What happens to NFA items registered to an Individual - Page 1

[ARCHIVED THREAD] - What happens to NFA items registered to an Individual

Posted: 12/18/2017 3:33:16 PM EDT

When they die? All of my NFA items are in my trust and wife and kids are on it. Thought I was done with new NFA toys, but have a few SBR's I'm still wanting to Form 1. To forgo the hassle of adding prints and photos for each person I'm thinking of going the Individual route as they seem to be coming back quicker as well.

That leaves the question though, what happens to those items outside my trust when I kick the bucket? And can they be added to the trust at a later date?

Posted: 12/18/2017 3:52:36 PM EDT

[#1]

Just remove the Co trusties off of the trust. Then add back when your done.

Posted: 12/18/2017 4:44:02 PM EDT

[#2]

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Quoted:
Just remove the Co trusties off of the trust. Then add back when your done.

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hmm....

Posted: 12/18/2017 4:47:47 PM EDT

[#3]

ATF Form 5:

https://www.atf.gov/firearms/docs/form/form-5-application-tax-exempt-transfer-and-registration-firearm-atf-form-53205/download

"Firearm is being transferred to a lawful heir or by operation of law"

Your heirs fill out the form 5 and don't have to pay for a new stamp either. It is a pretty easy process.

Posted: 12/18/2017 5:12:14 PM EDT

[#4]

Your will says where your property goes.

If you do not leave a will, your state's laws determine who your heir is - usually goes to spouse, then kids if spouse is deceased or divorced, then parents if no spouse or kids, then siblings if no spouse, kids or parents, then on out to your parents siblings or their descendants and even to grandparents' siblings or descendants and so on.

Posted: 12/18/2017 6:06:08 PM EDT

[#5]

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Quoted:
Just remove the Co trusties off of the trust. Then add back when your done.

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Of course, if something happens to you while you're waiting for the new stamps, you have none of the benefits or protections of the trust in force.

Getting an individual stamp and adding the item to the trust later is the same as a transfer, and would require another $200

Posted: 12/18/2017 8:02:27 PM EDT

[#6]

Quote History

Quoted:
ATF Form 5:

https://www.atf.gov/firearms/docs/form/form-5-application-tax-exempt-transfer-and-registration-firearm-atf-form-53205/download

"Firearm is being transferred to a lawful heir or by operation of law"

Your heirs fill out the form 5 and don't have to pay for a new stamp either. It is a pretty easy process.

View Quote

Thanks. So I'll just need to specify who the NFA items transfer to in my Will? The heir will in turn file a Form 5?

Posted: 12/18/2017 8:36:04 PM EDT

[#7]

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Quoted:

Thanks. So I'll just need to specify who the NFA items transfer to in my Will? The heir will in turn file a Form 5?

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Correct.

Posted: 12/19/2017 11:49:53 AM EDT

[#8]

The estate files the Form 5. The executor of your estate (named in the will) is who would submit it.

Posted: 12/19/2017 2:49:24 PM EDT

[#9]

Mine are specifically bequeathed in my will. I put instructions and a sample Form 5 in the will packet to help understand the process.

Posted: 12/19/2017 3:51:34 PM EDT

[#10]

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hmm....

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Quoted:

Quoted:
Just remove the Co trusties off of the trust. Then add back when your done.

hmm....

ATF actually told me to do this. My brother was deployed and couldn't get prints.

Posted: 12/19/2017 6:35:51 PM EDT

[#11]

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Quoted:

Thanks. So I'll just need to specify who the NFA items transfer to in my Will? The heir will in turn file a Form 5?

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Many folks fill out the F5 and keep it with their will. This makes it easier for the Executor. Even if a new form is required at that time, they still have the relevant info in their hands.

Posted: 12/19/2017 6:41:26 PM EDT

[#12]

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Quoted:

Many folks fill out the F5 and keep it with their will. This makes it easier for the Executor. Even if a new form is required at that time, they still have the relevant info in their hands.

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That sounds like a great idea. I'm at the point where I need to make a will soon and I think I'll do that for my individual registered NFA. Most of my items are in a single member LLC though, not sure how to address that.

Posted: 12/20/2017 2:57:46 AM EDT

[#13]

Quote History

Quoted:
Many folks fill out the F5 and keep it with their will. This makes it easier for the Executor. Even if a new form is required at that time, they still have the relevant info in their hands.

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Quoted:

Quoted:

Thanks. So I'll just need to specify who the NFA items transfer to in my Will? The heir will in turn file a Form 5?

Many folks fill out the F5 and keep it with their will. This makes it easier for the Executor. Even if a new form is required at that time, they still have the relevant info in their hands.

That's a great idea. Thank you.

Posted: 12/20/2017 5:35:47 PM EDT

[#14]

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Correct.

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Quoted:

Thanks. So I'll just need to specify who the NFA items transfer to in my Will? The heir will in turn file a Form 5?

Correct.

That is what I am planning to do...or have my son do it. Planning an instruction package for him.

Will also add to my will

77

Posted: 12/24/2017 8:48:57 PM EDT

[#15]

Transfers of National Firearms Act Firearms in Decedents’ Estates

Posted: 12/26/2017 5:21:34 PM EDT

[#16]

If the NFA item is filed as an individual who dies, where does it physically reside while the Form 5 is being processed?

Posted: 12/26/2017 5:30:58 PM EDT

[#17]

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Quoted:
If the NFA item is filed as an individual who dies, where does it physically reside while the Form 5 is being processed?

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Usually with the Executor.

Posted: 1/2/2018 4:07:10 PM EDT

[#18]

Is there any reason you can't just use the Trust's assignment of property and add it to your Trust? For NFA transfer & ownership purposes it may not change anything, but it should take the place of a will and avoid probate.

In my Schedule A I could then group trust owned vs. individually assigned items and call out the differences in transfer post death.

My Trust is only individual but I would like to avoid the extra long waits that seem to accompany trusts these days...

Posted: 1/2/2018 4:42:04 PM EDT

[#19]

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Quoted:
Is there any reason you can't just use the Trust's assignment of property and add it to your Trust? For NFA transfer & ownership purposes it may not change anything, but it should take the place of a will and avoid probate.

In my Schedule A I could then group trust owned vs. individually assigned items and call out the differences in transfer post death.

My Trust is only individual but I would like to avoid the extra long waits that seem to accompany trusts these days...

View Quote

Assigning your personal NFA items to your trust is a transfer, and requires another $200 tax per item, plus the paperwork submission and wait time, although you still personally own it and can still use it during the wait for the transfer to the trust to complete.

If you're asking can you use your trust as a combination trust and will, for disbursing both trust and non-trust items? I don't think so, but don't know for sure, and that might vary from state to state. Why not just use a regular will for your non-trust items?

Posted: 1/2/2018 4:59:04 PM EDT

[#20]

Why not will any items transfered as individual items to your trust? As long as the will was up to date, couldn't the executor Form 5 the items into the trust?

Posted: 1/2/2018 6:33:05 PM EDT

[#21]

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Quoted:
Why not will any items transfered as individual items to your trust? As long as the will was up to date, couldn't the executor Form 5 the items into the trust?

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That'd be getting into multi-generational ("dynasty") trusts, and potentially running into state laws about perpetuities and how trusts must be structured in order to qualify as heirs. Definitely something to clear with an estate lawyer familiar with the state's laws under which the trust was formed.

Posted: 1/5/2018 7:45:57 PM EDT

[#22]

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hmm....

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Yep that’s all you have to do. I I uasually get the removal notarized. And when I add a person notarized.

Posted: 2/1/2018 11:10:45 PM EDT

[#23]

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Yep that’s all you have to do. I I uasually get the removal notarized. And when I add a person notarized.

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Don't you then have to take back in to possession all off the NFA items the may actually be for the other members of the trust?

Posted: 2/3/2018 12:59:38 PM EDT

[#24]

You could duplicate the language of your old trust and create a new trust with you as grantor and sole trustee and wife as beneficiary. Then it's just your prints and photo. Some trusts are clearing in 9 months whereas individual are 5-6 months. For an SBR virgin build that you can test as a pistol the extra 3 months may not be a concern and you can modify the new trust after approval. Or if trust has no benefits for new SBR then the Form 5 advice you are getting takes care of your concerns. Silencershop has single shot Form 1 trusts pretty cheap as well.

[ARCHIVED THREAD] - What happens to NFA items registered to an Individual

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