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The Range
NFA & Class III Discussion
setting up a trust
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<blockquote data-quote="CAR-AR-M16" data-source="post: 993434" data-attributes="member: 204"><p>If your NFA items are owned individually they would transfer tax free on an ATF Form 5 to your heirs. It is not any kind of hassle and there is no "surrendering of the item(s)".</p><p></p><p>From the ATF NFA Handbook: (<a href="http://www.atf.gov/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-9.pdf" target="_blank">http://www.atf.gov/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-9.pdf</a>)</p><p></p><p>9.5.3 Distribution of estate firearms. A decedent’s registered NFA firearms may be conveyed taxexempt</p><p>to lawful heirs. These distributions are not treated as voluntary “transfers” under the NFA.</p><p>Rather, they are considered to be involuntary “transfers by operation of law.” Under this concept, ATF</p><p>will honor State court decisions relative to the ownership and right to possess NFA firearms. So, when</p><p>State courts authorize the distribution of estate firearms to decedents’ lawful heirs, ATF will approve the</p><p>distribution and registration to the heirs if the transactions are otherwise lawful. A lawful heir is anyone</p><p>named in the decedent’s will or, in the absence of a will, anyone entitled to inherit under the laws of the</p><p>State in which the decedent last resided.</p><p></p><p>9.5.3.1 Distributions to heirs. Although these distributions are not treated as “transfers” for</p><p>purposes of the NFA, Form 5 must be filed by an executor or administrator to register a firearm</p><p>to a lawful heir and the form must be approved by ATF prior to distribution to the heir. The</p><p>form should be filed as soon as possible. However, ATF will allow a reasonable time to arrange</p><p>for the transfer. This generally should be done before probate is closed. When a firearm is being</p><p>transferred to an individual heir, his or her fingerprints on FBI Forms FD-258 must accompany</p><p>the transfer application. The application will be denied if the heir’s receipt or possession of the</p><p>firearm would violate Federal, State, or local law. The law enforcement certification on the form</p><p>need not be completed. The form should also be accompanied by documentation showing the</p><p>executor’s or administrator’s authority to distribute the firearm as well as the heir’s entitlement</p><p>to the firearm. Distributions to heirs should not be made until Forms 5 are approved. Executors</p><p>and administrators are not required to have estate firearms registered to them prior to distribution</p><p>to lawful heirs.</p><p></p><p></p><p>Another ATF Letter about this is available here: <a href="http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html" target="_blank">http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html</a></p></blockquote><p></p>
[QUOTE="CAR-AR-M16, post: 993434, member: 204"] If your NFA items are owned individually they would transfer tax free on an ATF Form 5 to your heirs. It is not any kind of hassle and there is no "surrendering of the item(s)". From the ATF NFA Handbook: ([URL="http://www.atf.gov/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-9.pdf"]http://www.atf.gov/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-9.pdf[/URL]) 9.5.3 Distribution of estate firearms. A decedent’s registered NFA firearms may be conveyed taxexempt to lawful heirs. These distributions are not treated as voluntary “transfers” under the NFA. Rather, they are considered to be involuntary “transfers by operation of law.” Under this concept, ATF will honor State court decisions relative to the ownership and right to possess NFA firearms. So, when State courts authorize the distribution of estate firearms to decedents’ lawful heirs, ATF will approve the distribution and registration to the heirs if the transactions are otherwise lawful. A lawful heir is anyone named in the decedent’s will or, in the absence of a will, anyone entitled to inherit under the laws of the State in which the decedent last resided. 9.5.3.1 Distributions to heirs. Although these distributions are not treated as “transfers” for purposes of the NFA, Form 5 must be filed by an executor or administrator to register a firearm to a lawful heir and the form must be approved by ATF prior to distribution to the heir. The form should be filed as soon as possible. However, ATF will allow a reasonable time to arrange for the transfer. This generally should be done before probate is closed. When a firearm is being transferred to an individual heir, his or her fingerprints on FBI Forms FD-258 must accompany the transfer application. The application will be denied if the heir’s receipt or possession of the firearm would violate Federal, State, or local law. The law enforcement certification on the form need not be completed. The form should also be accompanied by documentation showing the executor’s or administrator’s authority to distribute the firearm as well as the heir’s entitlement to the firearm. Distributions to heirs should not be made until Forms 5 are approved. Executors and administrators are not required to have estate firearms registered to them prior to distribution to lawful heirs. Another ATF Letter about this is available here: [URL="http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html"]http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html[/URL] [/QUOTE]
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