ch...@wbmfg.com>> wrote: My nephew is mostly bed bound. Quad due to spinal fracture about 25 years ago (he is 54 I think). Has almost 100% hand functionality. I have no idea how many government programs support him. He can use a wheelchair and I bought him a wheelchair van years ago but he really is not healthy enough to use it. So, today he won Richard Petty’s Superbird. http://www.wintheking.com/rules/ His sister and her son went back for the drawing. One of those things where you pick and key and everyone gets in the car and tries to start it. No idea how much this thing is worth but plenty. I wonder if my nephew is going to lose his financial support from the government due to this win? I am sure he is going to have to pay taxes so I am also sure he will have to immediately sell it. Anyone know how welfare works for folks that are 100% disabled and then get a windfall? I really don’t want to ask him about this. Especially today as I am sure he is pretty excited. So not gonna be his debbie downer. But having significant IRS issues myself in years past, I immediately start worrying about this kind of thing.
