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Passing On My Thompson


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#1 JDG

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Posted 22 July 2004 - 01:33 PM

I haven't contacted anyone at ATF yet to get this answer as I thought someone here might know. What is the process, if one exists, to insure that my Thompson will go to my wife or son if I die. I hate the idea that my "investment" will go to the feds when I kick the bucket which would leave my wife and son short of several grand or my son the chance to possess his own Thompson. Thanks for any input.
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#2 gijive

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Posted 22 July 2004 - 01:44 PM

JDG,

I'll email you a link to the NFA website that answers all your questions. In essence, the executor of your estate can transfer the firearm (tax free on a Form 5) to an heir, if that person is qualified to receive it. In other words, if he/she resides in s State where it is legal and has no prior criminal background that would prevent ownership. The executor of the will is allowed a "reasonable" time in which to transfer or sell the firearm.

JDG,

I didn't notice that you didn't have an email link on your post. Anyway, here is the link: http://www.atf.gov/pub/nfab/
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#3 Chopper28

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Posted 22 July 2004 - 01:45 PM

Have the gun put in your will and designate who you want to have it. They can then have it transfered without having to pay the 200.00 transfer tax after your demise. It will save them alot of headaches along with the money.
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#4 Ron A

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Posted 22 July 2004 - 01:46 PM

This is a interesting question. I have a friend who was misinformed that ATF would take his thompson upon his death and as a result he sold his gun for far less than it was worth. This person is in poor health.

Before the x-fer was complete I heard about the misinformation, and he was able to reverse the sale. Still has his thompson and has the pleasure of shooting as long as he is able.

Yes the gun can go to a member of your family on a tax free x-fer. Go to the ATF web site and you will find the forms for the X-fer.

If I can't take mine with me - I am not going!
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#5 Brickyard

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Posted 22 July 2004 - 01:56 PM

I hve no real clue and appreciate the post so that perhaps ones who do know will chime in.

I believe that you/I can form 5 the firearm to anyone who is a stated benificiary (sp) in our will TRANSFER TAX free. ATF's only concern would be that the person(s) listed be acceptable via the same background check crap that we all have to deal with. I also believe that we can "pre-position" a signed form 5 prior to our demise and that would probably be a good thing NOT to leave to the exectutor or probate court/judge/thief. (sorry to those in the legal field. It's just a resentment that I have)

The bigger issue which I've not researched at all is the estate/death tax issue and how the guns would be considered in that context. I don't know if they would be considered a gift or not? How much limitation on value? etc.? I've got an unpleasant feeling that the value of the guns is going to exceed the gift limit and that our hereafter's will probably need to liquidate the firearm to cover or escape from some of the tax due?

Again, I've not made call one yet on this subject so all the above is just rank. If anyone has had any actual experience recently and would be comfortable discussing, it would be a good thing for all of us to begin to consider.

Thanks.
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#6 Z3BigDaddy

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Posted 22 July 2004 - 03:02 PM

Hmmmm "If I die"? You know something we don't? You need to make sure your have a will that lays out exactly what you want done with you tsmg, and how, complete with forms, just in case your do die some day.... dry.gif
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#7 Bill in VA

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Posted 22 July 2004 - 03:38 PM

Dad? Dad, is that you? It's me, your long lost son!

Seriously though, like the other posters have said, simply name the beneficiary in your will ( "...and to my dear, long-lost son, Bill, in VA, I bequeath my my beloved Thompson, serial number 12345,..." ) and when the time comes your beneficiary can simply trnasfer it Tax-Free on a Form 5. Your beneficiary will, however, still have to have the fingerprints, photos, and CLEO sign-off (same as a Form 4, just no tax is due.)



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#8 Sgt

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Posted 22 July 2004 - 04:13 PM

Forgive me if this is an ignorant question, and I should be more consiencious about such things. If you pre-position the form 5, do you go ahead and have your beneficiaries go through the transfer process before you die. You keep the Thompson while living, but when you die, all the paperwork is already done and will go direct to the beneficiary. Is that correct?
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#9 Brickyard

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Posted 22 July 2004 - 04:30 PM

Sgt.

No, I'm thinking not. If the F5 is approved then it's no longer your gun. I'd just heard that filling out and signing the F5 up front was kind of an assurance that your wish was to pass in on to the appropriate person. I don't think there's any reason why it had to be a family member either? Some nice lady who always seems to be at the range with you .... ?
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#10 JDG

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Posted 24 July 2004 - 02:53 AM

Thanks for all the input you guys, I feel much better now and will begin the process.
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