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Who needs 100+ guns?

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  • #46













    Fatlittlepig is in favor of repeal of 2nd amend. Time for country to modernize.
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    Was hoping to keep politics out of the discussion.  Maybe this should have been about a collection of POGS instead of guns.
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    Saying “who needs 100 guns” is inherently political.

    I imagine WCI forum will be a pretty civil discussion though.
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    “A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.”

    Yep sounds like something which applies to 2018. LOL.

    this stuff was written when our country was young and vulnerable. Without a large military we needed a method to mobilize people with arms. strange to see physicians who are trained to protect sanctity of life not “get it”. gun violence is out of control.

     
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    Country may not be young, but still can be vulnerable, you have seen Red Dawn have you not.  The military couldn't help right away, by the time they could, innocent lives would have been in the line of fire.  Unlikely yes, but not out of the range of possibilities.  And of course, it could happen from within.

    Besides that, if you enjoy collecting something, collect it, if you can afford it.  I use to collect energy drink cans.  If I drank all of them, I could probably do some real damage.  :O)

     

    {Side note:  after I typed this, I went to check on my collection.  One of my drinks was over 11-years old.  It cost me about $4.00.  It had begun to eat through the aluminum.  Full it was worth $2.25.  Now, basically nothing.  This collection didn't work out.  Again, it ate through the aluminum.  I hope no one on here drinks those things. :O) }
    Yet those who wait for the LORD Will gain new strength; They will mount up with wings like eagles, They will run and not get tired, They will walk and not become weary. -- Isaiah 40:31

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    • #47










      Knowing that something is worth something can be the hardest part. After going through my late father’s belongings, I discovered a well worn, discontinued, non-working handgun, a Charter Arms Bulldog. I presumed it was valueless but I listed it on a gun auction website anyway. I was shocked to see the price skyrocket. I inquired with the winning bidder about the appeal of this gun. It was a hot commodity because the Bulldog’s frame was the base of the Blade Runner’s gun. Had it not been for the movie, this hunk of metal would have been just that.

      Charter Arms reintroduced the Bulldog model several years later, so the high commodity price I received, was a fortuitous moment in time. Today someone can purchase a new Bulldog for less than the winning bidder paid for my father’s broken gun.

      Timing is everything.
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      Yes, that’s the thing about collectibles, too. Ideally, you should sell them before you die. Your heirs are far less likely to see top dollar, and in many cases will get taken to the cleaners.
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      Whenever we get a succession with any sort of big collection, dealing with the collection (coins, guns, stamps, baseball cards, you name it) is a time-consuming expense.  Just figuring out a ballpark value is a headache.  Best case the executor finds a dealer/wholesaler who buys the whole lot, typically for cents on the dollar, or the whole collection is left to a single legatee who then inherits the problem.
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      This!  If you like your heirs, leave them money, not collectibles.  Even if the collectibles have increased in value, the odds are that your heirs won't know how to liquidate the collection for top dollar.  Selling a good collection takes just as much expert knowledge as assembling one.

       

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      • #48
        No one needs 100 guns, but what is the arbitrary number that is acceptable to have? If someone wants to have 100 watches, be my guest, not hurting me.

        I just don't understand premise of post. No one needs any of this hobby stuff.

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        • #49
          I only have 2 guns.  They are not valuable.  I have a houseful of antiques.  I acquired them by going to auctions out in rural areas.  What are they worth.? No idea. I love bidding at auctions and only quit when I could not stuff any more into my house.  I too have watched American Pickers.  I am not that bad...yet.

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          • #50
            Corollary question to this forum: Has anyone set up a separate GUN TRUST for their collection to pass their collection on to heirs? Ordinarily I would ignore the niceties and just quietly leave collection to the kids however I've got a few items that required Federal Doc Stamps, I had to get my local sheriff to sign the forms and took about 6-8 months to acquire each piece. I'm thinking I need a gun trust so there's no hassle for the kids should any situation arise that I can't handle being dead as it were.

            Any opinions?

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            • #51




              Corollary question to this forum: Has anyone set up a separate GUN TRUST for their collection to pass their collection on to heirs? Ordinarily I would ignore the niceties and just quietly leave collection to the kids however I’ve got a few items that required Federal Doc Stamps, I had to get my local sheriff to sign the forms and took about 6-8 months to acquire each piece. I’m thinking I need a gun trust so there’s no hassle for the kids should any situation arise that I can’t handle being dead as it were.

              Any opinions?
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              I don't know if you can use a trust to transfer items requiring a Federal stamp.  I'd first ask the kids if they even want those items; if they do, I'd make plans to do the legal transfer while you are still alive, so they can apply for the needed stamps.

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              • #52
                My limited understanding is by setting up a gun trust and making the kids co-trustees, we don't go through the completely ridiculous fed tax/doc stamp rigamarole, paying 200$ again etc. From reading online the gun trust approach is described as pretty idiot proof, inexpensive and if I've got to involve an attorney for a few bucks more to cross the Ts and dot the I's it might be worth it. Haven't done it so asking if the forum has. I don't have an arsenal. I've got maybe a dozen, 3 of which required Fed Tax/Doc stamp, sheriff signature on application and extraordinary patience.

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                • #53




                  My limited understanding is by setting up a gun trust and making the kids co-trustees, we don’t go through the completely ridiculous fed tax/doc stamp rigamarole, paying 200$ again etc. From reading online the gun trust approach is described as pretty idiot proof, inexpensive and if I’ve got to involve an attorney for a few bucks more to cross the Ts and dot the I’s it might be worth it. Haven’t done it so asking if the forum has. I don’t have an arsenal. I’ve got maybe a dozen, 3 of which required Fed Tax/Doc stamp, sheriff signature on application and extraordinary patience.
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                  You should seek counsel of an attorney in your area who specializes in NFA trusts.

                  You'll likely have to buy more stamps for any subsequent transfers.

                   







                  Corollary question to this forum: Has anyone set up a separate GUN TRUST for their collection to pass their collection on to heirs? Ordinarily I would ignore the niceties and just quietly leave collection to the kids however I’ve got a few items that required Federal Doc Stamps, I had to get my local sheriff to sign the forms and took about 6-8 months to acquire each piece. I’m thinking I need a gun trust so there’s no hassle for the kids should any situation arise that I can’t handle being dead as it were.

                  Any opinions?
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                  I don’t know if you can use a trust to transfer items requiring a Federal stamp.  I’d first ask the kids if they even want those items; if they do, I’d make plans to do the legal transfer while you are still alive, so they can apply for the needed stamps.
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                  The trustee of an appropriately established trust can be the owner of certain NFA firearms.  Again, he (or anyone else) should consult an attorney.

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                  • #54




                    My limited understanding is by setting up a gun trust and making the kids co-trustees, we don’t go through the completely ridiculous fed tax/doc stamp rigamarole, paying 200$ again etc. From reading online the gun trust approach is described as pretty idiot proof, inexpensive and if I’ve got to involve an attorney for a few bucks more to cross the Ts and dot the I’s it might be worth it. Haven’t done it so asking if the forum has. I don’t have an arsenal. I’ve got maybe a dozen, 3 of which required Fed Tax/Doc stamp, sheriff signature on application and extraordinary patience.
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                    Ugh...my plan was to just kind of ignore things.  If I ever get around to a revocable trust, I was wondering if I could toss in there; but again I'll probably just do the benign neglect approach.

                    When you die: Are you telling me that somebody is going to come to your kids's doors asking for them to turn over said items?  (I have little confidence in our federal government being that efficient/proficient.)  Are you telling me that your kids have to pay for another tax stamp?  (I mean, isn't that kind of like paying import duties on your Chinese goods and then having to pay again?)

                    Such a ludicrous system that we have....

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                    • #55
                      Yours is the most practical advice. Benign neglect works for a lot of things. I guess I was overthinking this. I'm guessing "gun trust" was dreamt up by a member of the ABA and is of recent vintage and all about billable hours. And various classes of guns go in and out of legislative fashion. Remember when under Clinton AR-15's were banned. Then various jurisdictions banned banana clips. Now I think legislation is pending to get suppressors out of the class 3 "machine gun" type list so the tide is turning.

                      edit: I hate racking up attorney bills and avoid at every turn. We've got revocable trust but I think I'll just chuck the guns into the personal affects part of the will and make lists as to what would be more thoughtful for each child. ie. our son can handle 40, 45 cal and 12 gauge whereas daughter gets the 9 mm.s, 380s, 20 gauge etc. Son gets AR-15 so he can dress it up like a Barbie doll.

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                      • #56


                        I only have 2 guns. They are not valuable. I have a houseful of antiques. I acquired them by going to auctions out in rural areas. What are they worth.? No idea. I love bidding at auctions and only quit when I could not stuff any more into my house. I too have watched American Pickers. I am not that bad…yet.
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                        Antique Lovers!


                        I inherited a beautiful antique 1890's handcarved walnut bedroom set with a 7 foot headboard. I had memories of sleeping in Grandpa's room in the summers with the windows open on the farm, listening to the Cardinal's game and memories of summer weeks spent on the family farm. That was the "keepsake" that was going to be "worth something" in the future. Anyone interested IM me and we can make a deal!

                        One mans trash is another mans treasure!


                        PS. Move quickly, the wife has been bugging me to let her use the room for her art studio for 30 years.

                        This is the typical fate of collectibles and memorabilia. One mans treasure is another mans trash!

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                        • #57
                          One person's antique is another one's used furniture.

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                          • #58
                            The tax stamp follows the purchaser. If you purchased personally, then the tax stamp is yours personally. If you set up a NFA trust and the trust purchased, then the tax stamp follows the trust, and the trustee can then add or substitute trustees without additional paperwork, which is the benefit of the trust. Transferring an NFA item to a trust, if not originally purchased by the trust, requires a new tax stamp.

                            As for benign neglect, the ATF will not coming looking for the tax stamp, but whoever possesses the NFA item should be able to present a tax stamp on demand or be in violation of the law. And that's the wild card. Any legitimate law enforcement search (of your heir's home or car) that discovers an NFA item could become a very expensive legal dilemma (felony).

                            Ignorance of the law may seem like a benign excuse until the ignorant admits something he shouldn't have.

                            Ask yourself, is this a probable situation? Local law enforcement pulls over your heir for speeding home from the shooting range, and notices a bunch of guns and ammo on the back seat (which is also a violation). And your heir, nervous in the presence of law enforcement, innocently and ignorantly, blurts out how cool his newly inherited NFA items are.

                            What's a tax stamp? will not be a reasonable defense.

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                            • #59




                              Yours is the most practical advice. Benign neglect works for a lot of things. I guess I was overthinking this. I’m guessing “gun trust” was dreamt up by a member of the ABA and is of recent vintage and all about billable hours. And various classes of guns go in and out of legislative fashion. Remember when under Clinton AR-15’s were banned. Then various jurisdictions banned banana clips. Now I think legislation is pending to get suppressors out of the class 3 “machine gun” type list so the tide is turning.

                              edit: I hate racking up attorney bills and avoid at every turn. We’ve got revocable trust but I think I’ll just chuck the guns into the personal affects part of the will and make lists as to what would be more thoughtful for each child. ie. our son can handle 40, 45 cal and 12 gauge whereas daughter gets the 9 mm.s, 380s, 20 gauge etc. Son gets AR-15 so he can dress it up like a Barbie doll.
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                              Benign neglect is a no-go on NFA items.

                              10 years in federal prison is the penalty.

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                              • #60







                                I’ll start off by saying I don’t own a gun, but am not opposed to it.  I recently had a conversation with an acquaintance who revealed they own over 100+ guns.  I couldn’t figure out why anyone would need that many, but they made the point that to them, guns were sort of an investment as a they hold value or increase in value over time.  Does the forum have any input on this?  I suppose if Crixus finally predicts the future, maybe 100+ guns will be more valuable than all the gold he/she has.  As an aside, I thought to myself that it would be a fun little game to see how many threads we can reference Crixus in.
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                                someone who owns 100 guns, there is something wrong there.
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                                I think there is a problem with someone having millions of $$$ in their net worth. Who needs all that money? I say cap it at a couple hundred thousand.

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