Trusts and NFA Gun Ownership

[zakmatthews 14]

I need some clarification here. I've heard some discussion on the boards about placing NFA firearms (SBS, SBR, AOW, etc.) in the ownership of trusts rather than individuals. Because my knowledge of this option is very limited, please start with the basics and explain the costs, benefits, and legal aspects of this option. I could probably google it all, but this forum is too full of useful knowledge. Thanks for the help.

[Cobra 76 two 2,677]

http://forum.saiga-12.com/index.php?showto...mp;hl=NFA+Trust

[jhereg 0]

I need some clarification here. I've heard some discussion on the boards about placing NFA firearms (SBS, SBR, AOW, etc.) in the ownership of trusts rather than individuals. Because my knowledge of this option is very limited, please start with the basics and explain the costs, benefits, and legal aspects of this option. I could probably google it all, but this forum is too full of useful knowledge. Thanks for the help.

 

I setup a trust for my NFA stuff. This is the thread that got me interested in using a trust.

 

Thread on ar15.com regarding trusts & NFA

[KySoldier 2]

That's the same thread that got me thinking too...I see its 45 pages now

 

Zak: I read it through when I found it (then 31 pages). Suggest you do the same as well as reading Cobra's link. Then ask us any questions, many of us have done it. Mine are in the photo album

Edited April 17, 2008 by KySoldier

[micah360 6]

It's alot of bullshit to read through, but it's worth it.

[MCASgt New River 10,036]

EXACTLY what they said!! That same link is what got me started as well....I now have my trust formed and 2 Form 4's are in process. Many say they work, many have been approved....now lets see if I do!!

[dmgwork 0]

You can purchase these items in a trust. There are many articles which contain old and out dated information on the web. You cannot send in a copy of the declaration of trust any more the trust will be rejected. Also many "articles" are written by those who have a cursory understanding of the law and suggest that the purchase be made in a way that created an invalid transfer. Although the chance that you will go to jail or face a fine is slim, it is there.

 

Another issue that the typical trust fails to deal with is what happens if your beneficiary is in a state that prohibits the possession of the item that is transfered to your child or relative.

 

There are many problems with a typical trust for NFA items, although many are no worse than owning them individually. Basically an improper transfer of the assets gives the trustee and the beneficiary 10 years in Jail and a $250,000 fine.

 

Although a product like quicken can be used to acquire the items, its is not the best solution because of the risk to your family and friends in the event you are injured (incapacitated) or when you die.

 

I have written extensively on the topic on my website and on others in a hope to inform people of how to use a trust properly and avoid the potential liability.

[micah360 6]

You cannot send in a copy of the declaration of trust any more the trust will be rejected.

 

Strange... I was just contacted by an examiner from the ATF stating that I was REQUIRED to send my Declaration of Trust to finish my paperwork.

 

Maybe you are thinking of the Certification of Trust?

Edited April 19, 2008 by micah360