Re: I got my AAC with signature. Can I swap to a trust
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Strykervet</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Surgeon-Shooter</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: springer01</div><div class="ubbcode-body">Can but it will cost you another $200. </div></div>
That's fine if my kids can have it after I'm gone. Whats the average cost of the lawyer fees? </div></div>
Mine cost $500, but mine is an "upgrade"? Basic ones go for $250. Some real ballsy, ignorant, stupid or really smart individuals on here swear by DIY trusts, but I'd shy away from this. Make sure to get one from a property lawyer well versed in NFA law (call and ask first!). My lawyer ended up being a veteran and a gun nut with an extensive collection, I have the same trust he has, so you know he read into it! Mine has my wife as a co-executor (she can buy and sell stuff as she pleases --without my consent). My friend, he gets it all if we both go. But as a beneficiary, he has to form his own trust and then have all that stuff transferred into his trust to take receipt of them, pay taxes while a dealer holds onto them, etc. Your kid will have to do this too, and pay taxes for all the NFA shit in the trust, unless you name him a co-executor. But that basically makes it his trust right here and now. He will have the full authority to make sales and purchases through the trust just like you. When you die, he just becomes THE executor, nothing else changes (I bet you may get the paperwork updated at the lawyer, but no REAL changes).
That trust does a lot more than just make it easy to buy NFA items. It really covers your ass: say you loan your can to a felon at the range and he gets caught with it, covered, left can in car with wife and she gets pulled over, covered, you become temporarily incapacitated for whatever reason, covered (they go stay with your beneficiary).
There is a guy on here that has several suppressors, just got his trust, and now is going through the hassle and over a thousand dollars in taxes to do what you are doing for one. So yeah, it is worth it, and were I you, I'd do it before getting any more items.
Truth be told, I consider my trust to be one of my most important arms related purchases, and the one that is the "best bang for the buck" by far. Knowing what I know now, I'd get a trust even if I weren't going to use it for NFA. It does so much more once you read into it.
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Heirs get transfers on a tax free form 5. That goes for trust or individual. Dealers can't just hold onto NFA stuff either. Anything transferred to a dealer would have to be done on a form 4.
