Setting up a trust for currently owned suppressors?

[Marshfly]

What's the process for this? I currently own 2 suppressors. They are registered to me individually. I want to set up a trust with my wife on it, add these two, and have the option to add additional cans to it down the road. I will add my son to the trust also when he become old enough.

What's the simplest way to do this to accomplish all of the above?

 

[turbobrick]

You can have the trust built, and start adding any now can to it. You cannot simply add existing individual approved cans to a trust, you'll have to do another Form 4 to add them.

 

[Marshfly]

You can have the trust built, and start adding any now can to it. You cannot simply add existing individual approved cans to a trust, you'll have to do another Form 4 to add them.

I am expecting to have to do new Form 4s for the current cans. That's a given since the "owner" would be changing. That's the process that I'm looking for clarification on.

 

[wesfromky]

I am expecting to have to do new Form 4s for the current cans. That's a given since the "owner" would be changing. That's the process that I'm looking for clarification on.

Paper form 4 and $200 stamp, just like if you were selling it to someone else.

 

[VuduDoc]

Yep, you’re “selling” it from yourself to your trust. $200 each, again…

 

[thinhorn_AK]

I bet lots of folks are wishing they had just done the trust from the get go. Now they have to pay another 200.00 tax to get it on a trust.

 

[HuntHarder]

I did opposite and put my first couple in a trust, then went individual after that. In my house, I am not sure what the benefits are of the trust.

 

[turbobrick]

I bet lots of folks are wishing they had just done the trust from the get go. Now they have to pay another 200.00 tax to get it on a trust.

When I got my first cans almost 20 years ago, it was really the norm to use a trust, so I had mine from the very beginning. I always encourage people to get a trust, its not really much of a cost, and it provides so many options that might not be important to you now but could be in the future, its short-sighted IMO to go individual.

 

[thinhorn_AK]

When I got my first cans almost 20 years ago, it was really the norm to use a trust, so I had mine from the very beginning. I always encourage people to get a trust, its not really much of a cost, and it provides so many options that might not be important to you now but could be in the future, its short-sighted IMO to go individual.

Oh I know, I was just mentioning it because a few months back the individual purchases were getting approved quickly so lots of people were going that route.

 

[logem]

In my opinion, the trust is invaluable for estate planning. I've recently created a gun trust, and am in the process of submitting Form 4's to transfer them to my trust. If something should happen to me now, my executor or benefactors wouldn't even be legally able to possess my SBRs. I will place these people on the trust as soon as the new tax stamps are received to prevent this future mess.

 

[Dust Rider]

Silencer Shop has the form 4 online to do the transfer.

 

[turbobrick]

Oh I know, I was just mentioning it because a few months back the individual purchases were getting approved quickly so lots of people were going that route.

That is exactly what I meant about short-sighted. It was maybe a little faster at one point, but it leaves you in a really limited place.

 

[thinhorn_AK]

That is exactly what I meant about short-sighted. It was maybe a little faster at one point, but it leaves you in a really limited place.

You are correct, I have a friend who purchased 8 silencers in the past 18 months, all of them are individuals. Now he wants to put them into a trust. I guess money isn’t the issue for him but I’d hate to pay it.

I hear lots of people talking and wondering if the ATF will get rid of the tax stamp but why would they? They even have people who are willing to pay it twice.

 

[HuntHarder]

That is exactly what I meant about short-sighted. It was maybe a little faster at one point, but it leaves you in a really limited place.

Can you explain the limited place individual puts you in vs. Trust?

 

[JF_Idaho]

From my understanding individual if you pass the executor holds onto the nfa items while the beneficiary or heir file a tax free form 5 for possession of said nfa items.

I don't really see it as all too limiting. A little extra process....sure.

These guys who put their wives on a trust and end up getting divorced are going to find themselves in a much more "limiting" predicament.

 

[justin davis]

Mine are individuals. And if I pass away my kids can just do the paperwork to have them transferred to them. Seems pretty easy.

The only benefit to a trust I see if having someone else on it so they can use your suppressor without you being there. But I don’t really ever have people using my suppressor without me.

 

[Marshfly]

Mine are individuals. And if I pass away my kids can just do the paperwork to have them transferred to them. Seems pretty easy.

The only benefit to a trust I see if having someone else on it so they can use your suppressor without you being there. But I don’t really ever have people using my suppressor without me.

It'll happen, and this is why I'm doing this now. You want to have your wife and son a ridge over from you with a suppressed rifle you own? Want them to go on a stalk while you sit and watch from afar? Well that's technically illegal without them on the stamp. There is no reasonable way to say that someone else a half mile from you is "with" you.

 

[pods8 (Rugged Stitching)]

I have just done all single item trusts for mine rather than a multiple item trust. Seems like it provides the most flexibility to customize what you want done with a given item.

I have kids that currently hunt, if they are still hunting when they turn 18 I don't want them to be unable to legally use my suppressor out of my supervision.

To be honest I haven't gone in and added anyone onto my trusts yet but I probably should check that box off.

 

[Bluefish]

In my opinion, the trust is invaluable for estate planning. I've recently created a gun trust, and am in the process of submitting Form 4's to transfer them to my trust. If something should happen to me now, my executor or benefactors wouldn't even be legally able to possess my SBRs. I will place these people on the trust as soon as the new tax stamps are received to prevent this future mess.

This is not correct. The executor can posses the items to settle the estate and then a form 5 is done to transfer the item to the new owner per the will. https://www.atf.gov/file/97596/download

It may be easier if on a trust as the person can immediately take possession, but there is still a clear path on how to transfer if the stamp is for an individual.

 

[Bluefish]

It'll happen, and this is why I'm doing this now. You want to have your wife and son a ridge over from you with a suppressed rifle you own? Want them to go on a stalk while you sit and watch from afar? Well that's technically illegal without them on the stamp. There is no reasonable way to say that someone else a half mile from you is "with" you.

This and having other have access to your safe are the advantages to having a trust. If an individual, no one can have access to your safe. If you live alone, not an issue, but if you have a family that can be more of a hassle.