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Collection Liquidation ? Transfer Uncertainties
Please forgive me if this question has been asked elsewhere and already answered in whole or in part. I was not able to find any postings that pertain to my exact situation nor able to extrapolate from other answers. Please let me know if I should post in a different category.
Background:
* My wife inherited her father?s large collection of firearms when he passed. He was a resident of California. He had a standard (not gun specific) living trust that turned irrevocable when he died. All his assets were placed in the trust. The firearms however were not individually listed. There was also a spill over will with instructions that any assets not in the trust, to be transferred to the trust. My wife is the sole beneficiary, successor trustee and executor to the estate.
* There are approximately 100 handguns and 25 long guns. All but maybe 15 of them are C&R. We plan to liquefy most of the collection and sell them each individually to obtain the most value. He was a big Colt fan.
* I hold an FFL 03 + COE.
* My wife does not hold an FSC.
* My wife and I are both California residents.
* None of the C&R?s have been registered to my wife or me. Not sure which ones if any were registered by her father. He was an FFL 03 holder. Pretty sure it was expired when he passed. He has a log, however, appears very incomplete.
My questions relate to the transfer process:
First scenario, assuming we sell online to someone out of state. We ship to the buyers FFL (or them directly if they are an FFL 01 \ FFL 03 if allowed in their state.)
* Would my wife as an individual need to be the shipper or the trust? Would she need to supply her ID when sending?
* Can she ship through my FedEx account (special firearms account) for her to avoid paying a dealer $100 fee? Sorry dealers, no offence. That?s the going rate in my area of SoCal.
* If so, would I add the C&R?s to my logbook before doing so? If I do that, do we need to do intra-family transfer? If so, that?s obviously a lot of paperwork AND TIME I wish to avoid. A Curio or Relic Firearm Report does not seem appropriate either as that?s only if it?s obtained out of state.
* As the successor trustee, could\should she write a letter stating that she is gifting all of them to me then I can take over the entire process?
* I read that there is a 30-Day period to either dispose or register in her name. However, as they are in a trust, is that 30- days a moot point?
* Am I thinking too much into this?
At the end of the day, I want to be above board and not attempting to act as a dealer. As its an immediate family member (my wife), Im not sure if there are exemptions or anything I am not thinking of. She told me they are mine to deal with and wants to do the minimal amount possible in liquidating them.
Thank you in advance for your assistance.
Background:
* My wife inherited her father?s large collection of firearms when he passed. He was a resident of California. He had a standard (not gun specific) living trust that turned irrevocable when he died. All his assets were placed in the trust. The firearms however were not individually listed. There was also a spill over will with instructions that any assets not in the trust, to be transferred to the trust. My wife is the sole beneficiary, successor trustee and executor to the estate.
* There are approximately 100 handguns and 25 long guns. All but maybe 15 of them are C&R. We plan to liquefy most of the collection and sell them each individually to obtain the most value. He was a big Colt fan.
* I hold an FFL 03 + COE.
* My wife does not hold an FSC.
* My wife and I are both California residents.
* None of the C&R?s have been registered to my wife or me. Not sure which ones if any were registered by her father. He was an FFL 03 holder. Pretty sure it was expired when he passed. He has a log, however, appears very incomplete.
My questions relate to the transfer process:
First scenario, assuming we sell online to someone out of state. We ship to the buyers FFL (or them directly if they are an FFL 01 \ FFL 03 if allowed in their state.)
* Would my wife as an individual need to be the shipper or the trust? Would she need to supply her ID when sending?
* Can she ship through my FedEx account (special firearms account) for her to avoid paying a dealer $100 fee? Sorry dealers, no offence. That?s the going rate in my area of SoCal.
* If so, would I add the C&R?s to my logbook before doing so? If I do that, do we need to do intra-family transfer? If so, that?s obviously a lot of paperwork AND TIME I wish to avoid. A Curio or Relic Firearm Report does not seem appropriate either as that?s only if it?s obtained out of state.
* As the successor trustee, could\should she write a letter stating that she is gifting all of them to me then I can take over the entire process?
* I read that there is a 30-Day period to either dispose or register in her name. However, as they are in a trust, is that 30- days a moot point?
* Am I thinking too much into this?
At the end of the day, I want to be above board and not attempting to act as a dealer. As its an immediate family member (my wife), Im not sure if there are exemptions or anything I am not thinking of. She told me they are mine to deal with and wants to do the minimal amount possible in liquidating them.
Thank you in advance for your assistance.
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