I am sorry if this has already been asked and answered here.

The first several NFA items I purchased were done as an individual. I then established a trust and the last couple of items I purchased are registered to the trust.

My question is this. Can I just add individual owned NFA items to the Schedule A of my trust and now they are in the trust and can be handled by anyone I name in the trust, or do I have to pay $200 per item to transfer it from me to the trust?

Have to pay the transfer fee.
You’re moving it between 2 distinct legal entities.
It doesn’t matter if it’s actually the same person at all.

Yup, NEW Tax Stamps for EVERYTHING you want to transfer!

There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

Great. Thank you. My wife and I have an appointment with an attorney tomorrow to create a will for us so I will bring this up. Would it be any benefit to also do this with my non-NFA guns? Can I add non-NFA items to my trust now and is there any benefit to do it?

quote:

Originally posted by StorminNormin:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

Great. Thank you. My wife and I have an appointment with an attorney tomorrow to create a will for us so I will bring this up. Would it be any benefit to also do this with my non-NFA guns? Can I add non-NFA items to my trust now and is there any benefit to do it?

As for the non-NFA guns on your Trust, as I understand it yes, as it will keep them out of Probate. They would be automatically transferred to the benefactor and not listed in Probate.

ARman

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

I’m not so sure about this.

quote:

Originally posted by ARman:

quote:

Originally posted by StorminNormin:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

Great. Thank you. My wife and I have an appointment with an attorney tomorrow to create a will for us so I will bring this up. Would it be any benefit to also do this with my non-NFA guns? Can I add non-NFA items to my trust now and is there any benefit to do it?

As for the non-NFA guns on your Trust, as I understand it yes, as it will keep them out of Probate. They would be automatically transferred to the benefactor and not listed in Probate.

ARman

Not so sure about this either. Do you really want to send a list of all of the guns you own to the government?

First, it should be noted that any/all 'Individually Owned' NFA Firearms transfer 'Tax Free' to Heirs/Beneficiaries designated in a Will on BATF Form 5 (5320.5). It just takes a little longer than if they were in at Trust.

Second, you can have as many Trusts as you want, so multiple Trusts could could be used to segregate different property categories...

NFA Firearms Trust, Non-NFA Firearms Trust, 'Cool Stuff' Trust, etc.

Third, assuming your Trust is properly constructed/written (allows for such modifications), your existing trust could have multiple 'Property Schedules' to segregate various categories of Trust Property...

Schedule A: NFA Firearms
Schedule B: Non-NFA Firearms
Schedule C: Other Property / 'Cool Stuff'

Sooo, if you want to have all your Firearms in a Trust in the event Firearm Transfers become 'burdensome' in your state/locality, you can use a Trust to ensure that your all of Firearms go to and/or can be used by your Heirs/Beneficiaries as you intend. Though there's no way around the BATF having a list of all of your NFA Firearms, you DO NOT need to send a list of all your Non-NFA Firearms to the .gov just because you want them to be part of a Trust.

quote:

Originally posted by ruger357:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

I’m not so sure about this.

I am.

I'm helping the widow of my best friend do this very thing.

The attorney who drafted his Will and Trust set it up this way.

quote:

Originally posted by ruger357:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

I’m not so sure about this.

legal heirs can transfer NFA items to themselves on a Form 5,

it is tax exempt,

quote:

Originally posted by StorminNormin:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

Great. Thank you. My wife and I have an appointment with an attorney tomorrow to create a will for us so I will bring this up. Would it be any benefit to also do this with my non-NFA guns? Can I add non-NFA items to my trust now and is there any benefit to do it?

The attorney we met with was not versed on NFA items, but he wrote into the will for the the specific individually owned items to be given to my trust upon my death. It is only three items so I will try to pay the $200 and transfer them over time to my trust.

quote:

Originally posted by lyman:

quote:

Originally posted by ruger357:

quote:

Originally posted by Sig2340:
There is one way around paying the $200 tax to move NFA-taxed firearms from individual ownership into a trust.

Make a specific bequest in your Will naming the Trust as the beneficiary for your individually-owned NFA-taxed firearms. If you do this, upon your demise, it becomes a tax-free transfer. Mind you, you'll be dead, but it solves the $200 problem.

I’m not so sure about this.

legal heirs can transfer NFA items to themselves on a Form 5,

it is tax exempt,

I told my wife about the Form 5 and from a quick glance of it, it seems the items can be transferred to my trust tax free with this form upon my death.