Gun owners are more and more concerned about preserving gun collections for future generations. The threat of increased gun control could create greater difficulties for inheriting firearms, but what about NFA firearms like suppressors? How are they inherited? What’s the best way to help people inherit and keep your NFA firearms?
If you personally own a NFA firearm, like a silencer or a short barrel rifle (SBR), without a trust, then it must be transferred after your death. Currently a transfer upon death requires ATF Form 5320.5 (‘Form 5’). There is no tax payment required for a Form 5 transfer; however, the Form 5 paperwork is time-consuming red tape. Unfortunately, Form 5 transfers are often overlooked.
Just imagine what happens at your death. Your loved ones will be grieving and dealing with a variety of matters: your medical bills, funeral expenses, your pet, your home, your bank accounts, investments, insurance, your car, your survivors, etc.
A Form 5 transfer could easily be delayed or forgotten in those circumstances. It could be possible your loved ones never become aware they need to file a Form 5. They might be unaware of your original tax stamp for your suppressor, SBR, machine gun, etc. Perhaps they’ve never heard of the National Firearms Act or the ATF. They would be safe as long as the executor or legal representative of your estate keeps possession of your NFA firearms, but if those firearms are given to anyone else, it could be an illegal transfer and a felony.
Obviously the inheritance of NFA firearms creates serious risks, but they can easily be eliminated by using Gun Trust USA™.
Subject to state law, the NFA gun trust you create using Gun Trust USA™ can continue beyond your lifetime. Thus your successors could keep your trust with its original tax stamps for the NFA firearms registered to that trust. This means your successors and beneficiaries could be grandfathered by your trust. No Form 5 transfer would be required. Your successor trustee and others named in your trust could have legal possession of your trust’s NFA firearms. Also, the Gun Trust USA™ user’s guide would help your successors understand how to handle and inherit your firearms safely and legally.
If your trust ever terminates in the future, there’s still good news. A trust provides the only legal way for your beneficiaries to inherit your gun collection without going through the probate court system. Avoiding the court system means avoiding the bureaucracy, legal fees, and a public record.
If you or your successors ever have any questions or needed clarification, you can take advantage of the Gun Trust USA™ ‘Ask a Lawyer’ program. We can provide access to an attorney for a discounted consultation. Gun Trust USA™ is the only service of its kind enabling you to create your own NFA gun trust quickly and affordably with the added benefit of discounted access to a legal professional if/when you need help.
As gun laws change, estate planning for your gun collection will become more important. Get off to the right start by using Gun Trust USA™ to protect your successors. Create your NFA gun trust documents now using Gun Trust USA(tm) for as little as $99.95. Your documents will be ready to sign and use in minutes.