Gun Trust?

[bobhunts]

Read a little on this and am thinking I am gonna go ahead and do it. It can be done for cheap with simple forms off the net and not sure what method I will use. A friend of mine used " Mile High Gun Trust" an attorney group in Denver that is pro gun ownership based on what he told me and used them for his trust. After reading this I cannot see any reason not to do it if you live here in Colorado or anywhere else. Seems the only way you can keep family heirlooms in the event of death or incapicitation mentally or other from being put into probate in such an event. Anyone else done this and have advice on how to do it on a budget as I am gonna pass this on to my daughter. Bob.

 

[5MilesBack]

Given CO's new laws, just make sure you understand all the details involved. I believe that when you transfer all the guns into the trust, you still have to follow CO's laws with new background checks and everything with all named in the trust. And you still can't transfer anything "illegal" such as more than 15-round mags. I wouldn't do it the fly by night internet way. I'm working on setting up an NFA Trust right now.

 

[bradb]

My buddy at All Caliber Gunsmithing(www.allcaliber.com) in Parker has a lawyer that does them in CO. I think she is like $200ish
Here in WI I have been finding anyplace from $350 -750 My research also says skip the super cheap internet way

https://www.facebook.com/allcaliber?ref=br_tf

 

[jwatts]

I have a gun trust, but I live in Mississippi. There is a lot of info out there about using Quicken Willmaker. If you intend to use it solely to purchase NFA items, that will cover you with the ATF. I would still be skeptical of it though. There are so many minute details that can make or break the legality of the trust in your state I would suggest going with a lawyer familiar with your state's laws. For the reason you are doing a trust, you may as well do it right to avoid any confusion later on. It would suck for the beneficiaries on your trust to lose your heirlooms just because you cheaped out on the trust.

 

[Beendare]

So a family trust wouldn't cover everything for you? I would think that you would want to set up one of those anyways as it stymies the probate stuff and in many cases eliminates/lessens the tax liability placed on heirs.

I'm not giving legal advice here.... but you should talk to a CPA. There is a lot you can do with these revocable and irrevocable family trusts that covers more than just your guns. I've heard horror stories where a large landowner dies with only a will...or no will at all and the tax liability on the heirs is so high they need to sell the farm/ranch to pay the taxes. Family trusts and/or titling your assets correctly can save your estate a pile of taxes and probate fees.

Example; We added my wife to my MIL and FIL homes title so in case they pass- the ownership is hers with very little tax/hassle. You can put your close relatives name on your bank accounts [without ever telling them the specifics if you are worried about them withdrawing funds] and if you pass, the account is theirs without court rulings, probate, etc- but again, do this with your accountants guidance.

 

[Travis Bertrand]

Are you planning on using it for nfa items?

 

[bobhunts]

Not now if ever. But I do want to know if I got killed in a car wreck or came down with some disease nobody could declare me mentally incompetent and thinking forward vs backwards better to be prepared just in case. Don't want a lifetime of collecting go by the wayside in probate. No need for a silencer or short barreled gun just wanting to keep things in the family and I do believe the background check for loaning the rifle would be okay if they are on the trust. Does not transfer ownership at all but I will learn more when I here back from the attorney.

 

[tipsntails7]

O

So a family trust wouldn't cover everything for you? I would think that you would want to set up one of those anyways as it stymies the probate stuff and in many cases eliminates/lessens the tax liability placed on heirs.

I'm not giving legal advice here.... but you should talk to a CPA. There is a lot you can do with these revocable and irrevocable family trusts that covers more than just your guns. I've heard horror stories where a large landowner dies with only a will...or no will at all and the tax liability on the heirs is so high they need to sell the farm/ranch to pay the taxes. Family trusts and/or titling your assets correctly can save your estate a pile of taxes and probate fees.

Example; We added my wife to my MIL and FIL homes title so in case they pass- the ownership is hers with very little tax/hassle. You can put your close relatives name on your bank accounts [without ever telling them the specifics if you are worried about them withdrawing funds] and if you pass, the account is theirs without court rulings, probate, etc- but again, do this with your accountants guidance.

Beendare this actually just happened to a guy I work with. Wife's dad died, they inherited a TON of land, shady wife got all other money and assets. Come to find out property taxes were not paid last year, or this year. They sold the land and walked away with 500 bucks in their pocket. Shitty way for that family land to get sold.

 

[Elkfitness]

Definitely talk with an attorney. Small price to pay in the end. Wills, trusts, and medical/financial powers of attorney are smart things to have.

 

[5MilesBack]

just wanting to keep things in the family and I do believe the background check for loaning the rifle would be okay if they are on the trust. Does not transfer ownership at all but I will learn more when I here back from the attorney.

The thing is......you transfer the guns to the trust. The trust is now the owner. It would have been a piece of cake prior to July 1, 2013 and Colorado's idiotic new laws. But not sure how the new laws affect all this. I'm hopeful that the new Assembly can get rid of these laws in the coming term, but sure would have been easier if Hickenjoker hadn't been re-elected. We'll see if he was serious when he stated that "the laws were bad, but he got bad information from his advisors when he signed them into law".

 

[Beendare]

O

Beendare this actually just happened to a guy I work with. Wife's dad died, they inherited a TON of land, shady wife got all other money and assets. Come to find out property taxes were not paid last year, or this year. They sold the land and walked away with 500 bucks in their pocket. Shitty way for that family land to get sold.

Nobody really wants to spend time thinking of their own mortality but I would encourage anyone with more than a pot to pee in to do it- no matter the age. Heck, Nolo Press on the internet has an easy to fill out trust template if you want to do it on the cheap. I bet the avg trust is less than $1,000 through an attorney[ as they use essentially the same template] but then you get a bit more detailed advice.

I don't recall the exact % of probate but its something like 35%-40% when all done not including the fact you have the court dictating who and what- which could be far from your actual wishes. I just finalized the trust administration of my dad who passed last year and it was easy with little tax liability the way we had things set up. The increased tax basis of some of these long held family properties is enough to bury the heirs...and the gov is the main benefactor.

 

[White Wizard]

If you are wanting a trust for your family assets that you want handle a specific way when you pass on, you NEED to talk with a tax lawyer.
If you just want one for your guns/NFA stuff just do an online one.
Two completely different things. I would not trust(no pun intended)my assets to just any lawyer. Make sure they are qualified. Several horror stories about people with "wills" that got busted and family ended up with squat while the bad lawyer or "family friend" walked away with everything.
If you want to know where I did my online one PM me and I'll let you know.

PS If it's done right, most tax lawyers will charge around 1000-1500 bucks. Very much a get what you pay for situation.