How do I go about setting this up? I have assets that I would like to go to certain family members. I have certain family members I don't want haveing certain assets either. Should I just put it in a trust?. TIA

The easy way is through Legal Zoom, they have a package that includes a revocable living trust, will, health care directive, etc. It's reasonably cheap compared to sitting down with an estate planning attorney.


TS

The problem I'm having is I have some nfa in a trust and some not. I need to figure out how to transfer to my siblings. I want my grandkids to have my stuff. I don't want my adult children getting in a bind and selling it.

I think you need to seek a lawyer

Yes I was planning on that. The thing is what kind of lawyer? That is what I'm looking for. Thanks

a living trust you will designate trustees. I am assuming you are not married. If so typically your surviving spouse will have control over the trust. When such a time the surviving spouse is no longer able to handle the trust. A person designated as the power of attorney will move the trust forward so that the named trustee's will handle the trust.

When you set it up you can either spell out certain asset's be given to certain people. Either trustee's or person's outside the trust. Otherwise the trustee's will make those decisions at their desecration at such a time.

People not designated to participate in the trust will have no benefit from it. Plain and simple. That is unless the trustee's decide to include others in proceeds that they receive.

Do seek out an attorney who specialize's in them. They will point out a lot of things that you have not thought about. Some are extraneous to the trust. But are important to your estate plan.

Depending on the complexities of your situation you can expect to pay somewhere in the neighborhood of $2000-$5000 imho.


The attorney can also help you determine if you need a trust or another estate planning vehicle based on your answers to question they pose to get you into the best estate planning item available.

might be some info in here that helps. I'm in the same boat with some NFA stuff in a trust and others not.


https://silencerco.com/blog/wh...sor-when-youre-gone/

Thank you very much. This is the answer I was looking for. Do you have any recommendations for the state of Oklahoma?

My last attorney cost me 10 thousand dollars. He was on the dole. Killed himself at lake texhoma.

Stole old peoples money. Charlse Barnes a real piece of shit.I would drown that pos myself. He screwed alot of people over.

quote:

Originally posted by dan5689:
Yes I was planning on that. The thing is what kind of lawyer? That is what I'm looking for. Thanks

As far as a living trust (and a pour over will to pickup any assets you failed to retitle and add them to the trust) an estate planning attorney is what you want. Living in a communist state, I have no knowledge of NFA trusts. You may (or may not) find one attorney knowledgeable about both to help you.

Having gone through the process, I’ll suggest that you can save yourself a bit of money by thinking through exactly what you want to go to whom and writing it down. If there is a spouse involved to have input in the decision, even more so. The attorney may not help decide who gets what, but if you’re hashing it out in his (or her) office with him (or her) present, the meter is running.

If you choose to transfer any NFA items to the current trust, you would do it on a Form 4 and there would be an associated $200 transfer tax per item.

As the above link notes, if you have NFA on an individual Form 4, a Form 5 can be used by the executor of your will to tax free transfer the NFA item to a beneficiary over the age of 21.

That is the simple side.

More complex is if you choose a beneficiary that is under 21, the NFA items would first need to go to someone over 21 and then eventually to the beneficiary and the link doesn't detail that process. For all I know, the executor of the will could hold them in legal possession until such time as the beneficiary of the will turned 21 and then transfer, but I don't think that is an efficient path of distribution.

Another path is to designate the current trust to receive the NFA items to be held and disbursed. I've never seen this used as almost 100% of folks with NFA that I worked with from a dealer perspective used a trust to begin with. So, not sure is or how that could work.

In all these scenarios, I would seek the services of an NFA lawyer specifically for the NFA portion of the estate. I know many folks have used these guys: https://nfalawyers.com/ and we have a member here who is affiliated with that link. He has a couple posts in the NFA subforum and in the classifieds. He may e able to guide you.

https://sigforum.com/eve/forums...0601935/m/3130035063

I have seen several trusts turn into absolute disasters because the designated trustee is not "trustworthy" and the money/items did not go where they were supposed to. The trustee selection is extremely important and money sometimes does things to people that you can't even imagine or they are merely insufficiently capable.

quote:

Originally posted by dan5689:
My last attorney cost me 10 thousand dollars. He was on the dole. Killed himself at lake texhoma.

That’s useful.

You’re an idiot if you paid an E&T attorney $10K to do anything short of full on no-holds-barred multi-year probate litigation. Unless you’re uber-wealthy.

And to the OP, looks like you already made the right choice, but for the love of God and your estate, please do NOT use a “document in a box” service like Legal Zoom for what you’re talking about.

-Rob

It sounds like your situation is way too complicated for a " do it yourself " type of Will /Trust . Ask around , somebody will be able to recommend the right person .

We just did new wills here in TX. Will, power of attorney, medical power of attorney, separate paper to show who will deal with our funerals if we both get it in a wreck or something and a living will. All of it was under a grand.

I have some NFA items and I want them passed to my kids -no trust, just simple form 4. so they won’t need to pay another tax stamp, they just inherit it/them.

Lawyer said if I wanted something specific to write a “memorandum “ and leav it with the original will for the executor to do.

I didn’t specifically write my little brother out of the will, but the memo specifically says he gets nothing- he’s the kind of guy who would sell the Rolex and guns for money and blow it....

quote:

Originally posted by MikeinNC:
I didn’t specifically write my little brother out of the will, but the memo specifically says he gets nothing- he’s the kind of guy who would sell the Rolex and guns for money and blow it....

Same thing I did with my big brother and his kids/grandkids and for the same reasons as you.

I just did the Legal Zoom package for Will and Medical Directive. I think it was $147. It comes with a free month of atty. consultation and then that service is a $14/mo subscription thereafter. I canceled that part, but got everything on paper. Now I have to get it witnessed by two non-relatives who are also not beneficiaries. I have a lot of stuff I'd like to go to friends if Mrs. Lee doesn't need the money from selling it. But I just made her in charge of everything in the will. I'll write up a separate document to let her know whom I'd like to see get what IF she doesn't want it or need to sell it.

Is this the guy?


Home Daily News Missing Okla. Lawyer Found Dead in Seeming…
CRIMINAL JUSTICE
Missing Okla. Lawyer Found Dead in Seeming Suicide
BY MARTHA NEIL

SEPTEMBER 24, 2008, 8:23 PM CDT

Share Print.
An Oklahoma probate attorney who has been missing since last week was found dead today not far from his Lake Texoma home.

Charles Barnes, 57, had a single gunshot wound to the head, and appears to have committed suicide, reports a local ABC News affiliate.

He had been charged earlier this month with embezzling from a trust fund, and subsequently filed an application to resign from the Oklahoma bar, reports 7News.

Barnes allegedly repaid the estate the $148,000 it was owed with a forged check—which the bank cashed, Stephens County District Attorney Bret Burns tells 7News.

“What I am concerned about in this community is, is there other money owed to other victims,” the prosecutor tells the station. “We’re starting to get some phone calls from attorneys and different people, estates, divorces, and trusts, saying they’ve had similar problems with Charles Barnes.”

Earlier coverage:

ABAJournal.com: “No Sign of Missing Okla. Attorney Accused of Embezzling”

LINK to story
.

quote:

Originally posted by BurtonRW:

quote:

Originally posted by dan5689:
My last attorney cost me 10 thousand dollars. He was on the dole. Killed himself at lake texhoma.

That’s useful.

You’re an idiot if you paid an E&T attorney $10K to do anything short of full on no-holds-barred multi-year probate litigation. Unless you’re uber-wealthy.

And to the OP, looks like you already made the right choice, but for the love of God and your estate, please do NOT use a “document in a box” service like Legal Zoom for what you’re talking about.

-Rob

Sir, is a “document in a box” service appropriate for a more simple situation? No NFA here... My wife and I have talked about putting something in place to ensure our kids go to who we want them to in case both of us go at the same time. Really, the kids are the only concern. Asset wise we have a house (with mortgage) and nothing special cars and a few guns. Plus assorted life insurance.