41f and Persuant Kerfuffle

[captdave77]

I live in Georgia and my daughter lives in Florida. I have a SMG that I have owned for 40 years. Would it be possible to use a trust to permit transfer to my daughter upon my death? Who should I contact about handling this?

I don't think you have to have a trust for a true inheritance. I think that is a form 5 transfer $0.

Trusts in general are very useful for trans-generational wealth and tax planning in regards to inheritance.

 

[Lazarus]

I don't think you have to have a trust for a true inheritance. I think that is a form 5 transfer $0.

Trusts in general are very useful for trans-generational wealth and tax planning in regards to inheritance.

True you don't have to but it helps in that event because the daughter would be listed as the beneficiary. I think it just makes everything simplier.

 

[NWSharpshooter]

I live in Georgia and my daughter lives in Florida. I have a SMG that I have owned for 40 years. Would it be possible to use a trust to permit transfer to my daughter upon my death? Who should I contact about handling this?

Your machinegun will transfer tax free to your heirs on a form 5 upon your death.

 

[NWSharpshooter]

True you don't have to but it helps in that event because the daughter would be listed as the beneficiary. I think it just makes everything simplier.

List her as a trustee and then it doesn't even matter. She owns the trust just like he does. Upon his death, she just picks up her machine gun. Nothing else to do.

 

[Lazarus]

List her as a trustee and then it doesn't even matter. She owns the trust just like he does. Upon his death, she just picks up her machine gun. Nothing else to do.

Thats true but I dont know if thats going to be easy or simple for future additions to the trust with 41p

 

[NWSharpshooter]

Thats true but I dont know if thats going to be easy or simple for future additions to the trust with 41p

Don't add anything else to that trust. My current trust has 4 people listed on it. Once 41F goes into effect, I may still purchase things with a trust, but it will be with a different trust. That's the beauty of trusts, you can have more than one.

 

[Lazarus]

Don't add anything else to that trust. My current trust has 4 people listed on it. Once 41F goes into effect, I may still purchase things with a trust, but it will be with a different trust. That's the beauty of trusts, you can have more than one.

For this case that might not be a bad idea

 

[NWSharpshooter]

Honestly, for me my plan is to sell all my NFA items once I get too old to enjoy them and leave my family the money rather than making them dealing with trying to sell something they don't care about or know anything about. If I had kids that actually cared about them or wanted them, it would be a different story, but I don't....so that is my plan.

Of course I could die tomorrow and then my wife is left with trying to figure out what to do with all my gun stuff, but that's worst case scenario.

 

[rOmiLaYu]

Not true for everyone Rom, our Cleo in Houston county doesn't have a problem signing. As previously stated I still went the trust route for my wife to be in legal possession of my nfa items and to have beneficiaries listed so my thousands of dollars don't just get turned over to the federal government.

I understand that...but it is true for some, which is why I said that to say, across the board, that it wasn't happening was unfair.

 

[rOmiLaYu]

So it is OK, according to you, to deny people their rights, if they live in the area with an anti-gun CLEO?
And we should not be availing ourselves of the remedy for a such a case, as prescribed in 1934, because it would be intellectually dishonest....
Oy vey.

That's not what I am saying at all. If you live in an area where CLEO approval was impossible due to CLEO refusal, then yes, you should have used a trust to exercise your Second Amendment rights. That doesn't make "not" a loophole, though. In fact, one might even argue that someone had the forethought to put the trust process in play to allow for the option of hostile CLEO's. All 41f does is put Trusts and Private NFA transfers on the same page. No one is denying anyone their rights.