Questions regarding adding a supposor to trust

[OKSpeedDemon]

I have a Ruger MK2 with integral suppressor that I’ve had for about 10+ years. I also recently received my form 1 for a SBR on a trust. I've had some medical issues come up lately and this got me thinking about adding the Ruger to the trust just for the ease for relatives (who have no clue on handling NFA items) to handle when the time comes. My questions are…

1. Is this a good idea?
2. If so, how do I go about doing this?
3. If not, why?
4. And if not how do I go about telling them how to handle the Ruger? Do I leave it in a Will?
5. How will the government handle/look at this situation? IE, I die, who gets it and what are they going to have to do to keep the weapon?

 

[Gabriel42]

I have a Ruger MK2 with integral suppressor that I’ve had for about 10+ years. I also recently received my form 1 for a SBR on a trust. I've had some medical issues come up lately and this got me thinking about adding the Ruger to the trust just for the ease for relatives (who have no clue on handling NFA items) to handle when the time comes. My questions are…

1. Is this a good idea?
2. If so, how do I go about doing this?
3. If not, why?
4. And if not how do I go about telling them how to handle the Ruger? Do I leave it in a Will?
5. How will the government handle/look at this situation? IE, I die, who gets it and what are they going to have to do to keep the weapon?

1. If you want to spend another $200 to be able to let multiple relatives handle the item while you are living then it is an option. If you have someone in mind to leave it to if you pass then I personally would not do it. Explained below.
2. Copy of Trust, Form 4 transferring it from you (individual) to you (trust), $200, and 6-12 months.
3. No real reason unless you want more than one person to have access to the suppressor and other NFA items now and after you pass.
4. Any items that are owned by you (individual) on a Form 1 or Form 4 can transfer to an individual or the trust upon your death on a Form 5 (Tax Free). Yes, spell out who gets it in your Will and leave instructions for the Executor on how to process the transfer (Form 5 to the individual or to the trust depending on the wishes of the person receiving it).
5. If you choose not to transfer it to the trust while still among the living, as long as you spell it out in your will, whoever you want to get it will get it without paying the tax. I suggest telling the person who will inherit it well in advance and ask them if they would like it transferred into the trust or file the paperwork individually, making sure they understand the pro's and con's of both, so they are able to make the decision ahead of time instead during or after a period of mourning.

If you have any other questions, I will do my best to help.

 

[FullAuto]

Don't bother paying the $200 to move it into your trust. Your Obama-loving brother would sell all your stuff anyway.

 

[OKSpeedDemon]

1. If you want to spend another $200 to be able to let multiple relatives handle the item while you are living then it is an option. If you have someone in mind to leave it to if you pass then I personally would not do it. Explained below.
2. Copy of Trust, Form 4 transferring it from you (individual) to you (trust), $200, and 6-12 months.
3. No real reason unless you want more than one person to have access to the suppressor and other NFA items now and after you pass.
4. Any items that are owned by you (individual) on a Form 1 or Form 4 can transfer to an individual or the trust upon your death on a Form 5 (Tax Free). Yes, spell out who gets it in your Will and leave instructions for the Executor on how to process the transfer (Form 5 to the individual or to the trust depending on the wishes of the person receiving it).
5. If you choose not to transfer it to the trust while still among the living, as long as you spell it out in your will, whoever you want to get it will get it without paying the tax. I suggest telling the person who will inherit it well in advance and ask them if they would like it transferred into the trust or file the paperwork individually, making sure they understand the pro's and con's of both, so they are able to make the decision ahead of time instead during or after a period of mourning.

If you have any other questions, I will do my best to help.

I thought there was a process for transferring it to a family member upon death but I didn't know how it worked or that there was a form for it. Thanks for explaining it.

Don't bother paying the $200 to move it into your trust. Your Obama-loving brother would sell all your stuff anyway.

I know!

 

[CAR-AR-M16]

https://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html

 

[ratski]

4. Any items that are owned by you (individual) on a Form 1 or Form 4 can transfer to an individual or the trust upon your death on a Form 5 (Tax Free). Yes, spell out who gets it in your Will and leave instructions for the Executor on how to process the transfer (Form 5 to the individual or to the trust depending on the wishes of the person receiving it).

If you are going to leave something to a specific individual as stated above, you might consider getting the Form 5 now and willing it out so that your heirs don't have to try to figure it out in the future.

Dave