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"I'm going to be giving this car to my son and don't want to set him up for big problems."
With what you are saying I would have it changed, just for peace of mind. I have always changed the timing belt at 60,000 miles on the generation 3 I own, although the generation 4 belt change interval was 90,000 miles and I believe they use the same belt. With that in mind you should be safe to go 90,000 miles between changes. I did have a timing belt break on my generation 1 Camry at 58,000 miles. I would assume the belts are made a bit better today, hence the longer change intervals.
"but only if the car is used in extreme service such as taxi, trailer towing, or constant short trips."
Constant short trips could apply to just about anybody who lives in or near a major city.
Mike
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