Gun Trusts
- Thread starter Apuesto
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NFA, death, moving from one state to another, etc. etc. I live in a semi-communist state.
I don't mind paying.
I plan to move around a little and cannot always keep NFA weapons at my residence. And then like everybody, I don't want uncle Sam taking my collection when I buy the farm one day. My family situation is a little "complex".
I plan to move around a little and cannot always keep NFA weapons at my residence. And then like everybody, I don't want uncle Sam taking my collection when I buy the farm one day. My family situation is a little "complex".
Elkins45
Member
You don’t really need a trust for inheritance. NFA items transfer tax-free to your heirs on a Form 5.
Silencer Shop will sell you a trust for cheap, but it’s a “one size fits all” solution. I paid an actual lawyer licensed in my state $200 to put mine together, but that was back when trusts didn’t have to do prints and photos.
Silencer Shop will sell you a trust for cheap, but it’s a “one size fits all” solution. I paid an actual lawyer licensed in my state $200 to put mine together, but that was back when trusts didn’t have to do prints and photos.
Are you looking for something which is just a gun trust for NFA items or for a multipurpose trust for general estate planning as well?
That argues for using a good lawyer who is familiar with both NFA issues and general estate planning. A good lawyer should spend some time discussing the details of your situation and your goals with you and then make some recommendations about how best to achieve your goals.
That's likely to cost a bit more than an "off-the-rack" NFA trust.
Fire arms only, NFA and non NFA.
I had an attorney create a gun trust for my brother and me. Biggest reason being NFA items. Having the NFA item on the trust allows either of us to use everything we have listed on the trust.
"hey bro I bought a Canik, I need the 13.5 LH threaded suppressor." No transfer required, either of us can use and keep it. Not that I plan on hauling his Ma Deuce out any time, but legally I could.
Also when we purchase NFA we dont have to go to the sheriff and get fingerprinted. The trust eliminates that need since we've already gone through it.
"hey bro I bought a Canik, I need the 13.5 LH threaded suppressor." No transfer required, either of us can use and keep it. Not that I plan on hauling his Ma Deuce out any time, but legally I could.
Also when we purchase NFA we dont have to go to the sheriff and get fingerprinted. The trust eliminates that need since we've already gone through it.
Every time you fill out NFA paperwork you need to submit fingerprints and passport photos regardless if you have a trust or not. I'm on my 4th can now and all have been submitted with the above information for all trust holders.
Theohazard
Member
That changed in 2016. Prior to 41F, NFA items purchased through trusts or corporations never needed fingerprints or photos. Now every “responsible person” on the trust needs to submit fingerprints and photos just like an individual (except it’s only one photo per submission instead of two).
Please don’t set my fees for me . Thank you.
I'm not. But I have three trusts and haven't paid more than $250 for any of them.
Which really doesn’t mean anything. Someone else’s needs might be different/more complex.
Theohazard
Member
My first trust was a free generic online trust that the first shop I worked at gave out to customers buying NFA items. When I went to my second shop they had a partnership with a gun law group and I got my trust re-drafted to their mid-level trust for free which they normally sold for $550. And I’m sure there are people with more complicated situations than mine who paid a lot more than $550 for their trusts.
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https://duckduckgo.com/?q=nfa+trust&t=brave&ia=web
Basic NFA Trusts are not expensive. That's what the OP was asking about.
As low as $59.95.
Basic NFA Trusts are not expensive. That's what the OP was asking about.
As low as $59.95.
And you know what the OP in his personal situation actually needs? You know, given the OP’s particular circumstances, that such a trust would be adequate?
Actually, you don’t and can’t know. So there is no way for you to have any idea what a trust suitable for the OP’s actual needs in his unique situation can, or should, cost.
old lady new shooter
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Anybody care to provide a concise definition of "gun trust" and what one accomplishes?
Here's a good brochure on the subject. I don't know if you consider this to be concise, but it was prepared by a knowledgable lawyer and is a good overview.
old lady new shooter
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Thanks Frank!
Styx
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I thought that the initial purchaser of the NFA item who was doing a trust had to submit fingerprints; however, after the item was already added to the trust and the tax stamp was issued, a family member could be added to the trust at that point w/o having to be fingerprinted... That is, only people added to the initial NFA application had to be fingerprinted...
At least that's what I recall being stated back before the rule went into place.
Elkins45
Member
That was created prior to 41F and has some significant inaccuracies, the most glaring of which is the statement that trusts aren’t required to submit fingerprints or photos.
Theohazard
Member
Prior to 41F (which was implemented in June or July of 2016 — I can’t remember the exact date), there were never any fingerprints or photos required when using a trust or corporation.
JTHunter
Member
Frank - Thanks for that brochure.
My problem is that, at this time, the grand-nephew that I intend to have my "collection" is only an "early teenager". Considering that half of said collection is handguns, he has few years to go and I question my "durability". While I have a trust that a lawyer set up 2 years ago, the guns weren't specifically referred to in it. As I have pictures with brief descriptions saved to a Word document, I have printed those three pages and put it in the binder for the trust with specific instructions that they are for the nephew. As I frequently drive an elderly parent to various doctors or events, it isn't inconceivable that we could both go at the same time in an accident. The big problem there is that I am the executor for that parent as my sibling lives over 200 miles away.
My problem is that, at this time, the grand-nephew that I intend to have my "collection" is only an "early teenager". Considering that half of said collection is handguns, he has few years to go and I question my "durability". While I have a trust that a lawyer set up 2 years ago, the guns weren't specifically referred to in it. As I have pictures with brief descriptions saved to a Word document, I have printed those three pages and put it in the binder for the trust with specific instructions that they are for the nephew. As I frequently drive an elderly parent to various doctors or events, it isn't inconceivable that we could both go at the same time in an accident. The big problem there is that I am the executor for that parent as my sibling lives over 200 miles away.
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