This subject was touched upon some years ago, but I am still a little unclear about something. So you leave your Thompson to your next of kin, but they live at different residence from yours, possibly out of state. Who holds the gun, while waiting for the transfer? Is this the job of an executor. Does the executor require special forms or papers to do this?
Inheritance
Started by
Sgt
, Apr 04 2005 05:20 PM
7 replies to this topic
#1
Sgt
-
- Board Benefactor
-
- 2047 posts
Long Time RKI Member
- Gender:Male
- Location:Eastern TN
- Interests:Militaria, Chess, Tools, Sherlock Holmes, Printmaking, UFOs, Ghosts, Electronics, Comic Books, Long walks in the rain, with my Savage 1928a1. (just kidding on the last one; it doesn't have to be raining) -- Ralph
Posted 04 April 2005 - 05:20 PM
#2
TNKen
-
- Regular Group
-
- 374 posts
Regular Member
- Location:Bristol, TN
- Interests:Firearms, machine guns, defensive handgun competition, snow skiing and ski patrol, my children
Posted 04 April 2005 - 07:52 PM
Depends. If you have a will, and designate an executor, the executor "holds" the estate and executes the transfer papers. If you do not have a will, someone (usually a relative) qualifies to administer your estate, called an "administrator", and performs the same function. If you have a will, then there are beneficiaries, if no will (or intestate) then it goes as per state law designates.
It is my understanding that the transfer is tax exempt if it goes to a beneficiary under your will, or per the terms of intesetate succession. Otherwise, it will be taxed as a sale out of your estate.
Ken
It is my understanding that the transfer is tax exempt if it goes to a beneficiary under your will, or per the terms of intesetate succession. Otherwise, it will be taxed as a sale out of your estate.
Ken
Edited by TNKen, 04 April 2005 - 07:53 PM.
#3
philasteen
-
- Board Donor
-
- 1118 posts
Long Time RKI Member
Posted 04 April 2005 - 09:37 PM
Isn't interstate bequeath of guns to lawful heir an exception to the normal ship-to-FFL-only rules?
#4
Grey Crow
-
- Board Donor
-
- 1077 posts
RKI Member
- Location:North Central Pennsylvania
- Interests:Thompson Submachine guns, computers, reptiles.
Posted 04 April 2005 - 10:41 PM
Sgt.,
I'll hold them for the next of kin.
"Damndest thing happened, while at the range I dropped them and lost them. We hunted for weeks, even used metal detectors and nothing"
I'll hold them for the next of kin.
"Damndest thing happened, while at the range I dropped them and lost them. We hunted for weeks, even used metal detectors and nothing"
#5
Sgt
-
- Board Benefactor
-
- 2047 posts
Long Time RKI Member
- Gender:Male
- Location:Eastern TN
- Interests:Militaria, Chess, Tools, Sherlock Holmes, Printmaking, UFOs, Ghosts, Electronics, Comic Books, Long walks in the rain, with my Savage 1928a1. (just kidding on the last one; it doesn't have to be raining) -- Ralph
Posted 05 April 2005 - 07:36 AM
Grew Crow--
Just for that, I'm cutting your out of my will.
Just for that, I'm cutting your out of my will.
#6
full auto 45
-
- Board Benefactor
-
- 4965 posts
Respected Member
- Gender:Male
- Location:Looking over your shoulder right now
- Interests:Thompson's, Any Machinegun, Harley's and scuba diving. In that order.
Posted 05 April 2005 - 07:38 AM
I'm taking mine with me. To many money loving greedy bastards out there. NOBODY is in it for the fun any more!
#7
Sgt
-
- Board Benefactor
-
- 2047 posts
Long Time RKI Member
- Gender:Male
- Location:Eastern TN
- Interests:Militaria, Chess, Tools, Sherlock Holmes, Printmaking, UFOs, Ghosts, Electronics, Comic Books, Long walks in the rain, with my Savage 1928a1. (just kidding on the last one; it doesn't have to be raining) -- Ralph
Posted 05 April 2005 - 08:40 PM
Good point, Mike. I guess someone's gonna get it anyhow, so it might as well be someone you like.
#8
JimFromFL
-
- Regular Group
-
- 1968 posts
Long Time RKI Member
- Gender:Male
- Location:Florida
Posted 05 April 2005 - 10:01 PM
| QUOTE (full auto 45 @ Apr 5 2005, 07:38 AM) |
| I'm taking mine with me. To many money loving greedy bastards out there. NOBODY is in it for the fun any more! |
I concur. In fact, it will be locked and loaded with the 100 round drum with other 50 round drums and plenty of 30 round mags loaded to help me get through the afterlife.
