June 12, 2021, 05:42 PM | #1 |
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Join Date: July 14, 2013
Posts: 231
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Trust Questions
I am in South Carolina.
I have found an attorney online that does gun trust for $99. I am assuming it is a generic form fill in trust. I am not an attorney (I am an accountant, so I have seen enough trust/legal stuff to know it is very easy to get in trouble). I know that I want a few things. 1. The ability of my family to use the item. 2. The ability of the item to pass without another tax stamp. I am sure I want other stuff that I don't know I want as well. Any advice? |
June 13, 2021, 07:43 AM | #2 |
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Join Date: October 15, 1998
Location: Sherman, TX USA
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The ability to add or remove trustees...
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June 13, 2021, 11:48 AM | #3 | ||
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Join Date: January 23, 2006
Location: Plano, Texas
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Quote:
If your Form1 or Form 4 was to an individual, you must be there with them while they use it. If the F1 or F4 was to a trust, then any person that meets the definition of Responsible Person can be in lawful possession if named in the trust as an RP. Those persons with the power or authority to direct the management and policies of the trust includes any person who has the capability to exercise such power and possesses, directly or indirectly, the power or authority under any trust instrument, or under State law, to receive, possess, ship, transport, deliver, transfer, or other wise dispose of a firearm for, or on behalf of the trust. Examples of who may be considered a responsible person include settlors/grantors, trustees, partners, members, officers, directors, board members, or owners. An example of who may be excluded from this definition of responsible person is the beneficiary of a trust, if the beneficiary does not have the capability to exercise the enumerated powers or authorities Quote:
If it was registered to an individual, then on your death it can transfer tax free to a beneficiary on a Form 5.
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Need a FFL in Dallas/Plano/Allen/Frisco/McKinney ? Just EMAIL me. $20 transfers ($10 for CHL, active military,police,fire or schoolteachers) Plano, Texas...........the Gun Nut Capitol of Gun Culture, USA https://www.youtube.com/watch?v=pELwCqz2JfE |
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June 13, 2021, 07:10 PM | #4 |
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Join Date: July 14, 2013
Posts: 231
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Then what is the reason for a Trust? Advantages?
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June 13, 2021, 09:39 PM | #5 | |
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Join Date: January 23, 2006
Location: Plano, Texas
Posts: 3,073
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Quote:
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Need a FFL in Dallas/Plano/Allen/Frisco/McKinney ? Just EMAIL me. $20 transfers ($10 for CHL, active military,police,fire or schoolteachers) Plano, Texas...........the Gun Nut Capitol of Gun Culture, USA https://www.youtube.com/watch?v=pELwCqz2JfE |
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