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Passing It On


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#1 Greg

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Posted 07 November 2003 - 11:22 AM

dry.gif hey guys'!!!

I thought I read something about this in the old posts, but I could'nt find it and I cant remember the details. What are the legal issues for passing on my TSG in a inheritance issue. Does the ATF/Fed's have a special rule or is it just up to me to be specific in the "old will" deal.
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#2 Brickyard

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Posted 07 November 2003 - 01:14 PM

Greg, greetings.

I AM NOT the sage here but I believe it's a form 5 (non-tax) issue. I've been told that one can actually complete the form prior to one's demise and have it all ready to process along with the other neecssities at the appropriate time. I'd check the ATF web site or Bower's boards under Danbrew's forms. There may be a better answer than mine. Good luck.

CJR
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#3 Nick Iannamico

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Posted 07 November 2003 - 02:23 PM

Ya here that Frank? Gather up all that stuff and the paper work!! Ahhh I can here that Corvette purrrrrrrrring already!
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#4 Sig

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Posted 07 November 2003 - 08:10 PM

Nick
I guess you have way TOO much time on your hands!
that's good.
Michael aka Sig
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#5 Bill in VA

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Posted 08 November 2003 - 10:09 AM

An Heir can receive a macghinegun via Form 5 (tax-free transfer) but will still need the fingerprints, photos, and CLEO sign-off (and will still have to wait for the approved paperwork before taking possession of the gun.) I honsetly don't know if the BATF will allow you to sign the Form 5, but I can't see why they wouldn't. Still, they're an odd bunch who generally defy logic. I do know, however, that unless the recipient is a direct heir (descendant/blood relative...i.e., wife/son/daughter/etc...) they prefer something in writing from the deceased that names the heir (i.e., put his name in your will.) Also, the BATF will allow the executor of the estate to sign the Form 5 if the decedant didn't. Bottom line, I'd say draw up will, name your heirs and what you wish to leave them, and name an executor. Get your ducks in a row a head of time so if the BATF has any problems you can head 'em off at the pass.
My .02
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#6 Greg

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Posted 10 November 2003 - 02:09 PM

Thanks Bill,
Just trying to stay ahead of the game!!!!!
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