I know I've read that I could name my son as a benefactor of one of my suppressors in a will or trust which would exclude him from the $200 stamp upon my death (still have to go through the application and waiting period). Anyone know if I could 'early inherit' him one of my cans without the stamp fee?
Don't know specifically about that, but have you looked into a "revocable trust"? I may be wrong, I've only done some preliminary investigation, but anybody that's named in the trust can be in possession of the item. There's a guy in FL that specialized in trusts for Class III items, but it's $600.00 a pop for the trust paperwork, yeeouch.
Name you son as a trustee and he can keep them, trade them, sell them, and still be the benefactor. Every member of my group is a trustee and can buy and transfer items to and from the trust, including myself (I am the benefactor).
Actually, thinking about this some more, in order to put the suppressor into the trust, it would require another $200.00 tax stamp. This would move it from "personal" ownership to the trust ownership. Not sure if your willing to pay another $200 or not.
Mine are owned personally and not in a trust. I know that he can have them for no additional fees upon my death but am not sure if I can exercise that option sooner.
From what I have read you can move them into a trust and have anyone in that trust possess them, but have to pay the $200 for each to get them into it. Option number 2 does not sound to good.
MM, I have not heard that it's "each member of the trust" that pays $200, but the trust itself pays the $200. I may be wrong, but when I was looking into for a suppressor for myself that s what I found out.
I believe you cannot. I believe that absent you croaking, anything you give away is a gift, therefore the tax would be applied. Probably the trust is the best option.
If you had a trust and funded the trust with the comapny that owne the suppressor, place D as the trustee.....
The way I understand it, as long as you are alive, you gotta pay the transfer tax. Once you are deceased, whether you hold it individually or in a trust, it can transfer tax-free.
Has anyone created a trust specifically for a suppressor or SBR? Also, can you have multiple trusts? I am planning to get an SBR with a suppressor but was hoping to not have to eat the $600 lawyer fee. Is the lawyer way the only sure way to do it?
I have not done it personally, but I know of a few people that did. They used "quicken will maker" or something like it. I have only heard, no first hand account, that some of the "pre-packaged" trust making programs are full of holes and may not be valid. Even though the ATF may initially sign off on your trust, they could always go back and rule it invalid. On something this important, $600.00 may be cheap in the long run. Also, you can have multiple items in the trust, so no need for multiple trusts.
