Suppressor/trust questions

[Jpsmith1]

Giving some thought to a can for my 22 and maybe for my 7mm. Buying through a trust seems a no-brainer.

My kids, however, aren't huge shooters so I think towards the future and what responsibilities I would be passing down.

I understand the trust and how I could designate them as trustees and how the trust would outlive me.

After I'm gone, however, the trust remains, right? So, as trustees, they or my wife would have to deal with disposal/transfer of these NFA items.

 

[dreadi]

If they aren't into it, why bother paying for a trust?

 

[wind gypsy]

Giving some thought to a can for my 22 and maybe for my 7mm. Buying through a trust seems a no-brainer.

My kids, however, aren't huge shooters so I think towards the future and what responsibilities I would be passing down.

I understand the trust and how I could designate them as trustees and how the trust would outlive me.

After I'm gone, however, the trust remains, right? So, as trustees, they or my wife would have to deal with disposal/transfer of these NFA items.

Yes

 

[Telford29]

If you have access to podcasts, Hunt Backcountry episode 453 is very informative. They answer all sorts of trust questions.

 

[hereinaz]

Trust avoids probate. If an individual owns it, the ATF has required probate so someone with legal authority can transfer it.

Either you name a trustee as the one with authority before you die or a court does after you die.

While you are alive in a trust, you can let friends and others use NFA items. And, you can change trustees and beneficiaries if you want to give it to someone else when you die.

Basically, a trust gives you lots of options while you are alive or when dead.

You might not want any of the options now, but what if something changes? It will cost you money later.

 

[pacoalcracker]

using a trust IS a no-brainer....dead or alive.

 

[ruger35]

Giving some thought to a can for my 22 and maybe for my 7mm. Buying through a trust seems a no-brainer.

My kids, however, aren't huge shooters so I think towards the future and what responsibilities I would be passing down.

I understand the trust and how I could designate them as trustees and how the trust would outlive me.

After I'm gone, however, the trust remains, right? So, as trustees, they or my wife would have to deal with disposal/transfer of these NFA items.

Even as individual if you were to die you get a free transfer to any eligible individual of age. The ATF doesn't just come and take your suppressor when you die. I have cans both as individuals and in a trust.

 

[Jpsmith1]

Trust avoids probate. If an individual owns it, the ATF has required probate so someone with legal authority can transfer it.

Either you name a trustee as the one with authority before you die or a court does after you die.

While you are alive in a trust, you can let friends and others use NFA items. And, you can change trustees and beneficiaries if you want to give it to someone else when you die.

Basically, a trust gives you lots of options while you are alive or when dead.

You might not want any of the options now, but what if something changes? It will cost you money later.

The trust part is a no-brainer as far as I'm concerned.

I will need to have spme conversations with them

 

[hereinaz]

The trust part is a no-brainer as far as I'm concerned.

I will need to have spme conversations with them

If they won’t keep them after you die, the Trust makes it way easier for them to sell/transfer to an FFL. Also avoids the cost of probate which can be thousands of dollars.

That is why they want a trust.

 

[dreadi]

Friends and family with an NFA items(s) have died and their items that were not in a trust have not been involved in probate. All that was required of them of was a Form 5 with substantiating documents.

 

[hereinaz]

Friends and family with an NFA items(s) have died and their items that were not in a trust have not been involved in probate. All that was required of them of was a Form 5 with substantiating documents.

While it may happen, a trust is the only surefire way to always avoid probate, which is governed by state law.

Whether a probate is required depends on the state probate law and situation of the dead person. The ATF requires that the decedent follow the state laws whether a probate is needed. See Section 9.5.3 Distribution of estate firearms.

https://www.atf.gov/firearms/docs/undefined/atf-national-firearms-act-handbook-chapter-9/download

Of course, the situation can also arise that some ATF agent requires the probate, even though state law doesn't require it. That happened to one of my clients...

 

[Jpsmith1]

If they won’t keep them after you die, the Trust makes it way easier for them to sell/transfer to an FFL. Also avoids the cost of probate which can be thousands of dollars.

That is why they want a trust.

So, legally speaking, I croak. Trust passes to the kids.

They decide they don't want them. They do a little legal paperwork, pass the trust to someone qualified who DOES want them, they're removed from the trust and everyone is happy?

 

[ScreamingPotato]

OP, contact Jim Willi, he's an estate planning attorney and writes the best gun trusts you'll find so he literally specializes in exactly what you're asking. He won't mind spending time on the phone explaining it, he insisted on talking to me on the phone before he'd write my trust as well.

 

[Jpsmith1]

OP, contact Jim Willi, he's an estate planning attorney and writes the best gun trusts you'll find so he literally specializes in exactly what you're asking. He won't mind spending time on the phone explaining it, he insisted on talking to me on the phone before he'd write my trust as well.

At present, I'm still in the "thinking about this" phase.

A suppressor or two is a significant investment so I have to work that into budget planning because I haven't been invited to work for the cartel erryone else works for

 

[hereinaz]

So, legally speaking, I croak. Trust passes to the kids.

They decide they don't want them. They do a little legal paperwork, pass the trust to someone qualified who DOES want them, they're removed from the trust and everyone is happy?

The rule is: the successor trustee has full control after the initial trustee dies.

OP, contact Jim Willi, he's an estate planning attorney and writes the best gun trusts you'll find so he literally specializes in exactly what you're asking. He won't mind spending time on the phone explaining it, he insisted on talking to me on the phone before he'd write my trust as well.

Not sure if he is in the same state, but attorneys have to be licensed in the state they are practicing and trusts are state specific creatures…

I could do a trust for AZ clients cause my trust follows AZ law and quotes AZ law. No way I know the law for all 50 states, even though the vast majority follow to some degree the Uniform Probate Code. Even fewer follow the Uniform Trust Code.

I have to be careful, I am not giving legal advice here, nothing I have said is specific to the situation. I have given the general rules.

Consult your own attorney.

 

[ScreamingPotato]

The rule is: the successor trustee has full control after the initial trustee dies.


Not sure if he is in the same state, but attorneys have to be licensed in the state they are practicing and trusts are state specific creatures…

I could do a trust for AZ clients cause my trust follows AZ law and quotes AZ law. No way I know the law for all 50 states, even though the vast majority follow to some degree the Uniform Probate Code. Even fewer follow the Uniform Trust Code.

I have to be careful, I am not giving legal advice here, nothing I have said is specific to the situation. I have given the general rules.

Consult your own attorney.

Good points and we appreciate the input from a professional for sure. That's one of the reasons why I think it's a good idea that he call Jim Willi since he'd be able to give legal advice directly based on his situation and do so for free. For his trusts, I believe he wrote a trust for a 3rd party (gun trust guru) that's billed as a 50 state legal deal but I don't know if his custom trusts are or what's involved with them that they can claim it's 50 state legal or if he's licensed to do that in other states. He'd clear that up on the phone though if so.

 

[Robobiss]

At present, I'm still in the "thinking about this" phase.

A suppressor or two is a significant investment so I have to work that into budget planning because I haven't been invited to work for the cartel erryone else works for

Have any guns you hardly use anymore and are thinking “I would like to get rid of it and get something else but don’t feel like dealing with the PITA of selling”?

I just got another can Monday, traded an old savage 223 bolt gun and a 20 gauge SxS that I hated for it. All I paid was the tax stamp.

Most guys that have been into this stuff for a while probably have a gun or two that they either bought when they were young and I’ll informed or just fell out of love with.

A suppressor is 10x as valuable to me as the old junk in the back of the safe that I “*might* use for _____ someday”

I know, I know, always buy, never sell. To me it was 100% worth it and worth not dealing with the hassle of selling something that wasn’t necessarily a hot item.

 

[hereinaz]

Have any guns you hardly use anymore and are thinking “I would like to get rid of it and get something else but don’t feel like dealing with the PITA of selling”?

I just got another can Monday, traded an old savage 223 bolt gun and a 20 gauge SxS that I hated for it. All I paid was the tax stamp.

Most guys that have been into this stuff for a while probably have a gun or two that they either bought when they were young and I’ll informed or just fell out of love with.

A suppressor is 10x as valuable to me as the old junk in the back of the safe that I “*might* use for _____ someday”

I know, I know, always buy, never sell. To me it was 100% worth it and worth not dealing with the hassle of selling something that wasn’t necessarily a hot item.

This.

I went with the volume method of gun ownership. But then, I realized I had a bunch of basic guns/calibers that I didn’t shoot much, with ammo, scopes, etc. Also had other stuff like binos and packs and things…

I sold them off once I got a very good rifle I like to shoot and then realized I could sell the lots of stuff and make replacements.

I love my two bolt action rifles that I have now with amazing scopes, and now suppressors.

I did the same with my AR-15 and upgraded, with qd brakes for a suppressor.

It’s 100% worth it. Almost no one ever says, “I wish I would have waited longer to buy the suppressor.”