Machinegun Trusts

[FuzzyBunny]

We want to take possession of a Mac 10 .45 from a family member that has passed. Is a trust the best way to take possession as we all want to shoot it and also to avoid probate in the future as family members die. We want to keep the MG in the family very long term. We are in Texas so I guess thats where it will be stored and used.

My questions

*What type of trust is best when dealing with the ATF? (optional question as all states trust laws are different)

*What is the upside of a trust like this to do what we need?

*What are the drawbacks if any?

I'm sure as I learn more I'll have more questions. BTW all involved are clean and will have no problem with a CLEO signoff.

 

[scottaschultz]

I am not a laeyer, but...

If the owner of the Mac has died, his estate is already in the hands of the courts. If the person did not have a will, or did not mention this gun specifically, then who knows how it will be disposed of?

Its lawyer time!

Scott

 

[FuzzyBunny]

My close family member is the executor.
The will said to sell off the gun collection and we bought it but have not taken possession. Thats why we need to move fast on this and why I'm looking for some fast info.

Yeah its attorney time and I'm hunting a MG trust attorney right now.
I just don't want to have to trust an attorney by going in blind so I'm hunting pitfalls and such here among other places.

 

[CapnMac]

Ask around for an estate lawyer. They will have experience with the legal instruments used, and how they are filed. I want to remember that all that's needed is a Revocable Trust, and that those can be pretty simple in Texas.

The trust needs to identify specifi "officers" who have authority to handle or use property of the turst, as well as who can write checks, etc. This is where a good attorney is worth the dollars.

 

[peyton]

Do I understand that the collection stayed together? I hope so, because I told my kids I will haunt them if they sell any of my collection. Hope you get it resolved, the Class III's are getting harder to obtain.

 

[Bruno2]

The tax stamps have to remain current . If the tax stamps expire before the gun can be divorced and remarried then the MG could be confiscated by the BATFE . The time frame involved in the expiration might keep you guys from being able to do this . The best advice I can give out is this ; When you find a lawyer that is savvy enough to handle this pay him what he wants so that he will immediately get this in progress . Lawyers that do things at a discount or a pay as you deal b/c someone is short on cash will put your matter on the back burner and will be hard pressed to pay attention to your case .

 

[GonHuntin]

Bruno

NFA tax stamps don't expire..........if the gun is legally registered, it will remain legally registered under the current form 4 until it is legally transferred to the next owner by the executor of the estate.

Not sure what you mean about the gun being "divorced and remarried"??

FuzzyBunny


Since you purchased the firearm, you will have to pay a transfer tax........if you had legally inherited it, it could have been transferred tax free.......

If the gun is transferred to a trust, no CLEO signature is required, you won't need fingerprints or photos either.

The executor of the estate will have to submit the form 4 requesting transfer of the gun........if the previous owner did not live in Texas, the executor will have to transfer the gun to a dealer in Texas and then that dealer will have to submit paperwork to have it transferred to you........that will require 2 transfers and 2 tax stamps.

If the previous owner lived in Texas, the executor can submit the form 4 to transfer the gun directly to the trust (after it is established) and you won't need to go through a dealer.......however, a knowledgeable dealer would sure be helpful to guide the executor through the process.

Here are a couple of contacts for gun trust lawyers:

http://www.nfa-trusts.com/?gclid=CPrNg9y9xpwCFQ_yDAodfz-0Jw

http://www.guntrustlawyer.com/

Good luck.......This is going to take some time............

 

[CleverNickname]

If you can get a CLEO signoff, then go that route. It's much simpler and then you don't have to worry about your trust being invalid.

 

[PTK]

In this case, I'd just fill out the Form 4 - because it wasn't willed to you, you still have to pay a tax.

 

[mp510]

If the OP is entitled to inherit the mg by intestacy or bequeath, the firearm can be transferred to him on a ATF Form 5, which is tax free. In the past, ATF has allowed inheritance transfers to process without CLEO signatures.

If somebody else is entitled to inherit the firearm, it must first be transfered from the estate to that INDIVIDUAL on a Form 5. After the Form 5 is approved, it can be transferred on a tax paid Form 4 to whoever the individual listed on the Form 5 so chooses.

 

[GonHuntin]

Guess you missed post 3??

The will said to sell off the gun collection and we bought it but have not taken possession.

 

[Saleen]

I used Quicken willmaker to do a Revokable Living Trust for all of my NFA items. No need for a lawyer, easy to follow instructions, and quicker to complete the transfer.


Saleen