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The Range
NFA & Class III Discussion
Questions regarding adding a supposor to trust
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<blockquote data-quote="Gabriel42" data-source="post: 2535472" data-attributes="member: 28680"><p>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. </p><p>2. Copy of Trust, Form 4 transferring it from you (individual) to you (trust), $200, and 6-12 months. </p><p>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. </p><p>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). </p><p>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. </p><p></p><p>If you have any other questions, I will do my best to help.</p></blockquote><p></p>
[QUOTE="Gabriel42, post: 2535472, member: 28680"] 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. [/QUOTE]
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