• Captain Steve

Oh my! We don't own Coyote

Coyote is actually owned by Coyote Shores, LLC, a Colorado limited liability corporation. Apparently most new boats over about 42 feet are owned in an LLC. The advantage is that when it comes time to sell, the buyer will buy the corporation instead of the boat thereby, in most cases, avoid sales tax. And Coyote Shores only member is the Meyer Family Trust. This is because, in the event of our untimely death, the boat will avoid probate. Of course, Margie and I are the beneficiaries of the Trust so unless we are gone, the boat is ours. Finally, as we are California residence and are acquiring the boat in Florida with no intention of either staying in Florida or returning to California any time soon – more than a year in any case. We can, by filing the appropriate documentation, avoid sales tax in either state on most of the boat. Seems complicated and it is so we hired an attorney. This process is quite common, but one slip and they have you.

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes” Judge Learned Hand.


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