ArizonaShooting.com

"The #1 Resource for Shooters in Arizona!"
It is currently 24 Nov 2014, 03:57


All times are UTC - 7 hours [ DST ]


Custom Search





Post new topic Reply to topic  [ 306 posts ]  Go to page Previous  1 ... 9, 10, 11, 12, 13, 14, 15 ... 21  Next
Author Message
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 19 Dec 2008, 16:57 
Offline
AZS Regular
AZS Regular
User avatar

Joined: 07 May 2005, 16:45
Posts: 479
Location: phoenix
So if I have a trust and pass away, will my wife have to pay another tax stamp? The NFA just belongs to the trust?

How about with out a trust, what happens to my NFA stuff? Will my wife have to pay for another tax stamp?

Thanks

exNavy wrote:
If you don't know for 100% certainty you better get a lawyer and do this properly.

Bottom line, gray area = serious jail time for someone when caught. Want to be a felon? I don't. Want to turn friends and family into felons when you pass away? I don't. I'm not saying this can't be properly done without a lawyer, I'm just saying $500 versus having a serious criminal record is a small price to pay.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 01 Jan 2009, 14:34 
Offline
AZS Addict
AZS Addict

Joined: 03 May 2005, 13:16
Posts: 547
Location: Tucson Az
My Trust's check was cashed on the 30th! It's hurry-up-and-wait time... I hear they're running about 6 weeks back on average at the moment...


k9 wrote:
So if I have a trust and pass away, will my wife have to pay another tax stamp? The NFA just belongs to the trust?


She will not have to purchase another stamp, the NFA item still belongs to the Trust.



k9 wrote:
How about with out a trust, what happens to my NFA stuff? Will my wife have to pay for another tax stamp?


Not positive, but I know the ATF has contact information on what to do with Title II stuff after dies.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 07 Jan 2009, 10:30 
Offline
AZS Regular
AZS Regular

Joined: 12 Mar 2008, 20:29
Posts: 379
Location: Phoenix
If you do not have a trust, you die and you have NFA items, your lawful heir can fill out a form 5320.5. Which is an Application for Tax Exempt Transfer and Registration of Firearm.

Then your heir would own the NFA items without having to pay the transfer tax.

As far as what to do with the NFA Items if a person owns them personally and stores them at a home where other people live then that person dies. It's best to talk to a lawyer or maybe the BATFE directly, I would imagine a written letter from the BATFE regarding this type of situation would go a long way.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 26 Jan 2009, 05:03 
Offline
New to AZS

Joined: 30 Sep 2008, 03:43
Posts: 25
Quick questions:

- Does the notary that signs off on the trust have to be an Arizona Notary?
- Does anyone know the required engraving size and depth for the engravings on an AR lower?
- Can someone double check the steps I have below? Sorry, I am new to all of this:

1. Create trust paperwork.
2. Notarize paperwork.
3. Add / Assign AR to trust.
4. Get trust info engraved on AR.
5. Fill out form 1.
6. Mail in form 1 with check, copy of trust, to ATF.
7. Wait.
8. Form 1 comes back with stamp.
9. Make copies of form 1, place original in a SECURE location.
10. Buy / Build SBR upper.
11. ?????
12. Profit!

Thanks.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 26 Jan 2009, 05:20 
Offline
AZS Addict
AZS Addict

Joined: 01 Jul 2006, 20:34
Posts: 634
Location: Gilbert, AZ
hitman13 wrote:
Quick questions:

- Does the notary that signs off on the trust have to be an Arizona Notary?
I would assume since it is the notary seal that makes it a legal document in AZ that they would have to be registered with the AZ sec of states office. I could be wrong though.
- Does anyone know the required engraving size and depth for the engravings on an AR lower?
Legal requirement is 1/16" height and .003" minimum depth. When I do them I use a 1/8" font and engrave them to between .005" - .010". Follow the link http://www.quentin-laser.com/gpage.html
- Can someone double check the steps I have below? Sorry, I am new to all of this:
changes made below

1. Create trust paperwork.
2. Notarize paperwork.
3. Add / Assign AR to trust.
4. Get trust info engraved on AR.
5. Fill out form 1 and citizenship form.
6. Mail in form 1 and citizenship form. with check, copy of trust, to ATF.
7. Wait, wait and wait some more.
8. Form 1 comes back with stamp.
9. Make copies of form 1, place original in a SECURE location.
10. Buy / Build SBR upper.
11. ????? Um.... go shoot it?
12. Profit! Profit?

Thanks.

_________________
Image
Quentin Defense
761 N. Monterey St. Suite 104
Gilbert, AZ 85233
480-273-8935
http://www.quentindefense.com


http://www.facebook.com/QuentinDefense


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 26 Jan 2009, 06:04 
Offline
New to AZS

Joined: 30 Sep 2008, 03:43
Posts: 25
Thanks. Just asking about the Notary because I am a contractor overseas and I can have one of the JAG guys notarize it while I am out here in Iraq before I come back....

And the ????? Profit thing is an internet joke..... maybe more for my generation though...


Thanks though.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 13 Mar 2009, 12:38 
Offline
AZS Addict
AZS Addict

Joined: 03 May 2005, 13:16
Posts: 547
Location: Tucson Az
Btw...

Check from RLT cashed Dec 29th, Approved March 10th.

[smilie=anim_bannana.gif]


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 29 Apr 2009, 17:53 
Offline
AZS Addict
AZS Addict

Joined: 20 Feb 2009, 23:25
Posts: 724
Location: Tucson
I'm working on a basic trust using Quicken Willmaker Plus 2009 right now. This is for the express purpose of owning NFA items, and maybe future larger assets, but as of now, I don't have squat. I do own some regular firearms, but how specific do I have to be in the "property to be held in trust" section? Can I just put something down like "firearms and militaria collection"? I don't want to start listing makes, models, and serials because some things I may sell in the future.

I read in an earlier page that you don't actually have to put anything in this area, as it is the only area that can be easily and constantly updated.

Please help. Thanks.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 29 Apr 2009, 21:28 
Offline
AZS Addict
AZS Addict

Joined: 03 May 2005, 13:16
Posts: 547
Location: Tucson Az
CGSteve wrote:
I'm working on a basic trust using Quicken Willmaker Plus 2009 right now. This is for the express purpose of owning NFA items, and maybe future larger assets, but as of now, I don't have squat. I do own some regular firearms, but how specific do I have to be in the "property to be held in trust" section? Can I just put something down like "firearms and militaria collection"? I don't want to start listing makes, models, and serials because some things I may sell in the future.

I read in an earlier page that you don't actually have to put anything in this area, as it is the only area that can be easily and constantly updated.

Please help. Thanks.


With Trusts, you need to be specific -- manufacture and serial number. The good news is that you can transfer items into and out of a trust all day long without having to file any paperwork. Just write up an 'assignment of property' and new Schedule A, B, C, and you're good to go*. NFA items, on the other hand, can't be transferred without a tax stamp (besides the tax-free transfers which can be dealt with elsewhere) and thus will need to stay in that Trust -- unless you want to spend another $200 to transfer it OUT.

I put a few items in there that I'd want dealt with in a similar manner upon death of my wife and/or myself (firearms and specific, related items.)

I hope this answers your question.

(*in Arizona)


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 30 Apr 2009, 12:11 
Offline
AZS Addict
AZS Addict

Joined: 20 Feb 2009, 23:25
Posts: 724
Location: Tucson
It does, only I'm not up to the "assignment of property" area yet. I'm assuming that is also in the software? There are other items that I collect that wouldn't become an issue with serials should anything ever happen to them, I guess I should just leave these out? I'm talking things like knives, bayonets, field gear, etc. I also want demilled launchers someday, and I would like to protect them as well.

Thanks for the quick reply. I'll get more acclimated to it once I start moving along I guess.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 30 Apr 2009, 21:24 
Offline
AZS Addict
AZS Addict

Joined: 03 May 2005, 13:16
Posts: 547
Location: Tucson Az
CGSteve wrote:
It does, only I'm not up to the "assignment of property" area yet. I'm assuming that is also in the software? There are other items that I collect that wouldn't become an issue with serials should anything ever happen to them, I guess I should just leave these out? I'm talking things like knives, bayonets, field gear, etc. I also want demilled launchers someday, and I would like to protect them as well.

Thanks for the quick reply. I'll get more acclimated to it once I start moving along I guess.


Yes -- the Assignment of Property is what says "I'm putting this in my 'Schedule'" -- the schedules being the lists of whats His, Hers, or Ours Together (thus A, B and C.) The Willmaker software should take you through all of these steps -- and then let you add/remove things later. The Trust is what assigns certain Schedules to certain trustees or others during certain conditions (mental incapacitation, death, swallowed by a whale, etc.)

Everything I've read about Trusts says that the items must be specific, even if they're not necessarily serial numbered. "House at X address." "WWII bayonette, pink handle" or something to that effect. The willmaker software should have some reading resources list as well when you get to that section. I've also heard that you don't necessarily want to put down MODELS, just MANUFACTURE and SERIAL NUMBER -- but I think that had more to do with open registration for states that make you publicly post your registration, so you're not advertising "I have lots of guns at X address."


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 12 May 2009, 08:40 
Offline
AZS; Woohoo!
AZS; Woohoo!

Joined: 23 Apr 2006, 11:09
Posts: 1084
Location: Downtown
I just wanted to thank Derek of AZEX


He went out of his way to answer my questions and will definately be getting my business!


I will have Quicken software in hand by the end of the week and will have the Trust set up way before my SBS arrives!


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 12 May 2009, 16:15 
Offline
AZS Addict
AZS Addict

Joined: 20 Feb 2009, 23:25
Posts: 724
Location: Tucson
I completed mine, just need to print it out and get it notarized. It seems way too easy, I hope I got everything right regarding successors, etc.

For the assignment of property, I was very specific. I listed the make, model, and serial.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 19 May 2009, 14:22 
Offline
AZS; Woohoo!
AZS; Woohoo!

Joined: 23 Apr 2006, 11:09
Posts: 1084
Location: Downtown
Ok - using 2009 Quicken:

Just need to add the following: (, known legally as the XXXX Trust) To -


Part 1: Trust Name

Part 10: Death of Grantor

and

Assignment of Property:




or is there another part of the trust that needs this trust name addition?


i did the simple "Find and Replace" function in Word.


Top
 Profile  
 
 Post subject: Re: How to: Living Trust for NFA transfers
New postPosted: 21 May 2009, 15:58 
Offline
AZS Addict
AZS Addict
User avatar

Joined: 13 Nov 2008, 00:41
Posts: 561
I've read through all of this several times and still had a question.... If I'm creating a trust just for this item and possibly more in the future my schedule A will be blank for now. At least that's my assumption because I still haven't received the item and can't until I get my stamped form back. So should I just throw something into the trust so they can see something in my schedule or just not worry about it and leave the schedule out all together? I've seen mixed reports, are they requiring the schedule at this point?

_________________
All that is necessary for the triumph of evil is that good men do nothing.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 306 posts ]  Go to page Previous  1 ... 9, 10, 11, 12, 13, 14, 15 ... 21  Next


All times are UTC - 7 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  


Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group