Welcome to The Outdoors Trader

Register Now
  1. Welcome to The Outdoors Trader! Join today, registration is easy!

    You can register using your Google, Facebook, or Twitter account, just click here. Registered users also see less ads!

NFA estate Qs.....

Thread in 'Class III & NFA Discussion' started by jcountry, Aug 20, 2018.

  1. jcountry

    jcountry The Hen that laid the Golden Legos Supporter

    Supporter

    13   0

    Messages:
    16,753
    Likes Received:
    8,139
    Joined:
    Aug 8, 2010
    Location:
    middle ga
    Rating
    100%
    I am thinking of finally getting a couple of cans and such.

    My main question concerns what happens when my estate needs to be settled.

    I am thinking a trust with both me and my wife would be the way to go. She isn't really a gun person. (Not an anti, but just not into it..... In much the same way as I'm not into purses.)

    Anyhow, wouldn't a trust make this simpler and easier. Seems to me that the non-trust route is rife with trouble.

    She would have to sell through a SOT dealer, wouldn't she?
     
  2. Hunkkerdown

    Hunkkerdown ODT Junkie! Supporter

    Supporter

    30   0

    Messages:
    1,122
    Likes Received:
    454
    Joined:
    Feb 7, 2015
    Location:
    Athens
    Rating
    100%
    Easy, add me to the trust and I'll guarantee that the cans will go to a good loving home! I won't even charge you for this service.

    But the real answer is a trust would make it much easier.
     
    LouHill and Lazarus like this.
  3. Lazarus

    Lazarus The Hen that laid the Golden Legos

    27   0

    Messages:
    12,067
    Likes Received:
    3,607
    Joined:
    May 18, 2010
    Location:
    Kennesaw, GA
    Rating
    100%
    Trust would make it easier, best to add children as a beneficiary as well.

    No she wouldn’t have to sell through a SOT. She could sell them hers of but would have to file the paperwork herself and wait for the stamp to be approve so it would be a headache for her
     
    LouHill likes this.
  4. GAgunLAWbooklet

    GAgunLAWbooklet The Hen that laid the Golden Legos

    30   0

    Messages:
    6,858
    Likes Received:
    5,766
    Joined:
    May 30, 2014
    Location:
    Alpharetta, GA
    Rating
    100%
    A trust would make it easier when you die, but then there's the initial trouble and cost of setting up a trust in the first place. Without a trust, you can leave NFA registered items to somebody in your will and ATF says that that is not subject to a transfer tax. Your relatives will not have to pay $200 to inherit your NFA firearms; they will end up registering them for free .

    ATF has a long-standing policy that if you die as an individual NFA weapons owner, the executor of your estate may lock up the weapons in secure storage while your estate is being administered and while those weapons are transferred o the new owners that you left them to in your will.
     
    Apollo and JDS556762 like this.
  5. jcountry

    jcountry The Hen that laid the Golden Legos Supporter

    Supporter

    13   0

    Messages:
    16,753
    Likes Received:
    8,139
    Joined:
    Aug 8, 2010
    Location:
    middle ga
    Rating
    100%
    Let's say I had a friend or relative whom I named in my will as the inheritor.....

    Would that person have to pay the $200 transfer fee, or could she just add them to the trust, and then delete herself? I'm guessing not.
     
  6. JDS556762

    JDS556762 Ghost Factory Supporter

    Supporter

    110   0

    Messages:
    7,696
    Likes Received:
    12,602
    Joined:
    Dec 26, 2016
    Location:
    Woodstock
    Rating
    100%
    I always heard the same thing in regards to a will, they’d have to do the paper work but not pay the stamp
     
  7. GAgunLAWbooklet

    GAgunLAWbooklet The Hen that laid the Golden Legos

    30   0

    Messages:
    6,858
    Likes Received:
    5,766
    Joined:
    May 30, 2014
    Location:
    Alpharetta, GA
    Rating
    100%

    I'm not sure what you're asking. Once you die only a trustee can potentially add another trustee to the trust if you have given the power to a trustee other than yourself.

    But a "bigger picture" question is: do you own the weapons individually or do you own them through a trust?
    If it's a trust, then think of it as the trust owning them. Not you. The trust would be like a corporation --it survives its founders; the trust doesn't die when you die (unless that is how you have it set up).
    You cannot leave any Trust property to some beneficiary in your will.
    It's not your personal property anymore once you pledge and assign it to the trust.
     
    rockyfatcat likes this.
  8. 3rd Rail

    3rd Rail Survivalist Supporter

    Supporter

    11   0

    Messages:
    315
    Likes Received:
    126
    Joined:
    Jan 21, 2013
    Location:
    Gwinnett County
    Rating
    100%
    Two follow up questions:
    1) if trust has only one survivor, do they have to transfer to themselves? Doesn’t a trust require 2 or more trustees?
    2) what would be the disposition of items if no survivors?
    And for extra credit, is the ATF processing time any different?
     
  9. jcountry

    jcountry The Hen that laid the Golden Legos Supporter

    Supporter

    13   0

    Messages:
    16,753
    Likes Received:
    8,139
    Joined:
    Aug 8, 2010
    Location:
    middle ga
    Rating
    100%
    I’ve read about the 41F amendment and all.

    Something I don’t understand...... If you kick off and someone listed on the trust inherits the NFA items, don’t they eventually have to do the fingerprint/background stuff anyhow? I understand that the trust owns the items, but if the person listed on the trust inherits it-wouldn’t they have to go through the fingerprint background garbage in order to control the trust (and sell the items?)
     
  10. spencer60

    spencer60 The Hen that laid the Golden Legos Supporter

    Supporter

    194   0

    Messages:
    7,402
    Likes Received:
    4,269
    Joined:
    May 28, 2011
    Location:
    Smyrna
    GA Carry Contributor NRA Contributor
    Rating
    100%
    If you have an existing trust, you wouldn't have to do the fingerprint/picture stuff unless you added items.

    I also understood that there was an easy way to do a quick, free transfer to a surviving spouse. Otherwise the survivor would be in possession illegally. Pretty good article about it here...

    https://www.dakotasilencer.com/what-happens-to-your-silencer-when-you-die/
     
Loading...
Similar Threads - estate
  1. patracy
    Replies:
    9
    Views:
    580

Share This Page