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Inheritance


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#1 Sgt

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Posted 04 April 2005 - 05:20 PM

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?
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#2 TNKen

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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

Edited by TNKen, 04 April 2005 - 07:53 PM.

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#3 philasteen

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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?
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#4 Grey Crow

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Posted 04 April 2005 - 10:41 PM

Sgt.,

I'll hold them for the next of kin. tongue.gif

"Damndest thing happened, while at the range I dropped them and lost them. We hunted for weeks, even used metal detectors and nothing" wink.gif ohmy.gif
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#5 Sgt

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Posted 05 April 2005 - 07:36 AM

Grew Crow--
Just for that, I'm cutting your out of my will. biggrin.gif
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#6 full auto 45

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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!
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#7 Sgt

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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.
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#8 JimFromFL

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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.
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