I have been kicking around the idea of going Class III with a few silencers and using the Trust to allow my Dad & Sister to use them and bypass inheritance and transfer taxes if I die.
So, hypothetically, if there is an outright ban on ownership of semi-autos or handguns, could you still keep and own them through a Trust?
I am just curious because technically, it is not too hard to set up, and then if you needed to pass them on later, you don't have to worry about the government requiring additional taxes for your heirs to gain ownership.
The sky is not falling.
...yet.
Full Version: Can a Trust protect Non-NFA weapons if they are banned?
Anything NFA that you own through the trust is still yours, your family can't borrow it so I wouldn't let them go to the range without you if that's what you're planning. The ONLY way to have multiple users/owners is through a Corporation. Not even a joint trust works, I have the NFA's letter on the matter.
If you die your heirs don't pay a transfer tax, its done on a Form 5. I don't know anything about inheritance taxes.
http://www.atf.treas.gov/forms/pdfs/f53205.pdf
You can put whatever in a trust but its no more protected from confiscation as far as I know. If its made illegal and judged contriband by stupid democrats, the NFA registry is the what and where for NFA confiscation, sorry. As to your normal title one firearms, there isn't a big registry for them so in order to get the who and where they'd have to visit gunshops for the 2475s (yellow forms). Guns bought from individuals and guns shows can't be traced that way.
Personally I wouldn't worry about confiscation, the US would be the hardest country in the world since we have the most guns in private hands, and a few Waco style standoffs would make most democrat voters loose interest.
If you die your heirs don't pay a transfer tax, its done on a Form 5. I don't know anything about inheritance taxes.
http://www.atf.treas.gov/forms/pdfs/f53205.pdf
You can put whatever in a trust but its no more protected from confiscation as far as I know. If its made illegal and judged contriband by stupid democrats, the NFA registry is the what and where for NFA confiscation, sorry. As to your normal title one firearms, there isn't a big registry for them so in order to get the who and where they'd have to visit gunshops for the 2475s (yellow forms). Guns bought from individuals and guns shows can't be traced that way.
Personally I wouldn't worry about confiscation, the US would be the hardest country in the world since we have the most guns in private hands, and a few Waco style standoffs would make most democrat voters loose interest.
QUOTE (KySoldier @ Nov 9 2008, 07:26 PM) 
Personally I wouldn't worry about confiscation, the US would be the hardest country in the world since we have the most guns in private hands, and a few Waco style standoffs would make most democrat voters loose interest.
+1 don't sweat it, the global economy and facing wars with multiple countries and more are bigger problems at hand that they gotta deal with first
QUOTE (KySoldier @ Nov 9 2008, 06:26 PM)
The ONLY way to have multiple users/owners is through a Corporation. Not even a joint trust works, I have the NFA's letter on the matter.
Can you provide a link, please? I had a trust prepared by a lawyer that specializes in NFA trusts and was told that a joint trust is fine as long as there is only one other settlor/co-trustee(typically your spouse). I have my brother on mine and he is supposed to have all of the rights to the NFA items as I do. Ive got 4 items waiting to be transferred using this trust.
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