Originally posted by Outbreaker
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Because it has to go through the entire retransfer process. You have no idea what the situation will be with your heirs.
In the situation I am talking about the grandson was not eligible for NFA items, and the great grandsons were not 21 years of age yet. Since it was not in a trust and there was not a names heir that was eligible the ATF confiscated the NFA item.
The item in this case was a WW2 Sturmgewehr 44 with matching serial numbers.
If a trust had owned it.....the trust can't die and all this would have been avoided. A trustee could have been named that was eligible (aunt) and everything would have been fine.
Fix problems before they are problems.
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Originally posted by Outbreaker View PostBecause it has to go through the entire retransfer process. You have no idea what the situation will be with your heirs.
In the situation I am talking about the grandson was not eligible for NFA items, and the great grandsons were not 21 years of age yet. Since it was not in a trust and there was not a names heir that was eligible the ATF confiscated the NFA item.
The item in this case was a WW2 Sturmgewehr 44 with matching serial numbers.
If a trust had owned it.....the trust can't die and all this would have been avoided. A trustee could have been named that was eligible (aunt) and everything would have been fine.
Fix problems before they are problems.
Agree completely that a trust avoids these problems entirely.
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Originally posted by 35remington View PostWow that sucks. The executor could have Form 5'd it to himself in trust for the great-grandsons. When one of them turned 21, another Form 5 could've be done from the executor to the great-grandson.
Agree completely that a trust avoids these problems entirely.
It was very sad. Monetary loss of probably over $250,000 but more than that in terms of whose it was and how they got it.
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Originally posted by Mike D View PostOoooffff. I have a submission from April of 2017.
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Originally posted by landman650 View PostI'm 35...honestly, not too big of a concern for me. In 20 years, maybe I'll spend another $200 to convey to my trust. My thing for the trust is the people in my family being able to defend themselves at home with a gun that is suppressed while I'm not around. A 10/22 isn't in the top 20 guns any of my family members would reach for in that instance so I really don't care in this one purchase.
*I already have a trust BTW with wife as trustee and 2.5 year old as beneficiary.
Then why would you do individual if you already have the trust in place?
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Originally posted by Mike D View PostThen why would you do individual if you already have the trust in place?
Landman, do what you want with your money and your toys. But I think going individual now that you have a trust is a mistake.
The wait is temporary. Another 1-3 months, so what? Trusts have the advantage of being a vehicle for asset protection in the event of a lawsuit or divorce, and have the ability to have people added or removed. If those advantages mean something to you, use a trust. If they don't, don't.Last edited by 35remington; 09-28-2017, 12:11 PM.
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Originally posted by 35remington View PostBecause he can't bear to wait the 3 extra months it might take for a trust approval :/
Landman, do what you want with your money and your toys. But I think going individual now that you have a trust is a mistake.
The wait is temporary. Another 1-3 months, so what? Trusts have the advantage of being a vehicle for asset protection in the event of a lawsuit or divorce, and have the ability to have people added or removed. If those advantages mean something to you, use a trust. If they don't, don't.
I haven't followed NFA tracker in a while. Are approvals trending shorter for individual vs trusts?
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Originally posted by Mike D View PostI haven't followed NFA tracker in a while. Are approvals trending shorter for individual vs trusts?
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