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Posted: 7/20/2018 9:51:54 PM EDT
I have a friend and customer that has cancer that is selling off his collection. He asked if I knew anyone that would buy his suppressors ?
After telling him how the process works unfortunately he doesn't have the time left to make it work. Then I got to thinking they are on a trust would it be possible and legal to put someone on the trust as a beneficiary ?
An attorney call is in order to make sure just didn't want to say something if not possible.
Link Posted: 7/20/2018 9:56:42 PM EDT
[#1]
Link Posted: 7/20/2018 10:07:16 PM EDT
[#2]
Yes that's what I was thinking just didn't know how to word it. I'm sure him and his wife are on there just need to check. He's selling all three cans on the trust so they would have to go together.
Thank You for the reply !
Link Posted: 7/21/2018 9:24:37 AM EDT
[#3]
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Quoted:
The "perfect" scenario (if it's legally possible) would be make the new guy a trustee now, and set the beneficiary to be a different trust which has the new Guy as a trustee.
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That is my plan. When my son is old enough, have him make a trust, list that trust as my NFA trust's beneficiary. Rather than Form 5 ALL my collection. But, he's young and things change, so we'll see...
Link Posted: 7/21/2018 3:05:17 PM EDT
[#4]
Bill Fleming thought he could avoid $200 in taxes, now he is a felon. This is far more egregious IMO. Good Luck.
Link Posted: 7/21/2018 7:24:22 PM EDT
[#5]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Bill Fleming thought he could avoid $200 in taxes, now he is a felon. This is far more egregious IMO. Good Luck.
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Like I mentioned he should talk to his attorney first .  You guys been around the block so I thought about asking before suggesting something that wouldn't work.

Who is Bill Fleming ?
Link Posted: 7/21/2018 7:53:48 PM EDT
[#6]
http://www.titleii.com/bardwell/us_v_fleming.txt
Link Posted: 7/24/2018 9:03:10 PM EDT
[#7]
Someone else should already be on his trust.

He can sell the cans now and if he dies in the next 4 months well then it shouldn't matter much.
Link Posted: 7/24/2018 9:53:32 PM EDT
[#8]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Someone else should already be on his trust.

He can sell the cans now and if he dies in the next 4 months well then it shouldn't matter much.
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We sold some firearms for him that he said no one wanted so he must be doing that with the suppressors ? Hopefully he stops in this week so we can get some more details .
Bad deal all around I wish we could help out in some way.
Link Posted: 7/26/2018 11:12:49 AM EDT
[#9]
This shouldn't be super complicated.

If this is like most NFA trusts the human "owner" is both the Grantor as well as the current legal Trustee.  

If the owners wife is still alive than he needs to add her as successor trustee to the trust documents and get them notarized and make sure that the wife has copied of the notarized Trust documentation.

As the current trustee he sells the trusts property (i.e. suppressors) to a new 3rd party and submits an ATF Form 4 to facilitate the in-State NFA transfer.  He would sign the F4 on behalf of the Trust as the transferor, the buyer would sign as the transferee, and I would suggest a documented bill of sale.

Paperwork is submitted to the ATF and you will wait ~6 months for the paperwork to come back.  In the event the current owner (i.e. Trustee) dies his wife will take on the role of Trustee and as such will be allowed to retain possession of the NFA firearms.   She will then receive the approved paperwork back and will then transfer the suppressors to the new owner.

My only suggestion would be to triple-check all of the paperwork prior to sending it in so that it doesnt get kicked back and delay the process or get denied.

I agree with Renegadex, trying to "sell the trust" to a new beneficiary is a really bad idea when there is a fully legit/legal path to accomplish this, even if it costs $200 in tax for each item.

At least this owner is ahead of the curve.  The last thread like this the owner died and the wife couldn't find the trust documentation so they were somewhat screwed in trying to facilitate a transfer.  The only saving grace was that gun was an AR15 variant SBR so the upper could be removed and sold off to keep everything legal.
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