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12/6/2019 7:27:02 PM
Posted: 9/29/2011 10:35:08 AM EST
I have no plans of taking an early dirt nap, but I have concerns regarding my Class 3 firearms.

The firearms were purchased by my company (LLC).
I am the sole managing member with 100% ownership.
I would like the firearms to go to one of my close friends in the event of my premature death.
I don't want to add another manager (friend) to my LLC for a host of reasons.
I know I can't simply leave them to someone in my Will, so what happens to my Class 3 firearms when I die?

Thanks
Link Posted: 9/30/2011 4:48:41 AM EST
Originally Posted By Gunner1X:
I have no plans of taking an early dirt nap, but I have concerns regarding my Class 3 firearms.

The firearms were purchased by my company (LLC).
I am the sole managing member with 100% ownership.
I would like the firearms to go to one of my close friends in the event of my premature death.
I don't want to add another manager (friend) to my LLC for a host of reasons.
I know I can't simply leave them to someone in my Will, so what happens to my Class 3 firearms when I die?

Thanks


What happens? The same thing that happens with the rest of your assets......your will determines where stuff goes.

In the case of NFA toys. the ATF gives the beneficiaries a grace period before they would need to submit a Form 5:http://www.atf.gov/forms/download/atf-f-5320-5.pdf

Link Posted: 9/30/2011 8:28:21 AM EST
[Last Edit: 9/30/2011 10:20:36 AM EST by Shermantor-AR15]
Originally Posted By DogtownTom:
Originally Posted By Gunner1X:
I have no plans of taking an early dirt nap, but I have concerns regarding my Class 3 firearms.

The firearms were purchased by my company (LLC).
I am the sole managing member with 100% ownership.
I would like the firearms to go to one of my close friends in the event of my premature death.
I don't want to add another manager (friend) to my LLC for a host of reasons.
I know I can't simply leave them to someone in my Will, so what happens to my Class 3 firearms when I die?

Thanks


What happens? The same thing that happens with the rest of your assets......your will determines where stuff goes.

In the case of NFA toys. the ATF gives the beneficiaries a grace period before they would need to submit a Form 5:http://www.atf.gov/forms/download/atf-f-5320-5.pdf



this is a Dupe post that was also posted and answered over in the NFA section a few times.

DT, you are correct but not for the example the OP gave. The form 5 will be only used if the NFA items are registered as an Indvidual. If the NFA firearm is on a LLC or Trust, it is handled differently and any transfers out of the LLC or Trust will have to be done on a Form 4.
Link Posted: 10/1/2011 11:47:57 AM EST
Setup your will so that if you die you transfer ownership of the company to another person. The company will still own the NFA items but a new person will be in control of the company. No new forms with the ATF as the legal owner never changes. All that changes is who the company gives access to.
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