when selling a suppressor from a trust to a person in the trust, is there extra paperwork involved?
thnx
when selling a suppressor from a trust to a person in the trust, is there extra paperwork involved?
thnx
I am the grantor and one of the others wants to buy the can
Both in MI, I assume?
Is he wanting to keep it in the trust, or is he wanting to buy it as an individual or move it to his own trust?
EDIT: A bunch of good details on selling a used suppressor here: https://www.silencershop.com/blog/post/sell-silencer
he is in the trust and wants to buy it as an individual (I am afraid if I die my family will want to take it from him)
thnx again
They can't "take it" from him per se, because, if you die, the trust still owns it, but your beneficiaries could most certainly remove him from the trust or sell it to someone else, which means he can no longer posses it. So, yea, if he wants to buy it, he should buy it outright (not leave it in your trust), either individually or form his own trust. Seem like a bunch of hassle for a single suppressor, though.
If you're both in MI, I'm pretty sure one Form 4 (and other applicable accompanying paperwork, e.g., fingerprint cards) will suffice, which means he still has to pay the $200 tax stamp payment and wait the ~11 months. You keep the suppressor and wait for the approval to be sent to you, then you contact the buyer. That said, since it currently belongs to the trust and he's listed as a 'responsible person', he can legally possess it. I would certainly contact an attorney versed in this, though, as I'm no attorney (as some here would/will most certainly advise you).
also be advised, there are some legal issues with removing assets from a trust. As in, you cannot treat trust property as if it is still your property. Once it is in the trust, it, and whatever it may be sold for, still belongs to the trust. Pocketing that money has some strings attached.
Not sure I understand that one. I'm sure one of our resident ambulance chasers will come along and correct me, but assuming you are the settlor of the trust:
Items (and cash) are held in trust, but the settlor(s) *owns* the property in the trust. The settlor is the one(s) who provide the funding for the trust and assigns the property to the trust.
Most gun trusts are revocable living trusts (RLT). It's basically your "will" for your firearms (you can add non-NFA items to your gun trust if you want to). With RLTs, the settlor has the right to amend or revoke the trust during his/her lifetime. A RLT can also be dissolved by the settlor at any time during his/her lifetime. It only becomes irrevocable upon the death of the last settlor, at which time the property of the trust passes on to the beneficiaries. Technically, the contents of the trust belong to the settlor - firearms, cash or otherwise. If the trust is revoked by the settlor, s/he keeps the property.
It’s really a question that should be asked of the attorney that drafted the trust.
Definitely not a question to be answered by a bunch of random forum users.