To "trust" or not to "trust," that is the question...
I have a vz.61 Skorpion pistol that I plan on SBR'ing. It is just my wife and I, we have no children and we are in our late 30s, so handing the gun down to heirs is not an issue right now. What I am concerned about is, do I need a "trust" to cover my wife? She is concerned that if her name is not on the form 1 and I'm not home, she is in possession of an SBR without permission from Uncle Sam.
If I "kicked-the-bucket," and the gun isn't in a trust with her listed as a trustee, is she going to have issues getting it into her name and/or selling it?
Also, if something happened to my wife and I, my father would take possession of my firearms. Do I create a legal nightmare for him, if the gun isn't in a trust with him listed as a trustee?
Some legal guidance would certainly be appreciated, since this is my first toe-dip into the world of NFA...
Re: To "trust" or not to "trust," that is the question...
I've never, ever heard of a case where the non-prohibited spouse of an NFA registrant was prosecuted for having access within the family home to the registered NFA firearm.
A prohibited spouse can be prosecuted and convicted, but she wouldn't be helped by an NFA gun trust anyway.
It's a scare tactic designed to sell NFA trusts.
Re: To "trust" or not to "trust," that is the question...
Quote:
Originally Posted by
mp517prct
. . .
If I "kicked-the-bucket," and the gun isn't in a trust with her listed as a trustee, is she going to have issues getting it into her name and/or selling it?
Also, if something happened to my wife and I, my father would take possession of my firearms. Do I create a legal nightmare for him, if the gun isn't in a trust with him listed as a trustee?
...
Your estate administrator or executor steps into your shoes, and has every right to possess the NFA stuff as though they were you, assuming they aren't prohibited persons. But that wouldn't be helped by a trust anyway.
Honestly, complicating most estates by adding a layer of entity ownership usually doesn't help anyone except the lawyers.
Re: To "trust" or not to "trust," that is the question...
I trust Phil. In the home is not a problem. Use would be another story. I had a trust drafted so family members could use NFA items without me having to be with them.
Re: To "trust" or not to "trust," that is the question...
Quote:
Originally Posted by
GunLawyer001
Your estate administrator or executor steps into your shoes, and has every right to possess the NFA stuff as though they were you, assuming they aren't prohibited persons. But that wouldn't be helped by a trust anyway.
Honestly, complicating most estates by adding a layer of entity ownership usually doesn't help anyone except the lawyers.
Dang it:
You must spread some Reputation around before giving it to GunLawyer001 again.
Glad you are on here Phil to point us in simple matters.. I know if I ever NEED a lawyer for 2A issues who I will contact first
Re: To "trust" or not to "trust," that is the question...
Quote:
Originally Posted by
esh21167
I trust Phil. In the home is not a problem. Use would be another story. I had a trust drafted so family members could use NFA items without me having to be with them.
I agree. Another primary reason I initially used a trust was to avoid the hassle of fingerprints & photographs. That's no longer a luxury, so from here on out if I acquire more NFA items they will be done as an individual even though I already have a trust.
Re: To "trust" or not to "trust," that is the question...
Agreed. I have six on a trust but my last two stamps were done as individuals. The fingerprint requirement and photo make it a moot point for me.
Re: To "trust" or not to "trust," that is the question...
I like having a trust as my sons can have use of our NFA collection without me present.
Re: To "trust" or not to "trust," that is the question...
Quote:
Originally Posted by
ExFlyinguy
I agree. Another primary reason I initially used a trust was to avoid the hassle of fingerprints & photographs. That's no longer a luxury, so from here on out if I acquire more NFA items they will be done as an individual even though I already have a trust.
This is why I have a trust and now just do individual since the trust no longer offers any advantages.
I would like to transfer the one item that I have on the trust to myself, but don't want to pay another tax to the Crown.
Re: To "trust" or not to "trust," that is the question...
Quote:
Originally Posted by
Seabee CO
I like having a trust as my sons can have use of our NFA collection without me present.
This is probably the ONLY reason to have a trust now.
I always get questions about "what happens if I die?" I explain the executors position (they can handle it just like the owner did (see GL001's post above)) and I explain how it it extremely easy to transfer the NFA item(s) to heirs or even to someone who is not a family member but was named in the will to be given the NFA item(s). I also have to explain what "possession" means and "control of the NFA item" means. Once that is explained, the little light bulb goes in their heads and they understand. Most of my customers are now filing the forms as individuals. Have also seen that those filed as individuals seem to be coming back quicker than the trust items.