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I am not sure where you have been either. However, if you click the link provided, you will see that final action is presently scheduled for December 2015.
That aside, if the estate to trust option is viable, and someone has NFA items registered to them, and wishes to pass them to a trust without the tax hit, then one could establish the trust now in anticipation of future restrictions (assuming there were no retroactive or universal application that makes the whole exercise meaningless), and leave the transfer to later, i.e., after death.
One would have to have a will naming the trust as the recipient of the NFA items as intestate succession will likely not include a trust.
This thread is a great example of “why a trust for NFA items”. There are plenty of folks on this forum that abhor trusts in all forms and decry anybody who uses one as lazy, paranoid, ignorant, stupid, etc.
Ever know anyone who lost the primary breadwinner in the their family suddenly and unexpectedly? Ever witness the chaos that ensues? The stress the surviving family members get exposed to? What about funeral arrangements? The “notice of death” notifications (complete with copies of the death certificate) that have to be supplied to myriad government agencies, organizations and commercial interests? Insurance claims to be processed, deeds and titles that need to be revised? What about community-property states and the fact that everything belongs to both parties? The list goes on and on.
Why would you not consider a well-executed trust to alleviate one significant stressor for your surviving family members when you know screwing up the NFA transfer process can carry serious consequences? You want to rely on grieving family members to deal with this on-the-fly? Sure you could use a will and form 5 or some other process and hope for the best but hope is not a plan and plans never survive first contact with the enemy in tact. The entire process seems easy for us internet geniuses who read, absorb and argue this crap all day long but I doubt most spouses are as cognizant of the NFA nuances and details. And let’s all assume you are the one who croaks and takes all that tribal knowledge to your grave. How has your NFA brilliance helped your family now?
As a responsible husband and father I sure as heck don’t want that legacy left to my wife and daughter so a trust made sense for me. While I’m still alive, the trust also has the benefit of allowing my family to use the items even when I’m not right there with them.
YMMV
Let the flames begin...
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