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Posted: 9/17/2014 1:35:58 PM EDT
[#1]
Quoted:
Those are 3 questions that I would like to know more about. I see a couple different Gun Trust lawyers offering a Multi-Generational Gun Trust. They claim the successors and future generations could use the same trust without the need to transfer ownership of the Trust Property. Sounds great but is it legit? One place wants $795 to create it and another appears to be asking $3,000 to create it. A standard gun trust can be had for $200 to $400. If an extra $400 can exempt future generations from future gun bans, ie items become illegal to transfer but still legal for existing people to own, then that would seem to be the way to go. Right now I suppose mine is "multi-generational." My father & I are both grantors right now, so both of us can add things to the trust. My twin boys are the beneficiaries. I guess in theory after they turn 21 I could amend the trust to have them added as grantors as well, if they have kids & want to do that and I am still alive. Except I'm not a lawyer & I had a lawyer draw mine up because I'm not, so keep that in mind. 
I'm not sure if that is what those lawyers are offering, though. |
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Posted: 9/18/2014 8:42:57 AM EDT
[#2]
The only information that I've been finding is on regular estate planning dynasty trusts. Apparently most states gotten rid of the laws prohibiting perpetual trusts. A document on the folly of perpetual tests made it sound like all descendants of all following generations would be beneficiaries. It said around the 150 years after the trust was created there would be 450 living beneficiaries all with equal standing. That makes it sound more like a headache for them than a benefit. I am going to keep looking into this and other options.
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Posted: 9/22/2014 7:17:28 PM EDT
[#3]
It is a hoax to make you spend more money. The rule against perpetuities would void a true multi-generation trust that has undefined generations. What the trusts are really doing is what Vault_Boy stated above. Don't spend more than $200 on a gun trust even if you don't use my law firm.
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Posted: 9/22/2014 7:45:32 PM EDT
[#4]
Quote HistoryQuoted: It is a hoax to make you spend more money. The rule against perpetuities would void a true multi-generation trust that has undefined generations. What the trusts are really doing is what Vault_Boy stated above. Don't spend more than $200 on a gun trust even if you don't use my law firm. From what I have read many states have eliminated the rule against perpetuities and you don't have to reside in the state that the trust is created in. I have no idea how this actually works but multiples sites have said multi-generational or dynasty trusts are possible now. Estate planners taking advantage of the exemption and the elimination of the rule against perpetuities are creating tax-exempt dynasty trusts benefiting generation after generation of heirs Dynasty Trust States Following is a list of the states that have either abolished their rule against perpetuities, enacted an opt-out rule against perpetuities or made another change to its rule against perpetuities. Note that the so-called "Tier 1 states" are Alaska, Delaware, Nevada and South Dakota because of the importance of selecting a state with no state income tax on trusts. You DO NOT need to reside in one of these states to take advantage of their favorable perpetuities laws and set up a dynasty trust. PERPETUAL AND LONG-TERM DYNASTY TRUST STATES: Alaska - Alaska Stat. §§ 34.27.051, 34.27.100 --- Perpetual/1,000 years if exercise a power of appointment Arizona - Ariz. Rev. Stat. § 14-2901(A) --- 500 years Colorado - Colo. Rev. Stat. § 15-11-1102.5(1)(b) --- 1,000 years Delaware - 25 Del. C. § 503 --- Perpetual for personal property/110 years for real estate District of Columbia - D.C. Code § 19-904(a)(10) --- Perpetual Florida - Fla. Stat. § 689.225(2)(f) --- 360 years Hawaii - Haw. Rev. Stat. § 525-4(6) --- Perpetual Idaho - Idaho Code §§ 55-111, 55-111A --- Perpetual Illinois - 765 Ill. Comp. Stat. §§ 305/3(a-5), 305/4(a)(8) --- Perpetual Kentucky - 2010 Ky. Acts 21 §§ 1–3, 14 --- Perpetual Maine - Me. Rev. Stat. Ann. tit. 33, § 101-A --- Perpetual Maryland - Md. Code Ann., Est. & Trusts § 11-102(b)(5) --- Perpetual Michigan -Mich. Comp. Laws §§ 554.91–554.94 --- Perpetual Missouri - RSMo § 456.025 --- Perpetual Nebraska - Neb. Rev. Stat. § 76-2005(9) --- Perpetual Nevada - Nev. Rev. Stat. § 111.1031(1)(b) --- 365 years New Hampshire - N.H. Rev. Stat. Ann. § 564:24 --- Perpetual New Jersey - NJSA §§ 46:2F-9–46:2F-11 --- Perpetual North Carolina - N.C. Gen. Stat. § 41-23 --- Perpetual, but note constitutional issue Ohio - Ohio Rev. Code Ann. § 2131.09(B)(1) --- Perpetual Pennsylvania - 20 Pa. C.S. § 6107.1(b)(1) --- Perpetual Rhode Island - R.I. Gen. Laws § 34-11-38 --- Perpetual South Dakota - S.D. Codified Laws §§ 43-5-1, 43-5-8 --- Perpetual Tennessee - Tenn. Code Ann. § 66-1-202(f) --- 360 years Utah - Utah Code Ann. § 75-2-1203(1) --- 1,000 years Virginia - Va. Code Ann. §§ 55-13.3(C), 55-12.1 --- Perpetual Washington - Wash. Rev. Code § 11.98.130 --- 150 years Wisconsin - Wis. Stat. § 700.16(1)(a) --- Perpetual Wyoming - Wyo. Stat. Ann. § 34-1-139(b)(ii) --- 1,000 years |
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Posted: 9/22/2014 10:40:13 PM EDT
[#5]
That is correct. Some states have abolished the RAP with regard to certain trusts. However, most NFA trusts accomplish the multi generational aspect anyway. Ours does. What I'm preaching is it doesn't do you any better to buy an $800 trust. What these guys are doing is using the phrase "dynasty trust" as a means of getting you to spend $800. It's a marketing "technique".
And you must get a trust for the state in which you will primarily keep the weapons. You can't pick a different state that has favorable trust laws. |
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Posted: 9/22/2014 10:50:34 PM EDT
[#6]
Ok. Thanks for the information. I wasn't sure what to make of all the different terms the lawyers were throwing around.
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Posted: 9/22/2014 11:22:04 PM EDT
[#7]
Sure thing. Give me a shout if you would like to discuss. I'm on the phones all day.
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