Armory Sponsor
Posted: 4/18/2010 7:45:00 PM EDT
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Quick and I hope simple NFA trust question. I have no problems having my local CLEO sign for my NFA stuff but I worry about what will happen to my stuff once I'm dead. Can I get a NFA trust done and add stuff to it that I already own.
Example––Say I have 2 SBR and 2 suppressors already. Can I do a NFA trust now and include these itmes in that trust? Or would I have to pay $200 transfer tax on each item to get it in the trust? |
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If you have NFA items that you own as an individual –– i.e., via a CLEO signoff –– you can prepare Form 5's in advance and include them with your will. When you die, your heirs only have to enter the date of death, attach a copy of the death certificate, and they will transfer to your heirs tax-free.
OR: You can form a trust, pay the $200 transfer tax per item to transfer them from you to the trust, and when you die, your heirs will use the same Form 5's to acquire them tax-free. Whatever. 
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| Thanks. Sounds like I need a bank box and some form 5s. So I can just fill out the form 5 leaving stuff blank that I do not know at this time and put them in the box. When I'm dead...wife/heirs get the form 5 and fill in the blanks, send the form off to the ATF and the NFA items transfer to them? |
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That's pretty much it.
Here's ATF's explanation of the process: http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html |
Armory Sponsor