Willing firearms

Shamr0ck said:

Aren’t the content of wills public record? If so, listing the collection in detail provides all this information to anyone who cares to look. Yikes!

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In Harford County, the will is sealed in an envelope and again in a plastic bag when you drop it off. So while you're alive nobody can see it. Not sure what happens after you pass on, though.

DutchV said:

In Harford County, the will is sealed in an envelope and again in a plastic bag when you drop it off. So while you're alive nobody can see it. Not sure what happens after you pass on, though.

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Public record A.D.

She should give you the guns prior to death. If they are in the will and she sells them the day b4 she pases, your sol.

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Now banned regulated firearms cannot be gifted.

They can only be transferred through inheritance with a 77r to MSP

What are the pros and cons of a Family Gun Trust? Somebody got my dad interested in them for our guns.

letmeoutpax said:

What are the pros and cons of a Family Gun Trust? Somebody got my dad interested in them for our guns.

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A trust, in general ensures said assets in the trust avoids the probate process. Biggest upside is privacy, cost savings of avoiding probate and usually timeliness in transfer of assets. Wills can also be contested and claims can be filed against an open estate. For significant assets, say a large gun collection a trust may make alot of sense.


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Thanks. Do you say makes sense for a large collection because of the cost? And are you talking MDS large or WaPo large?

letmeoutpax said:

Thanks. Do you say makes sense for a large collection because of the cost? And are you talking MDS large or WaPo large?

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LOL. Think it depends on the size/total value. Avoiding probate is worth the cost of a trust for most people as you avoid those costs (tax) & maintain privacy of assets transferred. Not sure if any of the attorney’s here have any input in specifically working with estate planning and firearms specifically.


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Robertjeter said:

LOL. Think it depends on the size/total value. Avoiding probate is worth the cost of a trust for most people as you avoid those costs (tax) & maintain privacy of assets transferred. Not sure if any of the attorney’s here have any input in specifically working with estate planning and firearms specifically.


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The trust will avoid the probate process and it can be drafted such that the assets are distributed to the beneficiaries on the grantor's date of death. No need to open an estate, etc. to disburse those assets.

Maryland has a 10% inheritance tax. Complete BS, but such is life. Children and a few others are exempt from it. Here is a little bit to read up on pertaining to that.

https://www.nolo.com/legal-encyclopedia/maryland-inheritance-tax.html

If items are put in a trust, they may avoid the inheritance tax. I use "may" because it depends on when they were gifted, how much of the net value of the estate they are worth, and when the person gifting them dies.

With a trust, you need to make sure that the trustee is never a prohibited person.

Also, drafting up a trust costs money, and it does not mean that a person should not have a Last Will & Testament, so it is an added cost. With that said, I have a trust for my firearms, but it did not cost me anything to draft it.

If the trust is a revocable trust, which it probably would be, the grantor can revoke the trust at any time prior to death and then do whatever she wants with the firearms.

If the firearms are banned by FSA2013, then she would need to leave them to the OP via a Will, and that is where I would advise that she specifically names the firearm my make, model, and serial. That way, there is no confusion that the FSA2013 banned items are being inherited by the OP.

fabsroman said:

The trust will avoid the probate process and it can be drafted such that the assets are distributed to the beneficiaries on the grantor's date of death. No need to open an estate, etc. to disburse those assets.



Maryland has a 10% inheritance tax. Complete BS, but such is life. Children and a few others are exempt from it. Here is a little bit to read up on pertaining to that.



https://www.nolo.com/legal-encyclopedia/maryland-inheritance-tax.html



If items are put in a trust, they may avoid the inheritance tax. I use "may" because it depends on when they were gifted, how much of the net value of the estate they are worth, and when the person gifting them dies.



With a trust, you need to make sure that the trustee is never a prohibited person.



Also, drafting up a trust costs money, and it does not mean that a person should not have a Last Will & Testament, so it is an added cost. With that said, I have a trust for my firearms, but it did not cost me anything to draft it.



If the trust is a revocable trust, which it probably would be, the grantor can revoke the trust at any time prior to death and then do whatever she wants with the firearms.



If the firearms are banned by FSA2013, then she would need to leave them to the OP via a Will, and that is where I would advise that she specifically names the firearm my make, model, and serial. That way, there is no confusion that the FSA2013 banned items are being inherited by the OP.

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Great input. There are definitely some unique considerations in estate planning with regard to firearms.


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fabsroman said:

The trust will avoid the probate process and it can be drafted such that the assets are distributed to the beneficiaries on the grantor's date of death. No need to open an estate, etc. to disburse those assets.

Maryland has a 10% inheritance tax. Complete BS, but such is life. Children and a few others are exempt from it. Here is a little bit to read up on pertaining to that.

https://www.nolo.com/legal-encyclopedia/maryland-inheritance-tax.html

If items are put in a trust, they may avoid the inheritance tax. I use "may" because it depends on when they were gifted, how much of the net value of the estate they are worth, and when the person gifting them dies.

With a trust, you need to make sure that the trustee is never a prohibited person.

Also, drafting up a trust costs money, and it does not mean that a person should not have a Last Will & Testament, so it is an added cost. With that said, I have a trust for my firearms, but it did not cost me anything to draft it.

If the trust is a revocable trust, which it probably would be, the grantor can revoke the trust at any time prior to death and then do whatever she wants with the firearms.

If the firearms are banned by FSA2013, then she would need to leave them to the OP via a Will, and that is where I would advise that she specifically names the firearm my make, model, and serial. That way, there is no confusion that the FSA2013 banned items are being inherited by the OP.

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Not trying to nitpick, but in case someone else runs across this, you wouldn’t need a will to gift prohibited firearms in the case of the person who wants to possess them being the next of kin, right?

Example a spouse dies with no written will and no children, all possessions and assets automatically revolve to the living spouse under MD law, right?

But if your granddad dies and they have living kids and/or other grand kids, now you are in a tricky AF situation that is going to take probate to attempt to figure out.

PS that said, I have a written will. Someday I may need to update it as it’s out of date.I wish my brother had, though at least everything went to his wife which is what he would have wanted.

lazarus said:

Not trying to nitpick, but in case someone else runs across this, you wouldn’t need a will to gift prohibited firearms in the case of the person who wants to possess them being the next of kin, right?

Example a spouse dies with no written will and no children, all possessions and assets automatically revolve to the living spouse under MD law, right?

But if your granddad dies and they have living kids and/or other grand kids, now you are in a tricky AF situation that is going to take probate to attempt to figure out.

PS that said, I have a written will. Someday I may need to update it as it’s out of date.I wish my brother had, though at least everything went to his wife which is what he would have wanted.

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Nitpick away.

In Maryland, for everything to go to the surviving spouse, the decedent must die with a spouse surviving him and no parents and no issue (e.g., children, grandchildren, great grandchildren) surviving him. So, if your parents are all deceased AND you have no kids, grandkids, great grandkids, etc., then everything goes to the spouse. Otherwise, people are going to need to start disclaiming their inheritance.

Down and dirty synopsis:

https://www.nolo.com/legal-encyclopedia/intestate-succession-maryland.html

The nitty gritty:

Estates & Trusts § 3-102. Share of Surviving Spouse

(a) In general. -- The share of a surviving spouse shall be as provided in this section.
(b) Surviving minor child. -- If there is a surviving minor child, the share shall be one-half.
(c) No surviving minor child, but surviving issue. -- If there is no surviving minor child, but there is surviving issue, the share shall be the first $ 40,000 plus one-half of the residue.
(d) No surviving issue, but surviving parent. -- If there is no surviving issue but a surviving parent, the share shall be the first $ 40,000 plus one-half of the residue.
(e) No surviving issue or parent. -- If there is no surviving issue or parent, the share shall be the whole estate.
(f) Calculation of net estate. -- For the purposes of this section, the net estate shall be calculated without a deduction for the tax as defined in § 7-308 of the Tax - General Article.

Estates & Trusts § 3-103. Division among surviving issue

The net estate, exclusive of the share of the surviving spouse, or the entire net estate if there is no surviving spouse, shall be divided equally among the surviving issue, by representation as defined in § 1-210 of this article.

Estates & Trusts § 3-104. Distribution when there is no surviving issue

(a) In general. -- If there is no surviving issue the net estate exclusive of the share of the surviving spouse, or the entire net estate if there is no surviving spouse, shall be distributed by the personal representative pursuant to the provisions of this section.
(b) Parents and their issue. -- Subject to §§ 3-111 and 3-112 of this subtitle, it shall be distributed to the surviving parents equally, or if only one parent survives, to the survivor; or if neither parent survives, to the issue of the parents, by representation.
(c) Grandparents and their issue. -- If there is no surviving parent or issue of a parent, it shall be distributed one half to the surviving paternal grandparents equally, or if only one paternal grandparent survives, to the survivor, or if neither paternal grandparent survives, to the issue of the paternal grandparents, by representation, and one half to the surviving maternal grandparents equally, or if only one maternal grandparent survives, to the survivor, or if neither maternal grandparent survives, to the issue of the maternal grandparents, by representation. In the event that neither of one pair of grandparents and none of the issue of either of that pair survives, the one half share applicable shall be distributed to the other pair of grandparents, the survivor of them or the issue of either of them, in the same manner as prescribed for their half share.
(d) Great-grandparents and their issue. -- If there is no surviving parent or issue of a parent, or surviving grandparent or issue of a grandparent, it shall be distributed one quarter to each pair of great-grandparents equally or all to the survivor, or if neither survives, all to the issue of either or of both of that pair of great-grandparents, by representation. In the event that neither member of a pair of great-grandparents nor any issue of either of that pair survives, the quarter share applicable shall be distributed equally among the remaining pairs of great-grandparents or the survivor of a pair or issue of either of a pair of great-grandparents, in the same manner as prescribed for a quarter share.
(e) No surviving blood relative. -- If there is no surviving blood relative entitled to inherit under this section, it shall be divided into as many equal shares as there are stepchildren of the decedent who survive the decedent and stepchildren of the decedent who did not survive the decedent but of whom issue did survive the decedent. Each stepchild of the decedent who did survive the decedent shall receive one share and the issue of each stepchild of the decedent who did not survive the decedent but of whom issue did survive the decedent shall receive one share apportioned by applying the pattern of representation set forth in § 1-210 of this article. As used in this subsection, "stepchild" shall mean the child of any spouse of the decedent if such spouse was not divorced from the decedent.