How to register a can that will be inherited?

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Conqueror
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Re: How to register a can that will be inherited?

Post by Conqueror » Fri Jan 03, 2014 1:55 pm

Bendersquint wrote:No Form5's only go to individuals, not entities.
Is that true? It's not an issue for me since all my items are in trust already anyway, but this seems odd. Like, it's perfectly legal for me to will an item to a trust, so why shouldn't there be a tax-free transfer? Is this explicit in ATF regs?
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Re: How to register a can that will be inherited?

Post by renegade » Fri Jan 03, 2014 7:04 pm

Conqueror wrote:
Bendersquint wrote:No Form5's only go to individuals, not entities.
Is that true? It's not an issue for me since all my items are in trust already anyway, but this seems odd. Like, it's perfectly legal for me to will an item to a trust, so why shouldn't there be a tax-free transfer? Is this explicit in ATF regs?
They transfer tax free to a beneficiary. A beneficiary is a person. A person can be a trust. It is all in the instructions on page 3.

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Conqueror
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Re: How to register a can that will be inherited?

Post by Conqueror » Tue Jan 07, 2014 11:02 pm

That makes more sense to me.
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Re: How to register a can that will be inherited?

Post by Pman5KMO » Sat Jan 11, 2014 9:26 pm

Conqueror wrote:Just make sure that the heir actually wants, and can legally receive, the items. I know a guy whose kids are not gun people, so willing his collection to them would be silly (especially since they live in ban states). I haven't explored this yet, but I'm sure an estate attorney would know a way for the estate to sell the items for fair price and then will the proceeds to the children if direct inheritance of the firearms is not possible.
They would form 5 it to an SOT for consignment sale.
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Re: How to register a can that will be inherited?

Post by Bendersquint » Sat Jan 11, 2014 9:35 pm

Pman5KMO wrote:
Conqueror wrote:Just make sure that the heir actually wants, and can legally receive, the items. I know a guy whose kids are not gun people, so willing his collection to them would be silly (especially since they live in ban states). I haven't explored this yet, but I'm sure an estate attorney would know a way for the estate to sell the items for fair price and then will the proceeds to the children if direct inheritance of the firearms is not possible.
They would form 5 it to an SOT for consignment sale.
You can't consign NFA items. The estate would Form5 the item to the SOT then the SOT sells it and pays the previous owner appropriately.

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Re: How to register a can that will be inherited?

Post by BWDenver » Sat Jan 18, 2014 7:01 pm

A benefit of a Trust is that can add people to it. If you pass an NFA item on to a child, and they are married, they might have a problem. If their spouse has access to the item, that could be construed as an "illegal transfer".

A Trust gets around that. You can add or subtract people from the Trust, especially if it's Perpetual Trust. A regular Trust dissolves on your death.

The advantage of a Trust can also assist with local stupid laws. Like new passage of magazine restrictions, or if the Trust owns an AR, and the state of the child bans them - before your death. A Perpetual Trust gets around that in that they are an "owner", and therefore can receive the item with little paperwork , other than an address change to the NFA.

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Bryan
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Re: How to register a can that will be inherited?

Post by dark2023 » Thu Jan 29, 2015 4:37 pm

I realize this thread is quite old, however I have 2 questions on this subject that I would greatly appreciate an answer to.

First, can an item received on a form 5 be transferred again on another one later, like a family heirloom?
Grandfather -> father -> son

Also, what if my father dies, with multiple NFA items owned by him as an individual and I want to take possession of them but would prefer them on my trust?
Does it matter than I am named in the will and I am the executor of the trust?
Can they be transferred directly to the trust if it is named in the will?
Would I have to fill out separate form 4s on each item to transfer them from me to the trust?
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Re: How to register a can that will be inherited?

Post by Bendersquint » Thu Jan 29, 2015 5:18 pm

dark2023 wrote:I realize this thread is quite old, however I have 2 questions on this subject that I would greatly appreciate an answer to.

First, can an item received on a form 5 be transferred again on another one later, like a family heirloom?
Grandfather -> father -> son

Also, what if my father dies, with multiple NFA items owned by him as an individual and I want to take possession of them but would prefer them on my trust?
Does it matter than I am named in the will and I am the executor of the trust?
Can they be transferred directly to the trust if it is named in the will?
Would I have to fill out separate form 4s on each item to transfer them from me to the trust?
1 - It can transfer on a Form5 unlimited times so long as the owner(non-entity owned) passes away. Form5's can only transfer to individuals and not entities as well.

2 - You can transfer then for $200 per from your approved Form5 as an individual INTO your trust, but a Form5 can't transfer INTO a trust, only a Form1/4 can.

3 - You don't have to be named, you just have to be an heir and fight off the other heirs.

4 - Again no Form5 into a Trust, only Form1/4 into a trust.

5 - Yes, you would have to file a Form4 from you to the trust for each item and pay the $200 stamp for each.

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apd855
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Re: How to register a can that will be inherited?

Post by apd855 » Thu Jan 29, 2015 5:49 pm

Who takes posession after said person passes, and while the paperwork is being processed

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Bendersquint
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Re: How to register a can that will be inherited?

Post by Bendersquint » Thu Jan 29, 2015 6:16 pm

apd855 wrote:Who takes posession after said person passes, and while the paperwork is being processed
Usually the executor would possess it.

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Re: How to register a can that will be inherited?

Post by Lateck » Thu Jan 29, 2015 9:36 pm

Dark 2023 thank you for bringing this back to the front page.
I was thinking about the same issue.
Thanks to all to people that have provided the information.

Lateck,

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Re: How to register a can that will be inherited?

Post by rb288 » Sat Jan 31, 2015 10:57 am

Have him create a gun trust with you as co-trustee.
It's chesp, easy, and that way you have access to it whenever you want and when he dies, you become the soul trustee control the trust which actually owns the suppressor.
No cleo signatures, no fingerprints, easy peasy.
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