Adding another name to boat ownership in MD

[lancelot9898]

Is it possible to add another name to the boat ownership without having to pay the 5% tax in MD? The original owner would still be on the documentation. I assume a new documentation would be required with the Coast Guard.

[Unicorn Dreams]

Adding names to titles are no big deal in most states. Added my wifes name to mine in about 5 minutes.

[osirissail]

If you are going to add a name to the USCG documentation, research carefully how you word the addition. Especially with a wife who is not keen on you and your boat. USCG documentation has the option to be worded such that should your relationship turn sour you will not loose the boat. Same with an "outside partner."

[jyoung]

oh man!! adding your wifes name to a boat title?? where you gonna live when she's bootn you out the door? got to have a backup plan

[lancelot9898]

Originally Posted by osirissail

If you are going to add a name to the USCG documentation, research carefully how you word the addition. Especially with a wife who is not keen on you and your boat. USCG documentation has the option to be worded such that should your relationship turn sour you will not loose the boat. Same with an "outside partner."

Thanks for the info. I've searched the CG documentation website and no mention of any type of wording suggestions. However, I'm more concerned with the tax implications of any change what so ever in ownership to that documentation.