IIRC, if they are specifically willed to a person other than a legal heir they can also transfer to that person tax free on a form 5.They can be transferred to an eligible heir tax-free on a Form 5. Otherwise, they have to be sold on a Form 4 or destroyed.
This is correct. However I have a NFA trust that names my wife in it and our training business so that it is transferred to her when I die. Still a form 5 I believe but it will be able to remain in her custody until the form5 comes back is what I took as being the main reason to do a trust from talking to the lawyer who did mine.They can be transferred to an eligible heir tax-free on a Form 5. Otherwise, they have to be sold on a Form 4 or destroyed.
That is true also but I think that person if not family has to pay an inheritence tax on it.IIRC, if they are specifically willed to a person other than a legal heir they can also transfer to that person tax free on a form 5.
This is where the "IIRC" part comes in though. That may only be true if you don't have any living heirs. I'm not positive, I don't think it matters, but wanted to included it just in case.
This is correct. However I have a NFA trust that names my wife in it and our training business so that it is transferred to her when I die. Still a form 5 I believe but it will be able to remain in her custody until the form5 comes back is what I took as being the main reason to do a trust from talking to the lawyer who did mine.
I was curious about the same thing as of today.
Yes, 18+ is ok for all Title II stuff. You just can't purchase through a dealer/manufacturer, it would have to be made (form 1) or bought from an individual in-state (form 4). So yes, it can be willed to any person age 18 residing in the same state. Not sure how it would work being out of state, I'm pretty sure that would have to go through a dealer, and they would then have to be 21. Although, maybe it could be transferred on a form 5 across state lines. I'm not sure how, if any, the form 5 varies from the form 4 except form 5 is tax free.Can a class 3 be willed to an 18 year old?
They can be transferred to an eligible heir tax-free on a Form 5. Otherwise, they have to be sold on a Form 4 or destroyed.
They can be transferred to an eligible heir tax-free on a Form 5. Otherwise, they have to be sold on a Form 4 or destroyed.
I didnt think I had to with having a trust but then I heard that she would have to form 5 it. I just read after I posted that and you are right. She wont have to form 5 unless she wants it in her name only then. Thanks for the clarification. Ive had these for years and never worried about it.
How would it Form 5 out of a trust? If the trust is the owner, any subsequent transfer to any other individual, heir of yours or not, would be taxable.
IIRC, I could be wrong, but I believe a couple years ago, ATF said that a named beneficiary of a revocable living trust (means the grantor must be living, and upon his/her death the assets are distributed to the beneficiaries) can receive a Title II firearm tax free on a Form 5 just as if it were coming from the individual that died.+1, I don't think a death would matter if it is owned by a trust, it would transfer on a taxable Form.