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krwada
10-16-2013, 10:11 AM
OK...

Currently, my wife and I are in the process of updating our trust. Since the Bush administration placed a $5million cap on when the estate tax kicks in ... I thought it a good idea to go ahead and get my estate lawyer to redo the paperwork to recombine the trust and place it all under one entity. Previously, before Bush and Republican Congress, the cap was much much lower, and we had to do all of this gyration to fly under the much lower cap.

That aside ... I found out that one can place all of their firearms under a separate, so called, guntrust, or a firearms trust. I thought originally, that placing all of my firearms in the main trust would take care of transfer issues in the event of my passing. However, I find out that this is NOT the case. There are also many other benefits both Federal ... and Commie Kalifornia to be had by placing all your firearms in a separate gun trust.

So ... 1st, I start off with a rant ... Really, all of you should do some estate planning, and at the very least look into setting up a trust. By Federal law, under probate, if you pass away before your wife, your spouse gets control of everything tax free with no penalties. What a trust covers is what happens if both of you pass at the same time, or what happens after the surviving spouse passes. It really is a worthwhile ... and responsible thing to do!

The other thing that a gun trust does, is it allows your spouse to do a complete and seamless transfer of all your firearms to your children without having to get the government involved. This is very important ... Especially if your spouse is not as obsessed with firearms as you are .... which happens to be my case ... My wife has a passing interest in firearms. My 1st dates were taking her out to the farm and going shooting out in the fields. However, she does not share my passion for all things fire arms and weapons.

Now ... onto the question. Anyone out there setup a gun trust for themselves? Did it add much to the estate planning fees?

Thanks!

krwada

guntrust
10-17-2013, 5:14 AM
Krwada, you bring up some very good points.

Check www.lawnews.tv for some recent articles of mine on these topics.

Also, note that since ATRA was passed earlier this year (1/1/13) there is a new paradigm in estate planning. Yes, far fewer gun owners need to worry about the federal estate tax, but capital gains rates are higher and similar plan architecture can allow many to leverage portability, step up basis fully at the survivor's death, and at the same time protect against estate tax and generation skipping transfer tax (and provide asset protection for survivor and kids, deal with blended family concerns, special needs, etc). And for those with property in another state, don't forget state estate/inheritance/death taxes.

And yes, a separate gun trust should be included free along with all the other documents.

And often a standalone retirement trust should be considered as additional option, if you really want the kids to get that stretchout and not blow it all, and have it asset protected.

I offer a free two-hour design meeting for anyone that fills out my lengthy questionnaire:
www.OrangeCountyLivingTrust.com
http://facebook.com/LivingTrust

For Northern Cal clients, skype usually suffices.

Epaphroditus
10-18-2013, 9:41 AM
Not just for spouses either. When my dad passed he had no trust but significant assets. Probate is not fun so to avoid probate and help ease your passing put what needs to be into a trust and for gods sake get the will notarized.

Either you make certain your final wishes are executed or the state will step in for you.

Trust for real estate, etc and proper beneficiaries and/or transfer on death statements for those accounts that can so bear them.

At such times guns are not really high on the priority list. AW are a mess, long guns are trivial and handguns are not so bad either (in terms of transferability).

Tried to convince the old man to get his stuff sorted but he never did. We are now left to sort out the mess and I know things are not going the way he would have wanted.

fettonya
11-03-2013, 6:02 PM
My wife and I are in the process of setting up our trust. Question. Do these firearm trust to transfer to your children have to be done by the years end? Not sure if we will make it by then is why I'm asking. Thanks.

trg-s338
11-03-2013, 8:46 PM
Tagged

Yugo
11-03-2013, 8:52 PM
tagged

phdo
11-05-2013, 1:31 AM
Please keep us updated. I'm also interested in creating a gun trust.