Trust Question

[TN_Hiker]

I'm working on doing research and I'm looking at an NFA trust for future NFA purchases. I am also looking at transferring my nonNFA firearms into it as a way to pass them down to heirs without them going into probate if anything were to happen to me.

I'm curious about how the process of transferring nonNFA items works.  I'm looking at a very long ATF form (OMB No. 1140-0014) I see it looks like I need to pay a tax for each item I transfer into the trust. I am under the assumption that all my "normal" guns fall under the AOW category. I have about two dozen firearms I'd be looking at transferring, some new and some that are C&R. Is there an exception for C&R needing a tax stamp? Also, what happens with items attached to the firearm such as lights and scopes? Does that need to be registered to the trust in some way or is that considered part of the firearm as it's transferred in?

I haven't been here in a while but I thought there used to be some advertisers who were lawyers  but I don't see that anymore. If anyone can shed a little light in this dark hole it would be appreciated. I'm certainly a bit lost in understanding my options, at the moment.  I certainly want to have a better understanding before I start the process of finding a lawyer and setting one up. 

[Oh Shoot]

1 hour ago, Spank said:

I'm working on doing research and I'm looking at an NFA trust for future NFA purchases. I am also looking at transferring my nonNFA firearms into it as a way to pass them down to heirs without them going into probate if anything were to happen to me.

I'm curious about how the process of transferring nonNFA items works. ..

Normal firearms are assets of your estate like any other assets.  Can be willed or simply inherited by succession.

Interstate inheritance does not require an FFL for transfer either, only of course that the firearm/magazine/etc is legal to possess in the state of the inheritor and that she/she is not legally prohibited from possessing firearms.

Can't answer your other questions, but I can think of no advantage for placing non-NFA firearms into a trust of any kind?

- OS

Edited September 29, 2018 by Oh Shoot

[TN_Hiker]

Well, I am trying to consider the future and plan ahead in case of a worst case scenario (I'm dead). I do have life insurance that should cover everything, but even so, I wanted to still guarantee that the firearms ended up in the hands of their inheritors. Finances can change. My understanding is that the estate goes into probate upon death and items are sold to pay those debts first, even if those items are in a will. I would assume those items would be left for last by the executor, but that they could still end up possibly sold. Having them in the trust means they never see probate. That's my line of thinking in regards to why I'm pursuing this. 

Edited September 29, 2018 by Spank

[Karl Fairburne]

I would seek a lawyer, not a bunch of gun owners in a gun forum. 

[jpx2rk]

One option would be to give the firearms in question to the beneficiaries now or sooner rather than later, such as before you pass away.  If the bene's are underage, then give them to the legal guardians for the benefit of the minor.  

You could establish a revocable trust which is a different type of trust than that used for NFA items.  Trust assets do not go thru probate (court and public filings, etc.), all assets of the trust are disposed of according to the instructions of the grantor (you) as stated in the trust document.  You could also just state your wishes/desires in your will, or in a signed/dated/witnessed document that you want x,y & z to go to certain individuals.  

[Oh Shoot]

3 hours ago, jpx2rk said:

One option would be to give the firearms in question to the beneficiaries now or sooner rather than later, such as before you pass away.  If the bene's are underage, then give them to the legal guardians for the benefit of the minor.  

....

That seems a bit premature for a guy who's only 31, eh?

- OS

[jpx2rk]

Did not see where his age was noted in the thread.  Most individuals are not into "estate planning" at that age.

[Oh Shoot]

7 hours ago, jpx2rk said:

Did not see where his age was noted in the thread.  Most individuals are not into "estate planning" at that age.

Simply looked at his profile. Point is, at whatever age, you give your guns away, you don't necessarily get to shoot them anymore.

- OS

Edited September 30, 2018 by Oh Shoot

[jpx2rk]

I don't look at the profile to answer a question.  The OP can provide the info in his post if he wants help with a situation.  True, if he gives 'em away now then he doesn't get to shoot 'em anymore.  

[TN_Hiker]

Well, I certainly want to keep shooting them. Haha! Most people don't plan for this stuff until they're old but anything can happen at any time so I am trying to think ahead now.  It's a complicated situation that I just wanted to try and do my "homework" on and get a feel for my options. I was just running into the problem of not really understanding. 

I know I will end up needing to talk to a lawyer when I set it up and I would love to hear any suggestions on who to speak with. If anyone has worked with anyone and had a good experience with them or feel that they trust them. Unfortunately, while it's a generalization that lawyers are not great people, I've not really had any good experiences with any. The last one I spoke with on a different matter wouldn't even look me in the eye the entire hour-long conversation we had. I find it hard to trust anyone like that. 

[jpx2rk]

Contact your local banks that have Trust Depts., they deal with estate planning lawyers on a regular basis.  They should/could/would provide a list of the ones they deal with and hopefully point you in the right direction.

You are correct that some are better than others.