Passing On My Thompson
Posted 22 July 2004 - 01:33 PM
Posted 22 July 2004 - 01:44 PM
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.
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/
Posted 22 July 2004 - 01:45 PM
Posted 22 July 2004 - 01:46 PM
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!
Posted 22 July 2004 - 01:56 PM
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.
Posted 22 July 2004 - 03:02 PM
Posted 22 July 2004 - 03:38 PM
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.)
Posted 22 July 2004 - 04:13 PM
Posted 22 July 2004 - 04:30 PM
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 .... ?
Posted 24 July 2004 - 02:53 AM