So what if you die waiting on your form 1 or 4?


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kimberkid
October 25, 2013, 06:04 PM
I'm sure it's happened before and with wait times are getting so long, and aren't getting any better ... Times are now hitting 15 months and in that time bad things can happen.

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Sam1911
October 25, 2013, 06:42 PM
There is the "Form 5" for a tax-free transfer to your heirs.

zoom6zoom
October 25, 2013, 08:02 PM
Not a problem if you used a trust, either.

medalguy
October 26, 2013, 12:22 AM
I'd add that anyone with NFA items might consider doing as I have done. I have a file folder for each NFA item that I or my trust own, and in that file folder is the original registration papers and a copy of them, a Form 5 already filled out with pertinent information regarding the weapon, and a copy of the ATF letter detailing how a Form 5 transfer is handled. This way if I depart this earth before I'm ready, my wife and children will know how to handle the firearms part of my estate at least.

AlexanderA
October 26, 2013, 11:47 AM
I think we're missing the point of the OP. If the transferee dies while the Form 4 is pending, no "transfer" has taken place and the transferor would simply cancel the transaction and refund any money to the buyer's estate. (If the transferee is a trust, this would depend on the terms of the trust.)

kimberkid
October 26, 2013, 01:57 PM
I think we're missing the point of the OP. If the transferee dies while the Form 4 is pending, no "transfer" has taken place and the transferor would simply cancel the transaction and refund any money to the buyer's estate. (If the transferee is a trust, this would depend on the terms of the trust.)

Currently, my trust will be distributed on my death. So if I had not received the stamp before my demise, a refund from the Department of the Treasury for the stamp would be requested by my beneficiaries and my class III dealer could sell the items he is holding for transfer and refund those monies to my beneficiaries.

As to the items in my trust, they would just be handled by the terms of the trust and my will.

medalguy-
Thanks for that bit of wisdom ... my wife knows enough to talk to my dealer about my NFA items; he has been a friend of mine for many years. But if something were to happen to both of us, in a particularly difficult time for the family, instructions like these would help guide them through what could be potentially unintentional illegal acts as no one in my family has interest in firearms or the legalities of NFA items.

medalguy
October 27, 2013, 07:09 PM
kimberkid, thanks. My wife also knows what to do in the event of my death, but having gone through three parents' deaths in the not too distant past, I know that is a very unsettling time, and I don't want her to have to remember exactly what to do.

You know, I didn't even think about cancelling a transfer. I guess I'm too focused on the pending transfers I have pending now to even think of cancelling a transfer. Thanks for the reminder guys. :o

wgaynor
October 27, 2013, 09:22 PM
If you die first, they win.

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