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Author Topic: Want to put my stuff in a Trust...  (Read 998 times)

brucea4

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Want to put my stuff in a Trust...
« on: March 24, 2020, 05:33:52 pm »
I want to put all my NFA stuff in a Trust so either my wife or I can take the guns out without the other being present.  Plus, I don't want my wife to go through a paperwork nightmare when I leave this planet.  I need someone knowledgeable about this in Green Valley or Tucson....

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    delta6

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    Re: Want to put my stuff in a Trust...
    « Reply #1 on: March 24, 2020, 08:08:52 pm »
    Bruce:
    Pretty simple..no need for a trust... no paperwork nightmare. If you pass away before your wife, all she would need to do is just file a form 5 (tax free) for each item. For my personal form 4 firearms, I have filled out the forms and they are in the safety deposit box. If I should pass before my wife, she just mails the forms to the BATFE and the firearms transfer to her.

    brucea4

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    Re: Want to put my stuff in a Trust...
    « Reply #2 on: March 24, 2020, 11:02:57 pm »
    I like it but it sounds too simple...nothing is simple with the government...LOL

    ynotaz

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    Re: Want to put my stuff in a Trust...
    « Reply #3 on: March 25, 2020, 08:38:04 am »
    Bruce just to make you feel better, I’ll throw in the part where the government makes it harder. 

    It’s not the National Firearms act as you suspected but it is your local state law.  What D6 said is accurate and, it’s the best way to do what you described. 
    The local rub could be, if you don’t have a will or other estate distribution instruments, like a pour-over will to a trust and a correctly formatted trust. 

    NFA allows temporary custody of NFA items by a trustee, if they are in a trust, or by an executor of the estate if they are individually owned when the owner dies.  Then, as D6 said, they can be transferred to the person named as inheritor, tax free.  Or they can be sold on a form 4 and somebody pays the tax.   

    If you don’t have a will, they will go through probate.  In some states, everything goes through probate, which is 5 minutes for most estates but several months for large estates or estates that have no clear directions for distribution. 

    That is where you should do your homework. 

    *******
    Just for an idea, I saw something interesting that one company is doing.  They wrote a master trust with several co-trustees, like your wife and perhaps several children.  They write an individual trust for each NFA item with the make/model/serial number of the item as the name of the trust.  The individual trust has only 1 trustee so it eliminates multiple fingerprint cards etc. required by rule 41f and on the death of the trustee all individual trusts pour over into the master trust.

    This might be where you want to talk to a lawyer but it seems you could do the same thing with your will, pouring it into a trust when you dies and giving access to multiple people as trustees if you wanted.  This would be tax free. 
    Finally found my new sig:

    https://youtu.be/yuEBBwJdjhQ?t=46

    brucea4

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    Re: Want to put my stuff in a Trust...
    « Reply #4 on: March 25, 2020, 09:38:46 am »
    Sounds like a plan but my attorney is not versed in this subject.  I need a attorney in southern Arizona that knows exactly what needs to be done.  Naturally the wife is the heir....

    jrleen

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    Re: Want to put my stuff in a Trust...
    « Reply #5 on: March 25, 2020, 06:33:44 pm »
    Awesome info ....found the form with instructions and an example form.

    ynotaz

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    Re: Want to put my stuff in a Trust...
    « Reply #6 on: March 25, 2020, 09:44:24 pm »
    Sounds like a plan but my attorney is not versed in this subject.  I need a attorney in southern Arizona that knows exactly what needs to be done.  Naturally the wife is the heir....

    If the wife is the heir and no other issues or thoughts, all yo need is a will stating that your firearms are al transferred to her.  You don't have to distinguish, just be clear that they ALL go to her. If you have other options or thoughts, seek out an attorney.

    Since there is no existing trust, do as D6 did and make out all the forms.

    Finally found my new sig:

    https://youtu.be/yuEBBwJdjhQ?t=46

    RetroG

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    Re: Want to put my stuff in a Trust...
    « Reply #7 on: March 25, 2020, 10:25:14 pm »
    If the NFA items aren't in a trust now, moving them to a trust will involve filing a Form 4 for each item and paying the appropriate tax for each item ($200 for all non-AOW items), which will take about a year.

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