Setting up a Trust?

[AKguy1985]

Only proposed new changes to NFA procedures is to do away with needing a CLEO signoff for the individual route (good thing) and requiring fingerprints/photos for ALL members of a trust (not so good thing).

let's hope they do away with that.

 

[BDCGUNROOM]

Mike Chlober in Shawnee sets up NFA trusts, but why not just register them in the name of a corporation?

 

[Mad Professor]

There is nothing hard about transferring NFA items owned by an individual. They transfer tax free on an ATF Form 5 to your lawful heirs.

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

Before and/or after death? That letter seems to only deal with estates. Am I misunderstanding your statement? It sounds to me that you are saying I can roll my current NFA items I own individually to a trust with a Form 5 tax free. I thought they had to transfer with a Form 4 and the appropriate tax (in my case $200 ea).

Thanks

 

[MuTau007]

Is there contact ingot for sports world? Or a website?

 

[CAR-AR-M16]

Before and/or after death? That letter seems to only deal with estates. Am I misunderstanding your statement? It sounds to me that you are saying I can roll my current NFA items I own individually to a trust with a Form 5 tax free. I thought they had to transfer with a Form 4 and the appropriate tax (in my case $200 ea).

Thanks

The executor of your estate can transfer your individually owned NFA items to your lawful heir (another individual or trust) on a tax free form 5 AFTER YOUR DEATH. If you want to move them from you to a trust while you are still alive you will have to transfer them on tax paid form 4's.

 

[Mad Professor]

The executor of your estate can transfer your individually owned NFA items to your lawful heir (another individual or trust) on a tax free form 5 AFTER YOUR DEATH. If you want to move them from you to a trust while you are still alive you will have to transfer them on tax paid form 4's.

We are on the same page then! That is the way I thought it was.