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Trust or No Trust....
CaptFun
Member Posts: 16,678 ✭✭✭
So What is the current attitude from this Peanut Gallery on the issue of getting a Trust or not for NFA items... ???
Comments
Plus if somebody that you want to leave the items too wants to borrow them and takeit out, and that's okay with you without you being there. They won't be able to borrow it, unless they are in a trust
Also keep in mind that the firearms and the tax stamp has got to be in the name of the trust... not in your name. So if you do have tax stamps already, then you'll have to transfer them to the trust and pay the $200 tax stamp fee again
one of them ever get into trouble so does the trust
https://www.atf.gov/rules-and-regulations/final-rule-41f-background-checks-responsible-persons-effective-july-13
be careful , you now have to list everyone on the trust, and everyone in it has to pass a background now thanks to big ears, its not a free pass to nfa items like it used to be
one of them ever get into trouble so does the trust
Not necessarily, if one of them gets in trouble then you just take him/her out of the trust, you have the ability to do that because you list yourself as the executor, and then you name the next person as Executor so that it's cut and dry after you pass. Then they will pick who they decide to be their executor protem. and so on so forth down the line
I was a little past the time that a ROTH IRA would have made a better choice than a standard IRA would have made for me due to the time of wanting to use the $$. However, the dark side of my brain told me that even though I was in a State where we paid income and no sales tax, there would be a really good chance that when it came time to use it I would end up paying a sales tax on top of the income tax that was already paid on it when I put it in there since big brother will always find a way to squeeze us for more $$.
In other words, only time will tell, $$ wise, and ownership availability.
Had a brain fart going and was thinking in terms of gb..[B)] As RO mentioned it would probably be a good idea, but still would be a roll of the dice, and possibly a waste of $$ depending on who's in office when the time comes.
I was a little past the time that a ROTH IRA would have made a better choice than a standard IRA would have made for me due to the time of wanting to use the $$. However, the dark side of my brain told me that even though I was in a State where we paid income and no sales tax, there would be a really good chance that when it came time to use it I would end up paying a sales tax on top of the income tax that was already paid on it when I put it in there since big brother will always find a way to squeeze us for more $$.
In other words, only time will tell, $$ wise, and ownership availability.
He's not talking about a financial trust, he's talking about a trust for his firearms and Firearm accessories that need tax stamps.
Such as full auto Firearms, suppressors and other firearm-related items that you need a tax stamp for
quote:Originally posted by toad67
Had a brain fart going and was thinking in terms of gb..[B)] As RO mentioned it would probably be a good idea, but still would be a roll of the dice, and possibly a waste of $$ depending on who's in office when the time comes.
I was a little past the time that a ROTH IRA would have made a better choice than a standard IRA would have made for me due to the time of wanting to use the $$. However, the dark side of my brain told me that even though I was in a State where we paid income and no sales tax, there would be a really good chance that when it came time to use it I would end up paying a sales tax on top of the income tax that was already paid on it when I put it in there since big brother will always find a way to squeeze us for more $$.
In other words, only time will tell, $$ wise, and ownership availability.
He's not talking about a financial trust, he's talking about a trust for his firearms and Firearm accessories that need tax stamps
I realize that. I just used that example as no matter what "it is now" doesn't mean anything in the future.....
A guy might end up spending the money on a legal document that will become worthless in the future due to new laws..
edit: The future is just a roll of the dice...
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
Seems like a good idea to me. The only caveat is I have heard that it can be difficult to prove you are a part of the trust.
I don't see why, everybody that's in the trust is listed in the trust. As long as you have your state or federal ID with you, you can prove that you're in it.
Also Whoever is in the trust has to bring the trust with them everytime they take the item(s) out, or at least a copy of it. Just like you have to have your tax stamp with you when you take out something that needs a tax stamp.
The way my friend does it, is that he has a copy of the trust in every gun case that he has, that he needs it for. Just like he would if he only just had a tax stamp without a trust.
http://www.wsmesq.com/Articles/Fed-and-State-Law-May-Apply-to-Transfer-of-Firearm-to-a-Beneficiary.shtml
quote:Originally posted by Mr. Perfect
Seems like a good idea to me. The only caveat is I have heard that it can be difficult to prove you are a part of the trust.
I don't see why, everybody that's in the trust is listed in the trust. As long as you have your state or federal ID with you, you can prove that you're in it.
Also Whoever is in the trust has to bring the trust with them everytime they take the item(s) out, or at least a copy of it. Just like you have to have your tax stamp with you when you take out something that needs a tax stamp.
The way my friend does it, is that he has a copy of the trust in every gun case that he has, that he needs it for. Just like he would if he only just had a tax stamp without a trust.
So, there you go.
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
If only one, probably not worth it.
If 20, trust up.
How many $200 checks do you want your estate to write?
If only one, probably not worth it.
If 20, trust up.
That's true but, and this is a big but...
Number one, your heirs will have to wait up to a year before they can possess them while they're waiting for the tax stamp to be approved. And they'll have to turn them over to an FFL who may charge for storage while they're getting the tax stamp.
Number two, what happens if they don't offer tax stamps anymore, and with the liberal poops we have in Washington they may someday be taken away. But hopefully the tax stamps that are in effect now will be grandfathered, just like the pre-band "evil assault rifles" were grandfathered... And if they're in a trust then they could be handed down from generation to generation, instead of confiscated.
With both of those things against your heirs, even if you only have one NFA item, I think it would be worth getting a trust