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Posted: 10/10/2007 3:19:51 PM EST
I understand that NFA items can be transferred in a will to a heir, assuming the heir would be qualified to purchase otherwise, without any additional taxes etc. (Please correct me if I'm mistaken on this one)

If this is indeed the case, does each NFA item need to be explicitly listed (Serial numbers, etc.), or can this be done with a general statement that all NFA items be transferred to the specified heir?

Thanks for your help and input.

Link Posted: 10/11/2007 3:21:20 AM EST
All NFA inheritance transfers are done on a Form 5; no $200 transfer tax. Individual items do not need to be explicitly listed unless you prefer that specific firearms go to specific heirs after your death. If you are simply leaving everything in the estate to be divided up equally between the heirs as they see fit, then they can figure out who gets what based on preference, fair market value, etc... unless for some reason you think that this will cause problems because they don't get along.

Link Posted: 10/11/2007 6:20:57 PM EST


Bubbles wrote:



If you are simply leaving everything in the estate to be divided up equally between the heirs as they see fit,....



It has been my experience in life this may cause some problems. Some families can divide an estate equitably without rancor or jealousness but many, many others can not. It is your best tactic not to let this happen.

If there is just one heir or just one heir you want to have these items - you can be general in the description and specific in the name. If there are potentially more than one heir - be specific with name and item. Otherwise, two of them will want the same item and won't be able to reach an agreement on who gets what. The items will end up being sold and the proceeds divided equally.

I don't think that is what you want.

Just my $0.02.

Link Posted: 10/12/2007 3:06:11 AM EST
[Last Edit: 10/12/2007 3:07:13 AM EST by Bubbles]

Originally Posted By TnRedneck:

Bubbles wrote:



If you are simply leaving everything in the estate to be divided up equally between the heirs as they see fit,....



It has been my experience in life this may cause some problems. Some families can divide an estate equitably without rancor or jealousness but many, many others can not. It is your best tactic not to let this happen.


So sad but true.

FWIW there is a thread with more info on this topic in the General Class 3 forum.
Link Posted: 10/12/2007 12:37:32 PM EST

Thanks for the info. I'm glad to see that it can be done without listing each item. Keeps me from having to update the will with each new purchase. Well, hopefully there will be more.

Thanks
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