Transferring Suppressor from Individual to Trust

[Skyrigger]

I recently had a trust created, yes by an attorney, and I have a suppressor as an individual on a form 4. How do I go about transferring this to my trust?

[smustian]

Probably just add it to your schedule A but why not ask your trust attorney.

[TMD]

Form 4 and another $200 even though it already has a stamp. I have two cans I bought before I went the trust route. After looking into it I decided it wasn't worth the $400 to transfer them both.

[thisguysguns]

Form 4 and another $200 even though it already has a stamp. I have two cans I bought before I went the trust route. After looking into it I decided it wasn't worth the $400 to transfer them both.

^^^THIS^^^

According to the ATF, you are making a TRANSFER from one individual to an entity. All transfers require a Form 4. If it's inherited (like you die and it goes to your kids), they would still have to do the Form 4, but I don't think they need to pay the $200. What I don't know is if it has to go through an SOT dealer to transfer.

[Sithlord]

Form 4 and another $200 even though it already has a stamp. I have two cans I bought before I went the trust route. After looking into it I decided it wasn't worth the $400 to transfer them both.

^^^THIS^^^

According to the ATF, you are making a TRANSFER from one individual to an entity. All transfers require a Form 4. If it's inherited (like you die and it goes to your kids), they would still have to do the Form 4, but I don't think they need to pay the $200. What I don't know is if it has to go through an SOT dealer to transfer.

Correct on the Form 4 and $200 to transfer from an individual (you) to a trust (also you, as a trustee). The item does NOT need to go to a SOT, as you are the legal owner of the item already. This is only one part of the stupidity of the NFA law.

An inheritance (via death) goes on a Form 5, Application for Tax Exempt Transfer. The estate executor holds onto the item in escrow while the form is processed. Not sure what happens in the event that the Form 5 is denied; probably a $200 transfer or destruction of the item.

[Skyrigger]

Thanks to all for the input. I will ask the trust attorney this question as well. I guess the other question is, is it worth the $$$ to pay for another stamp and then it can just go directly to my family vs the Form 5 route.

[ncorry]

Thanks to all for the input. I will ask the trust attorney this question as well. I guess the other question is, is it worth the $$$ to pay for another stamp and then it can just go directly to my family vs the Form 5 route.

If it is owned by an individual, the executor, attorney and likely judge get to talk about it and then, if the will names a specific person to get the item, it transfers from decedent's estate to the named individual on a Form 5 tax free. If owned by a trust, the trustee sends the Form 5 in after the grantor dies.

Either way, a Form 5 tax free.

[plant.one]

Thanks to all for the input. I will ask the trust attorney this question as well. I guess the other question is, is it worth the $$$ to pay for another stamp and then it can just go directly to my family vs the Form 5 route.

If it is owned by an individual, the executor, attorney and likely judge get to talk about it and then, if the will names a specific person to get the item, it transfers from decedent's estate to the named individual on a Form 5 tax free. If owned by a trust, the trustee sends the Form 5 in after the grantor dies.

Either way, a Form 5 tax free.

since when would a trustee have to form5 on the death of the grantor? i can see at the dissolution of the trust that being necessary, but had understood that one of the perks of a trust was such that even at the death of the grantor, the items have not changed posession - the trust still owns them. as long as there are named beneficiary's/trustee's alive nothing has changed, other than the trust is now irrevocable.

[ncorry]

Thanks to all for the input. I will ask the trust attorney this question as well. I guess the other question is, is it worth the $$$ to pay for another stamp and then it can just go directly to my family vs the Form 5 route.

If it is owned by an individual, the executor, attorney and likely judge get to talk about it and then, if the will names a specific person to get the item, it transfers from decedent's estate to the named individual on a Form 5 tax free. If owned by a trust, the trustee sends the Form 5 in after the grantor dies.

Either way, a Form 5 tax free.

since when would a trustee have to form5 on the death of the grantor? i can see at the dissolution of the trust that being necessary, but had understood that one of the perks of a trust was such that even at the death of the grantor, the items have not changed posession - the trust still owns them. as long as there are named beneficiary's/trustee's alive nothing has changed, other than the trust is now irrevocable.

Depends on the trust. Yes, the trust becomes irrevocable upon the grantor's death. Trusts cannot go on forever, and must distribute its assets and terminate at some point - usually the maximum duration is determined pursuant to the terms of the trust itself, but in no event can it be longer than someone named in the trust's lifetime plus 21 years. Generally though, most use the grantor's death as the triggering event, and then the beneficiaries get them. Like a life insurance policy- beneficiaries don't have much at all until the person insured dies; then, the beneficiaries get the policy proceeds.

[TMD]

The great thing about all this is when you're dead it won't be your problem.