I am in the same situation. Yes, you can transfer a NFA item to the trust, but you will need to pay another $200.00 tax. You can name anyone you want to be in the trust, but… they must be able to own a NFA item.
I had an attorney to draw up my NFA trust, I would be leary of a Legal Zoom trust with the current political climate.
What does the current political climate have to do with it? It’s either done right or not.
I used Quicken Willmaker with the assistance of my local dealer.
If the government decides they want your NFA toys, you can kiss them good bye.
I had my trust prepaired by a NFA friendly attorney, hopefuly there is language to insulate my trust from what ever the government comes up with next, but see my first statement.
If you are happy with your trust, then drive on.
Well that can pretty much apply to anything or anyone. I don’t see how any language in your trust would be any different or how it would protect you if they go after NFA items. Think a little more before posting some “speculative” nonsense.
Can’t you just name someone in a Will to inherit them and transfer them via form5 through probate court after your death?
I am not sure what you think about my post is “speculative nonsense.”
I am not an attorney, that is why I paid him for his expertise. Your trust may be just as good as mine, I don’t know. Like I said before if you are happy with your trust drive on.
The speculative part was you saying that if the gov’t goes after your NFA toys, kiss them goodbye. If the gov’t goes after NFA items, then yours will be no more protected than anyone elses.
You yourself stated that “hopefully there is language to insulate my trust from what ever the government comes up with next” which means you don’t know if there is or not.
Is that clear enough?
The speculative part was you saying that if the gov’t goes after your NFA toys, kiss them goodbye. If the gov’t goes after NFA items, then yours will be no more protected than anyone elses.
You are correct in that statement.
You yourself stated that “hopefully there is language to insulate my trust from what ever the government comes up with next” which means you don’t know if there is or not.
You are correct in that I don’t know what they will come up with next.
Do you?
TonyM,
Enough. You made the original statements, I commented on them. I never claimed to know what they will come up with next. Let’s keep this post on track as to the OP’s original question.
Can’t really answer that. My reason for going the trust route was due to the fact that I am only home xxx months out of the year. My wife has access and can make purchases etc…Plus if anything were to happen to me then we have a mechanism in place to ensure continued ownership.
This, plus I have adult children that are named on the trust. I am number one, my wife is number two, and the children are number three. Should my wife survive me it goes to her, then when she dies it goes to the children, without having to reapply to the government each time.
Yes, you will pay for another tax stamp.
It is my understanding that when you die there can be a one time transfer that is tax free. You will still need to send in all the forms and they must be able to pass the Federal background check just like it was a new sale.
That’s what I plan on doing. I’m not married and don’t have kids, so all my toys are MINE and only MINE. At death, my heirs will get them tax free. Until then, we play with them together (there’s one more way to get the nieces and nephews to come see you in old age;)).
In terms of online and software based trusts, some of them are NOT valid and can result in forfeiture. For a $100 AR-15 receiver and $200 tax stamp it’s probably not a big deal but, for a ~$15K M-16/MP-5/etc. I would spend a couple hundred dollars and get a real living and breathing NFA lawyer to draw up my trust/llc/etc.
I’m with you on that, why take a chance.