Quick question...
I own numerous NFA items as a individual, can I make the lawful heir upon my death a gun trust where no transfer tax must be paid (i.e. form 5), or can I only leave them to another individual?
Quick question...
I own numerous NFA items as a individual, can I make the lawful heir upon my death a gun trust where no transfer tax must be paid (i.e. form 5), or can I only leave them to another individual?
Interesting question. IANAL, so I will ask one!
Jeff Folloder
NFATCA Executive Director
www.nfatca.org
thank you! I was under the assumption that since a trust is legally a person in the eyes of the law that I could create a trust for my heirs and will all of my individual items to it upon my death. However, after I was talking to somebody at Silencer Shop in Austin, TX yesterday when I was buying another Silencer, he did not think it was possible. He admitted he was not a lawyer and I should ask. So I did.Originally Posted by ExecDirector
Confirmed... You can do it. Have confirmed with several lawyers that both affirm that a trust can be a beneficiary of a will and that ATF will utilize the Form 5 to complete the legal transfer, tax-free, to the trust.
Jeff Folloder
NFATCA Executive Director
www.nfatca.org
Great news! Thank you!
Speak to your estate planning lawyer about a "pour over will" if you haven't already done so. That way anything you forget to specifically mention anywhere else can also be moved into your trust as part of probate.
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