Discussion or advice on how to create an Illegal NFA item will result in an immediate ban. No advice given within should replace user due diligence. Always consult a lawyer / professional.
In my opinion, 41F eliminated a major advantage of trust ownership (the easy "sharing" of NFA firearms with co-trustees) for assets acquired under the new rules. The sharing advantage is still there, but the process is now more difficult (fingerprints, photographs, and BGCs for everyone instead of just for the grantor).
I set up a trust because my immediate family members are all firearm enthusiasts, and I wanted my dad, brother, sister, brother-in-law, and wife to be able to legally possess and use my firearms whenever they want during my lifetime. Had I bought my NFA firearms as an individual, my family would only be able to possess and use them when I was present.
If sharing your NFA items with others during your lifetime is of little interest to you, then a trust may not be right for you. And if your wife doesn't care to own your NFA items after you're dead and gone, then a trust may not be right for you.
Everyone's situation is different, and setting up a trust is not always the answer. It's hard to get objective advice and information on which route to go, though, because everyone has their opinions, or they are trying to sell you something.
Good luck figuring it out!
Thu Jan 12, 2017 8:05 am
edogg
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Location: Central FL Joined: Sun Apr 7, 2013 Posts: 3207
So if she says your wife becomes an accidental felon, she's a lying sack of shit, because the procedures are in place to provide for a smooth transfer of ownership of NFA items to an heir.
Or she could simply be mistaken.
I'll assume positive intent. But K7numbersAndLetters makes a good point. If they're experts, they should know better.
They might be either dishonest or incompetent. And I'm not sure which is worse.
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Thu Jan 12, 2017 12:51 pm
kf7mjf
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Location: Olympia Joined: Sat Oct 29, 2011 Posts: 16044
Real Name: Steve
Incompetency can be excused, especially at the lower levels of "person answering the phone" who may or may not be expected to do more than simply connect calls to the correct person/department.
Dishonesty OTOH...
_________________ "I won't insult your intelligence by suggesting that you really believe what you just said." - William Buckley, Jr.
"...steam, artillery and revolvers give to civilized man an irresistible power." -Perry Collins
Thu Jan 12, 2017 12:53 pm
RocketScott
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Location: Kentucky Joined: Fri Jan 16, 2015 Posts: 11098
Another reason it's not so clear cut is because of all the variables. Everyone's circumstances are different. I found what works best for me. All any of us can do is explain our situation and what we did to accommodate it.
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_________________ You may be right, I may be crazy, but it just may be a lunatic you're looking for
Fri Jan 13, 2017 4:48 pm
jdhbulseye
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Location: Rochester, WA Joined: Thu Mar 10, 2016 Posts: 3761
Real Name: Mr. Idgaf
"Half the harm that is done in this world is due to people who want to feel important. They don't mean to do harm -- but the harm does not interest them. Or they do not see it, or they justify it because they are absorbed in the endless struggle to think well of themselves." – T.S. Eliot
"The right of self defence is the first law of nature: in most governments it has been the study of rulers to confine this right within the narrowest limits possible. Wherever standing armies are kept up, and the right of the people to keep and bear arms is, under any colour or pretext whatsoever, prohibited, liberty, if not already annihilated, is on the brink of destruction." - St. George Tucker
A careful definition of words would destroy half the agenda of the political left and scrutinizing evidence would destroy the other half. - Thomas Sowell
"To ban guns because criminals use them is to tell the innocent and law-abiding that their rights and liberties depend not on their own conduct, but on the conduct of the guilty and the lawless, and that the law will permit them to have only such rights and liberties as the lawless will allow...
For society does not control crime, ever, by forcing the law-abiding to accommodate themselves to the expected behavior of criminals. Society controls crime by forcing the criminals to accommodate themselves to the expected behavior of the law-abiding." - Jeff Snyder
Personal weapons are what raised mankind out of the mud, and the rifle is the queen of personal weapons. The possession of a good rifle, as well as the skill to use it well, truly makes a man the monarch of all he surveys. It realizes the ancient dream of the Jovian thunderbolt, and as such it is the embodiment of personal power. For this reason it exercises a curious influence over the minds of most men, and in its best examples it constitutes an object of affection unmatched by any other inanimate object.
Yes, there are forms that can be done to transfer them if you die first. But, do you want your wife to have to go through the process when she has other things to deal with? Will she remember something that she doesn't even care about when she has more important day to day things to do? Funeral, dealing with banks, insurance, taking care of kids, that sort of thing.
Mon Feb 27, 2017 10:46 pm
edogg
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Location: Central FL Joined: Sun Apr 7, 2013 Posts: 3207
Yes, there are forms that can be done to transfer them if you die first. But, do you want your wife to have to go through the process when she has other things to deal with? Will she remember something that she doesn't even care about when she has more important day to day things to do? Funeral, dealing with banks, insurance, taking care of kids, that sort of thing.
I'm including instructions (with links) in my will so that the executor can easily take care of it. Either way in a trust situation, it will still need to be dealt with.
Yes, there are forms that can be done to transfer them if you die first. But, do you want your wife to have to go through the process when she has other things to deal with? Will she remember something that she doesn't even care about when she has more important day to day things to do? Funeral, dealing with banks, insurance, taking care of kids, that sort of thing.
I'm including instructions (with links) in my will so that the executor can easily take care of it. Either way in a trust situation, it will still need to be dealt with.
That is solid thoughtful sir. Very good of you.
Tue Feb 28, 2017 5:56 pm
RocketScott
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Location: Kentucky Joined: Fri Jan 16, 2015 Posts: 11098
Yes, there are forms that can be done to transfer them if you die first. But, do you want your wife to have to go through the process when she has other things to deal with? Will she remember something that she doesn't even care about when she has more important day to day things to do? Funeral, dealing with banks, insurance, taking care of kids, that sort of thing.
I'm including instructions (with links) in my will so that the executor can easily take care of it. Either way in a trust situation, it will still need to be dealt with.
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It will but there is no other process involved. You die, it's hers. As simple as that. Yes, there will be the Form 4 to a store or other person, but there is no Form 5 in between that. It just keeps things simpler. You seem to be wanting to have a nice easy estate plan. Trusts are a part of estate planning. It's why one of the lawyers at NW Gunlaw group loves trusts. Dennis is an estate attorney. It's what he does full time... the gun stuff is a side business for him. Trusts, wills, everything else having to do with estates and deaths.
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