Separate names with a comma.
Discussion in 'Full Auto / Select Fire' started by CountryGent, Jan 15, 2019.
I found this discussion interesting, so thought I'd pass it along. Cheers.
When my friend passed away in 2008, his widow refused to deal with his three tax stamped items (2 machine guns and a suppressor) for over five years. The transfer would have only cost $5.00 each back then, there's no charge now for lawful inherited items.
For years I begged her to deal with it, but she just didn't care and when she finally did come around, it cost her over $15,000 in legal fees to maintain possession.
I think a trust is the way to go for any class III item! You can set one up yourself or have one generated for you online for under $100. I believe the proper procedure is to setup a trust then purchase the Class III item through the trust. If you purchase the item as an individual it is an additional $200 tax stamp to transfer it into the trust.
...just for future readers that come across this post.
They're now in a trust, as that was part of the huge sum of money she spent in keeping these items.
About $5,000 of the total money spent was opening a state probate to prove that she was the lawful heir.
My friends will clearly stated that she would be the inheritor, but it was worded so poorly (wife gets guns) that the ATF insisted on a probate judges decision to clear it all up.
Ouch at $15K in legal fees.
And when we started stamp collecting, we setup a trust for that. Among other things, it spells out the heirs of said items.
True story: was hanging out at a gun shop in Orange county CA, feller walks in and asks if he can show us something he found. He lugs in an aircraft type m2 and plops it down. He literally dug it up in the Santa Ana mountains. The army air corps in ww2 had training fields in the area and had lost a number of planes. While it was a seriously messed up bent barrel p.o.s. It still had an intact right side plate. He was given a phone number or two and asked to depart.
That right there is full of many serious NO NO's
I would be very surprised if that person didn't get a official DOD visit and long term housing in Club Fed
A will can accomplish the same thing.
Really, the only benefit of a Trust now is that other people who are on listed on the trust as trustees can legally be in possession of the item without you being present.
as far as ARs go, its funny how just a few parts and a hole means such a HUGE deal to the feds.
That was a "biggie" for us; my wife to be able to possess and use said without issue.
Not the only benefit. Main for me is 100% guarantee of what will happen with my firearms including NFA items if/when I am no longer around. My wife found out I was setting up a gun trust and was not happy about it. I ask her with my 16yr old son present what she would do if something happed to me, with my guns.
Wife said “I would put them in the car, go to a gun shop and say give me what ever you want in cash for these things”.
Son said: “No way! Those go to me, including my great grandfathers guns! Also 3 of them are mine too!” (Kid is very sentimental to his great grandfather who took a boat ride across the English Channel June 6th 1944 and lived to hike through France in the winter, froze a few toes off, and ended up in Germany.)
Trust puts my guns and related parts (including the safes) in the hands of who I want. Yes convenient to have my trustees be able to use NFA items, but mainly for the transition with no chance of someone derailing the process of transferring ownership with probate.
A close friend once told me.
“Who cares, I’ll be dead. Let them figure it out.”
A trust is invaluable to your surviving family. Not only will it allow trustees to legally be in possession, it also removes the items from state probate. If you have a will it's better then nothing but a trust is the ultimate in documents and gives the state ZERO say in what goes where. Probate is expensive and taxes on inheritance are ridiculous and a trust removes that.