Moving my guns to a trust, but not an NFA gun trust
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Moving my guns to a trust, but not an NFA gun trust
I'm having an attorney create a trust for my assets - house, investments, etc. - I'd like for the trust to own my firearm collection, as well - I don't have any NFA items requiring an NFA gun trust, just regular rifles and pistols - is anyone familiar with the process to move guns that I own here in Texas into a trust? Thanks in advance for any guidance.
What's in it for me ?
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Re: Moving my guns to a trust, but not an NFA gun trust
Ask the lawyer preparing the trust to look into that.
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Re: Moving my guns to a trust, but not an NFA gun trust
Also ask the lawyer whether you are turning an exempt asset into a non-exempt one. This bears upon whether the guns could be taken in partial satisfaction of a judgment entered against you.
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Re: Moving my guns to a trust, but not an NFA gun trust
If I pay a lawyer to draft trust documents, I expect them to answer these kinds of questions.
If not, I would ask myself why I'm paying a lawyer instead of using Quicken Willmaker to do the trust. By the same token, if I pay an accountant to prepare my income tax return instead of using TurboTax, I expect them to answer questions and provide a higher level of service than a software package costing 90% less.
That said, Texas doesn't have a universal background check for firearm transfers (yet) so ordinary Title I firearms can be transferred the same as any other asset. However, you haven't paid me, and this isn't legal advice.
If not, I would ask myself why I'm paying a lawyer instead of using Quicken Willmaker to do the trust. By the same token, if I pay an accountant to prepare my income tax return instead of using TurboTax, I expect them to answer questions and provide a higher level of service than a software package costing 90% less.
That said, Texas doesn't have a universal background check for firearm transfers (yet) so ordinary Title I firearms can be transferred the same as any other asset. However, you haven't paid me, and this isn't legal advice.
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Re: Moving my guns to a trust, but not an NFA gun trust
Personally I would be more concerned about the primary residence than two firearms. PROP § 42.002
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Re: Moving my guns to a trust, but not an NFA gun trust
You are, of course, correct.Bushwhacker wrote: ↑Fri Aug 09, 2019 5:58 pm Personally I would be more concerned about the primary residence than two firearms. PROP § 42.002