Armory Sponsor
Posted: 12/1/2010 6:02:18 AM EDT
| I had settled on a Gemtech G5 and was about to start the process when as usual I started getting paranoid. Not that i don't trust the feds but the fact that i am the only one that can possess the can got me to thinking (oh no). If i die, and my kids decides he is going to keep it because its neet, i have just made him a felon, right? I have about decided there are to many "what ifs" if something happens to me. Somebody please reassure me, or i"ll just keep useing plugs. |
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Which route are you going? Individual, Trust or LLC/Corp?
If it's trust, you can name family members as trustees and be fine. If it's LLC/Corp you can name family members as officers. If it's individual, I believe it can be named in a will to go to them pending a Form 5??? (Tax free transfer to descendants?) |
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Quoted:
This is why you do a trust, and list your son as the beneficiary of the trust. All items on the trust will pass to him and he does not have to pay any taxs on them. Trusts are not in force indefinitely, so eventually it'll have to be transferred out out to someone. A Trust to beneficiary transfer is still a tax-free Form 5, but it does have to transfer. |
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Quoted:
Quoted:
This is why you do a trust, and list your son as the beneficiary of the trust. All items on the trust will pass to him and he does not have to pay any taxs on them. Trusts are not in force indefinitely, so eventually it'll have to be transferred out out to someone. A Trust to beneficiary transfer is still a tax-free Form 5, but it does have to transfer. what's to stop someone from just adding their son as a trustee? then it doesn't have to be transferred.... right? |
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Quoted:
Quoted:
Quoted:
This is why you do a trust, and list your son as the beneficiary of the trust. All items on the trust will pass to him and he does not have to pay any taxs on them. Trusts are not in force indefinitely, so eventually it'll have to be transferred out out to someone. A Trust to beneficiary transfer is still a tax-free Form 5, but it does have to transfer. what's to stop someone from just adding their son as a trustee? then it doesn't have to be transferred.... right? When the Trust dissolves, it'll have to be transferred out. Living Trusts all dissolve eventually. Even if he's a trustee, it doesn't satisfy the need for transfer upon dissolution. |
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Only, till the Grantor(s) dies, then it is the Trustee's job to distribute the property to the beneficiaries and the trust is dissolved. Note: Trustee cannot be a beneficiary as this invalidates the whole point of a trust.
*not a lawyer, just passing on some tips that I believe are accurate. Quoted:
Quoted:
Quoted:
This is why you do a trust, and list your son as the beneficiary of the trust. All items on the trust will pass to him and he does not have to pay any taxs on them. Trusts are not in force indefinitely, so eventually it'll have to be transferred out out to someone. A Trust to beneficiary transfer is still a tax-free Form 5, but it does have to transfer. what's to stop someone from just adding their son as a trustee? then it doesn't have to be transferred.... right? |
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Quoted:
Only, till the Grantor(s) dies, then it is the Trustee's job to distribute the property to the beneficiaries and the trust is dissolved. Note: Trustee cannot be a beneficiary as this invalidates the whole point of a trust. *not a lawyer, just passing on some tips that I believe are accurate. Quoted:
Quoted:
Quoted:
This is why you do a trust, and list your son as the beneficiary of the trust. All items on the trust will pass to him and he does not have to pay any taxs on them. Trusts are not in force indefinitely, so eventually it'll have to be transferred out out to someone. A Trust to beneficiary transfer is still a tax-free Form 5, but it does have to transfer. what's to stop someone from just adding their son as a trustee? then it doesn't have to be transferred.... right? I would do the individual route....especially in my state where you have to have a C&R to play in this league. And keep your form 5's, signed, with the rest of your docs. There is no telling what the govt could or might do to a firearm trust. Its an easy target for the anti gun a-holes. |
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