Outstanding series, loaded with information that people are probably not aware of. I'm a recent CCW holder (May 2014), & in my opinion, this series should be added as part of that training or any of the advanced firearms training courses. The reason being, it would cover a vast area of the gun community, in an efficient manner.
This is a great series ! I just need a clarification, so basically no one should be solely a beneficiary right ? (Due to the fact that a beneficiary should not be in possesion of an NFA item without a trustee present). It would make sense to have a beneficiary also be a trustee so they could actually take possesion the NFA item once the grantor dies, correct? Maybe this is too much of a legal question to ask ;)
+Christopher Walken how many beneficiaries is up to you but having one and a back up would be a good idea. I know several people have people in the trust serving multiple roles.
I just want to make sure I understand this point correctly... A trustee can keep and store the nfa item for any amount of time as long as they're listed as a trustee on the trust? I'm sure that sounds like a stupid question to some, but I'm trying to get my facts straight about this stuff. It gets somewhat confusing to me at times and I want to really understand all of it because I want to get a trust set up for me and my dad. If anyone ends up seeing and answering this, thanks for your help.
Also, I couldn't find any attorneys that specialize in firearm related issues in my area. Would you recommend discussing and getting one drafted over the phone with someone, or find the closest one to me and travel to them if they're willing to meet? If you could give your opinion on that I won't ask anything else. Thanks for your help and your videos.
If the settlor passes and the trust directs the assets to move into a beneficiary's trust, is that considered a transfer (requiring another $200 tax per NFA item)?
If you were married you might think differently. If you live by yourself then not a big deal. If you have a room mate or a spouse, the NFA item must be inaccessible if you are not there. (ie, in a safe). That would be considered a pia to me.
Outstanding series, loaded with information that people are probably not aware of. I'm a recent CCW holder (May 2014), & in my opinion, this series should be added as part of that training or any of the advanced firearms training courses. The reason being, it would cover a vast area of the gun community, in an efficient manner.
AMAZING SERIES !!! WELL DONE !!!
Thanks!
Excellent series, thank you both for taking the time to shine light on this topic for us.
Thank you for doing this series. Trusts are confusing and this answered ALL my questions.
+dosenga24 awesome, glad this helped! Thanks for watching
Thank you so much for these videos they have answered most of my questions! Now to find an attorney.
Great videos, I wish I could find a lawyer like him in Oklahoma.
What is the cost of creating a trust? Please give a range.
This is a great series ! I just need a clarification, so basically no one should be solely a beneficiary right ? (Due to the fact that a beneficiary should not be in possesion of an NFA item without a trustee present). It would make sense to have a beneficiary also be a trustee so they could actually take possesion the NFA item once the grantor dies, correct? Maybe this is too much of a legal question to ask ;)
+Christopher Walken how many beneficiaries is up to you but having one and a back up would be a good idea. I know several people have people in the trust serving multiple roles.
I just want to make sure I understand this point correctly... A trustee can keep and store the nfa item for any amount of time as long as they're listed as a trustee on the trust?
I'm sure that sounds like a stupid question to some, but I'm trying to get my facts straight about this stuff. It gets somewhat confusing to me at times and I want to really understand all of it because I want to get a trust set up for me and my dad.
If anyone ends up seeing and answering this, thanks for your help.
Depending on your trust yes. It would be best to consult with your lawyer who drafts the trust.
Thank you for your reply. I really appreciate it.
Also, I couldn't find any attorneys that specialize in firearm related issues in my area. Would you recommend discussing and getting one drafted over the phone with someone, or find the closest one to me and travel to them if they're willing to meet?
If you could give your opinion on that I won't ask anything else. Thanks for your help and your videos.
If the settlor passes and the trust directs the assets to move into a beneficiary's trust, is that considered a transfer (requiring another $200 tax per NFA item)?
It depends on your trust but it could be a tax free transfer on a form 5
First :)
A trust seems like a big pia. Definitely nothing that will benefit me or worth pursuing
If you were married you might think differently. If you live by yourself then not a big deal. If you have a room mate or a spouse, the NFA item must be inaccessible if you are not there. (ie, in a safe). That would be considered a pia to me.