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NFA Trusts. Why? What are the benefits?
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Author:  Polka_Dot [ Mon Mar 20, 2017 4:50 pm ]
Post subject:  NFA Trusts. Why? What are the benefits?

Hello!
I have a simple question - why would one want to establish an NFA Trust?
I am aware that it simplifies some activities/actions for other named-Trustees, but what else?
In a situation of buying a new firearm, and if one has a trust set up, does the Trust "buy" the firearm? Who is the background check performed against?
Just trying to understand the Pros/Cons of an NFA Trust.
Thanks!

Author:  chowser51 [ Wed Mar 22, 2017 4:26 pm ]
Post subject:  Re: NFA Trusts. Why? What are the benefits?

I will give this a shot. Someone will come along and correct my inaccuracies.

For me, an NFA Trust (pre-41F) was easiest for me to get suppressors and sbrs. The chief LEO of the city I lived in would not sign off and I'm not allowed to use my own chief (and I would never reside in the town I work for).

So the NFA trust allowed me to buy suppressors and make SBRs. As the trustee, I would still do the form 4473 when the item transfers to me.
The trust also allowed cotrustees to have access to my stuff without me being present. My brother is a cotrustee. He can come and take my suppressors or sbrs and use them without me being there. If one of my coworkers wanted to try one, I (or my brother) would have to be present.

My kids are in my trust as beneficiaries and all my items will transfer to them upon my death.

So pre-41F, the NFA Trust allowed you to skip fingerprinting and CLEO signoff.

Post 41F, trustees must send in fingerprints and there is no CLEO signoff, just a notification. I moved recently and the chief of my new residence city is more gun friendly and has signed off for others but I already had the trust so I kept using it to buy stuff. I got stamp #14 in a week before 41F went into effect.


Also sort of related, a trust is also a nice place to put your assests into. After my last lawsuit, (we won, but still) everything I own will be in a trust. My next house, my cars, etc. I will not be easily found or have people coming after my assests if I'm sued again.

Author:  pps_dad [ Fri Mar 24, 2017 2:05 pm ]
Post subject:  Re: NFA Trusts. Why? What are the benefits?

Biggest thing for me is the beneficiaries...if you don't have a trust anything that falls under the NFA weapons can not be transferred to your children, spouse, etc...upon your death.

Author:  JustaShooter [ Fri Mar 24, 2017 2:17 pm ]
Post subject:  Re: NFA Trusts. Why? What are the benefits?

pps_dad wrote:
Biggest thing for me is the beneficiaries...if you don't have a trust anything that falls under the NFA weapons can not be transferred to your children, spouse, etc...upon your death.

As I understand it, you actually can with the proper forms.

Quote:
firearms may be transferred on a tax-exempt basis to a lawful heir. The executor would apply on ATF Form 5, Application for Tax Exempt Transfer and Registration of a Firearm, for a tax-exempt transfer to a lawful heir. A lawful heir is anyone named in the decedent’s will or, in the absence of a will, anyone entitled to inherit under the laws of the State in which the decedent last resided. NFA firearms may be transferred directly interstate to a beneficiary of the estate.


https://www.atf.gov/firearms/docs/trans ... s/download

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