Trust vs. Individual

[BigBear]

I've read a lot about this but I cannot seem to find an answer to this question:

I own MFA items. I die. In my will, items are passed onto son. Doesn't trust/indivudal need to be 18+, etc?

I'm just a little confused. From what I read and understand, if you go the individual route. Items are confiscated and destroyed upon death regardless of will. In a trust, you can leave them to an inheritance. Does this sound right?

[Circuits]

Trust depends on who's named as trustees, etc of the trust, and it varies according to state law. If the inheritor is <18, I believe the steward/executor can keep custody of them until the trustee comes of age.

To be sure, you should set up your trust to cover this eventuality.

[BigBear]

Setting up the trust... it's just like starting a corp, LLC, etc isn't it? Why so many by-laws/rules etc. It's a very intimidating process.


**No, not doing it, just researching... I'll be researching until I'm 40 and out of debt, lol.

[Irving]

The government showing up and destroying your legally owned property after you die doesn't sound reasonable to me. Can anyone comment on that?

[sniper7]

with a trust you also save on not having to transfer the NFA toys to the new owners. $200 a pop. the trust owns the NFA and the items listed in the trust are then transferred to the new owner. just make sure they are listed on there.

[XJ]

Did we ever find a CO lawyer who does trusts? I know all about the Quicken route, but am just a little concerned about screwing up the fine print details. Make one mistake and become a felon, that would be my luck.

El Paso Cty is no problem for sign-off, but then there is the waiting around for months and months to get the feds to process paperwork.

[SAnd]

The form ATF 5320-5-"(Form 5) — Application for Tax Exempt Transfer and Registration of Firearm" has a box to check for "Firearm is being transferred to a Lawful Heir"

It is my understanding that a lawfully ownd NFA thing can be transferred tax free to someone you will it to as long as they can legally own it.

You can download and or read acopy of the form 5 here-
http://www.atf.gov/forms/firearms/

HTH
Steve A

[SAnd]

26 U.S.C. Chapter 53
14. NFA FIREARMS IN DECEDENTS’ ESTATES
Possession of an NFA firearm not registered to the possessor is a violation
of Federal Law and the firearm is subject to seizure and forfeiture. However, a reasonable time is allowed for transfer of lawfully registered firearms in a decedent’s estate. It is the responsibility of the executor or the administrator of an estate to transfer firearms registered to a decedent. ATF Form 5, Application for Tax Exempt Transfer and Registration of a Firearm, is used to apply for a taxexempt transfer to a lawful heir. A lawful heir is anyone named in the decedent’s will or, in the absence of a will, anyone entitled to inherit under the laws of the State in which the decedent last resided.
NFA firearms may be transferred directly interstate to a beneficiary of the estate. However, if any Federal, State or local law prohibits the heir from receiving or possessing the firearm, ATF will not approve the application. When a firearm is being transferred to an individual heir, his or her fingerprints on FBI Forms FD-258 must accompany the transfer application.
　
From the ATF website-
http://www.atf.gov/regulations-rulings/laws/

Click on- National Firearms Act (26 U.S.C. Chapter 53)
It starts on page 164 way down on the lower right corner.

HTH
Steve A
Carpe Noctem