When listing the property, do you list all of your weapons or just the ones that you are submitting to the ATF for NFA approval?
Anything else I nee to know when using this?
If anyone gets creative a tutorial on how to using QWM would be greatly appreciated.
One last question, if you move to another state, do you have to pay $200.00 per stamp again or is it just a simple form.
Thank You.
List only the SBR. I did it with my SBR as the only item. Not sure on the state to state move,but would say no new payment. State has to allow SBR thou.
If moving to another state and you own your items in a trust, you have to verify that the trust meets the legal requirements of that state in order for it to be a valid trust there, and that the state allows ownership of the items in the trust.
Go here:
https://www.m4carbine.net/showthread.php?t=7410
“How to set up a Trust” outlines steps using Quicken.
List where? In the Schedule A? (I’m assuming that’s what you mean since I don’t know where else you’d list other firearms)
Only list the Items put in the trust. You could have other assets/property in your trust. Mine is set up for NFA items only right now.
You are only required to list the NFA items that the trust will own. Other guns are not required to be listed, but they can be if you desire. Jewelry and other valuables can also be held in trust. Any property that you own can be held in trust, including cars, real estate, etc.
Quicken Willmaker is pretty self explanatory. Just follow the instructions and it will walk you through what you need to do. I suggest before you start that you make sure the contact information for your beneficiaries and trustees is accurate and kept up to date.
The $200 tax is a one time deal. You can move to another state and not pay the tax again, assuming the state you’re moving to allows NFA. When you die, I beleive your heirs pay a $5 per item one time tax per item. You do have to notify the ATF that you’re moving and get their approval. I’m not sure if a formal notification is required if you move within the state, but I’m sure they would appreciate it if you extended them the courtesy and let them know you move.
Each time you add an item to your trust, you must assign it. This is called the assignment of property. You’ll print one of these out each time you assign an item or items to the trust. You’ll then sign and date the “Assignment of Property” document and attach it to the trust. You’ll also have a Schedule A, which is a complete list of items owned by the trust.
Are you an attorney?
No, I’m not an attorney…so please don’t take anything I’ve written in this thread as gospel. I just seem to remember this from reading the tutorial/book in quicken willmaker when I set up my trust. It has also been my experience that when I added items to the trust using Willmaker, that the forms to sign were printed out.
From the Quicken Legal Manual:
“Promptly transfer property to the trust. Failing to transfer property to the trustee’s name is the most common and serious mistake people make when creating a living trust. If you don’t get around to preparing and signing the transfer documents, the trust document will have no effect on what happens to your property after your death. Instead, the property will pass through your will, if you have one (you should – see Chapter 13). If you don’t have a will, the property will go to certain close relatives, according to state law. Either way, your probate- and tax-avoidance goals will not be met.”
Just checking.
I’ll continue to default to my attorney’s advice then, rather than what a $30 program spits out as a stock answer.
That is certainly advisable. Obviously laws vary from state to state, and you’re likely much better off consulting a lawyer in your state than using a software program that is designed to be rather generic and able to be used in all states. That being said, for ~$30, I’m pleased with the Willmaker program. It seems to work for my needs.
You have to remember that Quicken, and its instructions, are designed to make things like probate avoidance trusts and to put assets like money and less regulated tangible property into a trust. This is why they’re suggesting that you create a writing that evidences the transfer of the property into the trust.
When you create a trust for NFA items, you already have a document evidencing the transfer of the property into the trust - it’s called a signed and approved Form 4. That transfer is made from the dealer to the trust as the transferee. “You” never own it and thus I’m not sure how or why you’d assign it to the trust.
In the case of a Form 1 with the trust as the maker, I suppose you could be anal in an abundance of caution and transfer the Title I receiver or firearm to the trust first via a written instrument and then “make” the NFA firearm with the trust as the named maker, though I’m not sure that assignment step is necessary.
With respect to transfers to heirs when you die - again, YOU don’t own the firearms. Your trust does. You don’t get the benefit of a tax-free transfer to your heirs if the NFA items are owned by a trust (or a corp, or LLC) because the trust/LLC/corp doesn’t die when you do. The tax-free transfer to heirs only applies if you owned the NFA item as an individual (and submitted photos, prints, etc.).
Transferring an NFA item from a trust to another person, including your heirs, is a taxable transfer. That is a disadvantage of the trust route. You can direct that this happen as part of your trust agreement, but somebody is going to be paying another transfer tax and doing a Form 4 for every one of them if it’s a trust and the items are transferred directly to the heir.
If the NFA items are owned by a LLC or Corp, then you may be able to leave your ownership of the corporation/LLC as an asset in your will - and effectively transfer the use and possession of the NFA items to your heirs without having a “transfer” in the eyes of the ATF. There may be some clean-up necessary in the operating agreement of the LLC or the articles of incorporation to allow the heirs to use, possess, transfer, etc. the NFA items if they’re not already in there. It may also have to go through probate.
You really need to sit down with an attorney and talk all of this out if you are confused or if any of this is not making sense to you.
It makes sense. I just wanted to know if i was required to list any non NFA items. Thanks for the heads up.