Estate planning: firearms, NFA stamps, leaving chores to others.

[hollowoutadime]

Over the years I've collected a number of firearms. While I can supply the kids with handguns and ammo, I'm left with items like AI rifles, suppressors, and perhaps some F/A NFA stuff I think might not be wanted and/or difficult to handle. Not to mention all the reloading stuff.

I've put my financial plans pretty much in place, but am at a stumbling block here.

Before you say "send it to me", I want to shoot it more.

What say those with better plans?

 

[diverdon]

Over the years I've collected a number of firearms. While I can supply the kids with handguns and ammo, I'm left with items like AI rifles, suppressors, and perhaps some F/A NFA stuff I think might not be wanted and/or difficult to handle. Not to mention all the reloading stuff.

I've put my financial plans pretty much in place, but am at a stumbling block here.

Before you say "send it to me", I want to shoot it more.

What say those with better plans?

Last year I thought I had a great plan. I told my wife that she should give each kid what ever they wanted, then sign into my Snipers Hide account, tell you guys whatever happened to me then provide a list of whatever She wanted to sell. But she is not going to buy a membership to sell a few things, so I had to reconsider that plan.

Now I have a far better plan. I'm just not going to die, then she won't be stuck with the problem.

Seriously though estate sales are totally FUBAR. My cousin bought a pre 64 model 70 with a Zeiss optic from an executor for $100, because... he had to get rid of it before someone stole it.

 

[redneckbmxer24]

Send it to me when you’re done shooting it?

 

[Average guy]

Sit down with a professional who specializes in estate planning. There’s quite a bit that we never think of. I’m currently helping my parents with this and I have learned quite a bit. Definitely worth sitting down with someone.

 

[redneckbmxer24]

In all seriousness, having a good broker lined up to deal with selling off those assets is probably your best bet and I’ve it written in your will how to distribute the proceeds from the sale.

 

[W54/XM-388]

Last year I thought I had a great plan. I told my wife that she should give each kid what ever they wanted, then sign into my Snipers Hide account, tell you guys whatever happened to me then provide a list of whatever She wanted to sell. But she is not going to buy a membership to sell a few things, so I had to reconsider that plan.

Not trying to be unpleasant, but that sounds like seriously flawed logic there.
So you don't want to pay $20 to maybe at most $60 in order to get probably at least 10x more than those fees in extra money selling it on SH where it would probably go for a premium that would easily make up for the tiny fees, and unlike GB and putting them up for sale locally at a gun store, SH doesn't take a percentage of the sales.

Especially things like accessories will go for a lot more here than elsewhere.

It just seems like a lot of folks have no clue how to calculate cost / benefit, even when the numbers for cost is tiny as to be essentially negligible.

 

[Bullfrog08]

Our NFA trust takes care of this exact same issue. I think it cost us $500 to have drafted.

 

[NoDopes]

Once Biden is done.. you won't have to worry about any of this stuff... Stop worrying.

On the other hand.. perhaps somebody should setup one of those Ebay like stores... they sell/handle it for you on commission.

 

[Blutroop]

If this ship don’t change directions you should have a boating accident to finish off paperwork then sneak into your country as Pablo. Pablo gets paid to be here.

 

[Namekagon]

My grandfather had a pretty cool gun collection. Not a ton of pieces, but what he had was nice. For awhile he owned a sport shop, so if something unique came through the door he would snatch it up. He sold most of it off before he died because he was worried that my grandma would get swindled after he was gone by not knowing what those guns were worth.

About 25 years after he passed (I was 8 when he died) many of us at deer camp got to talking about all those guns he sold, wishing we had them still as heirlooms to hand down. The discussion was started because my most prized possession I own is my deer rifle, which was one of a small handful of guns grandpa still owned when he died. It sat in a glass gun case for three years after his death, and I asked my grandma if I could buy it when I turned 11. She gave it to me, and I have cherished it ever since. Eventually, I also inherited all grandpa's reloading gear. I use his RCBS press and powder measure to this day and love that I get to do that.

I had previously heard my father say multiple times that we wished he could get gramps 22-250 back, as it was the rifle Dad first hunted with. It was a browning high power with gold inlay on the floor plate and a super light pencil barrel.

With a pile of luck, I was actually able to track that rifle down, thankfully because I discovered grandpa sold it to a cousin who was a collector. My uncle and I bought it back from him to give to Dad as a gift. But many others are gone forever.

Grandpa was worried about grandma not getting the full value of his guns after he was gone, but he underestimated the value they had to his grandchildren, many of whom at the time weren't born yet. Make sure to save some heirlooms for those who might cherish them 25 years from now.

Edit to add: Grandpa was a long range shooter himself. Was very well known in a small town as being a crack shot. Owned the first telescopic sight in the county, and became a legend doing things like shooting crows cold bore at 400 yards to impress buddies in the early 50's. If he saw what I was doing at PRS matches with ammo made on his press, and using his shell trays, lub pad, powder measure, etc, his mind would explode! That's a conversation I can't wait to have someday!!

 

[TXAZ]

Mine is simple- the NFA items go to my son in law the NFA gun guy then the kids can negotiate with each other on the estate overall.

 

[Odindad]

98% of us will die at some point in our lives.

 

[JimTN]

98% of us will die at some point in our lives.

That 2% must be all the single guys right?????

 

[Deputy Dan]

My plan? Only one of mine is in any government database, so it’s really the only one that “might” need a paper trail to go along with it. No NFA items yet to worry about but my plan there is a Trust, so not likely an issue. Not enough at this stage to worry about itemizing anything in a Will. I’ll likely do what my mom did with her jewelry - a note in the safe that simply says here’s how they’re to be divided up. Based on my experience with my mom’s stuff that’s best backed up with a conversation with everybody that might think they should get something! In any case, once they have it, it's theirs to do with what they want.

 

[eca7891]

As someone mentioned. Trust.

NFA trust and depending on your net worth a traditional trust.

I am looking to put everything from here on out in a trust of some type.

 

[hlee]

Just remember that NFA items transfer on a form 5- tax free- when you die. It's a lot less hassle than you think...

 

[HeavyAssault]

Spend the money on a trust.....

 

[Jscb1b]

That 2% must be all the single guys right?????

Piglosy.

 

[Electric B]

No kids
I told my wife to throw the suppressors in the coffin with me.
Make sure it’s locked…..lol

 

[34SF]

I wrote our trust whose executor is a gun guy also. In addition to a percentage of the estate, "he is to take possession of all firearms ammunition, and shooting equipment. He may, at his sole discretion, divide what he sees fit with any heirs, keep no more than %50 for himself, and dispose of the rest with such monies being returned to the estate." The thing was on him to take the AIs and better Colts and sell the Sigs and rugers, etc knowing that he'd ultimately get a percentage of whatever he sold them for. Since I'll be gone, I really don't care but I figured this had the opportunity to do the most good.

 

[Steel+Killer]

I wrote our trust whose executor is a gun guy also. In addition to a percentage of the estate, "he is to take possession of all firearms ammunition, and shooting equipment. He may, at his sole discretion, divide what he sees fit with any heirs, keep no more than %50 for himself, and dispose of the rest with such monies being returned to the estate." The thing was on him to take the AIs and better Colts and sell the Sigs and rugers, etc knowing that he'd ultimately get a percentage of whatever he sold them for. Since I'll be gone, I really don't care but I figured this had the opportunity to do the most good.

Sounds like you put a lot of trust in that “guy”…..

 

[hollowoutadime]

I think that was a jab at owners of Sigs and Rugers.

 

[db2000]

Last year I thought I had a great plan. I told my wife that she should give each kid what ever they wanted, then sign into my Snipers Hide account, tell you guys whatever happened to me then provide a list of whatever She wanted to sell. But she is not going to buy a membership to sell a few things, so I had to reconsider that plan.

Just put $20 in an envelope with your Hide info for her. If the price to participate in the PX goes up by the time you croak I’m sure Frank will make an exception

 

[Downtown]

I'm of an age where this has happened a few times among my peer group of gun guys. We've just made sure our wives and children knew which close friend to call and help. I think this is fairly common, judging from the PX posts I've seen over the years. Of course, as we all get older, the last widow is going to be out of luck.

 

[07SGT4623]

Over the years I've collected a number of firearms. While I can supply the kids with handguns and ammo, I'm left with items like AI rifles, suppressors, and perhaps some F/A NFA stuff I think might not be wanted and/or difficult to handle. Not to mention all the reloading stuff.

I've put my financial plans pretty much in place, but am at a stumbling block here.

Before you say "send it to me", I want to shoot it more.

What say those with better plans?

set up a NFA trust and put them on it

 

[34SF]

Sounds like you put a lot of trust in that “guy”…..

I do, been around a few blocks. I don't have real heirs, just friends from service that I want to have some stuff and who appreciate what it is. My executor has four foster kids, his wife's mother, and their daughter's baby. He still works and if I can, I want to change his life. I trust him to pay my bills and find our dogs good homes for life. Otherwise, the dogs wind up in the pound, the guns go to Cabellas for 10 cents on the dollar, and the state weenie that divies up everything gets 1/3 just for doing it. I live in NV and they don't stop screwing you, even after you're dead.