Couple NFA questions?

[BerBer5985]

I read through the faqs and all that and I'm curious of a few things. First, what does a trust eliminate over the standard procedure? It sounds like you don't need fingerprints or something? What is the advantage/cost difference? Also, for every NFA item you buy, does each one require a $200 tax stamp and you have to go through the process everytine? So if I wanted to buy two supressors, I'd have to do the process every time? If you have a trust, does it eliminate having to go through process for ever item? I'm just confused and need help.

 

[IMBLITZVT]

I read through the faqs and all that and I'm curious of a few things. First, what does a trust eliminate over the standard procedure? It sounds like you don't need fingerprints or something? What is the advantage/cost difference? Also, for every NFA item you buy, does each one require a $200 tax stamp and you have to go through the process everytine? So if I wanted to buy two supressors, I'd have to do the process every time? If you have a trust, does it eliminate having to go through process for ever item? I'm just confused and need help.

I think the trusts don't need LEO Sign-off which saves a month of paperwork time. Also I think fingerprints and passport pictures??? Those are the advantages. It may cost a bit more to set it up but once its done, its done. I don't have a trust but might do one eventually.

Yes $200 per NFA item (unless a dewat MG which is free or sometimes a AOW I think?) Yes each time, you must do all the same paperwork even if putting in the paperwork the at the same time. A trust does not change this.

Keep asking questions... thats a good thing to do.

 

[matt]

I've got a trust - waiting for my first nfa item to get approved.

To answer your questions - it accomplishes a few things
1) no police sign off
2) no finger prints or photos for each purchase
3) simplifies what happens to the items after death or becoming a "prohibited person"

Cons - costs money

If you're interested in the NFA trust route pm "rusty shackleford" he's the attorney who did my trust.

 

[BerBer5985]

About how much roughly does it cost to set up a trust? I think that may be the way to go as I'd really like a few supressors for different calibers and it seems a trust would be easier for multiple purchases down the road.

 

[teratos]

About how much roughly does it cost to set up a trust? I think that may be the way to go as I'd really like a few supressors for different calibers and it seems a trust would be easier for multiple purchases down the road.

I think I paid roughly $350 for mine. I like the other benefits of a trust more than I like not having to do LEO sign-off, fingerprints and photos. My wife and I are both on the trust, so she can take the items out without me around. If I die, they go to her and/or to the kids without any big problems.

 

[DarthZed]

Go the trust route, you won't be sorry. Piece of mind is pricelss. Send Rusty Shackleford a pm; he's done trusts for many members (including mine). A good guy to deal with.

 

[BerBer5985]

Thanks a lot guys. Do you have to purchase the item before getting the trust set up ?

 

[F-Stop]

No. If you did buy it first and wanted said nfa item in the trust it would cost you another $200 and ATF forms to transfer to the trust. Get with rusty and get your trust then buy and submit forms for the trust.

 

[BerBer5985]

Ok awesome! Thanks for the info guys! I'll give rusty a call. That helped clarify my confusions!

 

[Markp]

I've got a trust - waiting for my first nfa item to get approved.

To answer your questions - it accomplishes a few things
1) no police sign off
2) no finger prints or photos for each purchase
3) simplifies what happens to the items after death or becoming a "prohibited person"

Cons - costs money

If you're interested in the NFA trust route pm "rusty shackleford" he's the attorney who did my trust.

I think I paid roughly $350 for mine. I like the other benefits of a trust more than I like not having to do LEO sign-off, fingerprints and photos. My wife and I are both on the trust, so she can take the items out without me around. If I die, they go to her and/or to the kids without any big problems.

While I agree for more complex situations having a lawyer is worthwhile. A trust doesn't need to cost you anything, except a little research. I would add that consider this for only the most basic of situations, because from a legal aspect, you are exposing yourself. However in my case, my situation was so simple that a homebrew quicken trust is sufficient. YMMV and this is not legal advice.

You want it cheap, you can do that, it's worth what you paid for it.
You want it right, go see a lawyer.

Few can have both.

Mark

 

[Lex Armarum]

PM inbound and thanks for all of the referrals guys!

In response to MarkP, while it is true that one can generate a trust via Quicken and use it for NFA purposes, the real danger lies in the fact that A. the ATF does not legally vet a trust and, therefore, passage through the NFA registration process is not a stamp of legality or viability; and, B. one size fits all trusts are not a good idea for a couple of reasons most notably because these trusts do not address individual situations, needs, or legalities. If you are not a skilled legal professional and you use a Quicken trust, how can you be sure that the trust complies with Maryland law (remember, trust law is state specific), that it adequately protects you and your assets, and that it addresses all of the situations that you may need to address while planning your estate?

While I bear no ill will or animous toward MarkP, I firmly believe that DIY trusts are more dangerous then not on the whole. Trust writing is one of the few aspects of the legal profession that stills requires a great deal of skill and ingenuity because one is essentially creating a person from paper and structuring the rules whereby that person must exist, operate, and manage your property. It is not a light undertaking.

 

[Rambo66]

Here in Oklahoma some of our class 3 people will do the trust when you buy from them. When I bought my can it was only $40 bucks. And I was building my SBR at the same time he charged $25 to do the paper work.

 

[Lex Armarum]

Here in Oklahoma some of our class 3 people will do the trust when you buy from them. When I bought my can it was only $40 bucks. And I was building my SBR at the same time he charged $25 to do the paper work.

In Maryland (and perhaps even Oklahoma) that's known as the unlicensed practice of law.

 

[Markp]

PM inbound and thanks for all of the referrals guys!

While I bear no ill will or animous toward MarkP, I firmly believe that DIY trusts are more dangerous then not on the whole. Trust writing is one of the few aspects of the legal profession that stills requires a great deal of skill and ingenuity because one is essentially creating a person from paper and structuring the rules whereby that person must exist, operate, and manage your property. It is not a light undertaking.

Rusty, I don't think we disagree:

"You want it cheap, you can do that, it's worth what you paid for it.
You want it right, go see a lawyer."

Mark

PS - I only did mine that way because of the extraordinarily simple situation I am in. In my case it's a nearly worthless piece of paper.

 

[coynedogg]

I think the trusts don't need LEO Sign-off which saves a month of paperwork time. Also I think fingerprints and passport pictures??? Those are the advantages.

Another advantage,

Multiple trustees can be listed. Machinegun could be shared with friends, family members, club members, etc.

 

[rob-cubed]

I'm bumping this up with another question...

I know you can have multiple trustees but are all persons listed given the same authority of ownership? Or is there typically an "owner" plus beneficiaries?

I'm asking because a friend and I have been considering a shared trust. We've known each other for 20 years so there is no danger of a dispute over ownership. Very simply, neither of us expect to own more than a couple of NFA items each so it seems like a good way to share both costs and accessories.

 

[erwos]

The trust owns the property of the trust. What you want is for certain trustees to have greater or lesser amounts of control over trust property. That is a lawyer question... but I can say that my relatively standard NFA trust was not structured with that in it.

 

[Lex Armarum]

I'm bumping this up with another question...

I know you can have multiple trustees but are all persons listed given the same authority of ownership? Or is there typically an "owner" plus beneficiaries?

I'm asking because a friend and I have been considering a shared trust. We've known each other for 20 years so there is no danger of a dispute over ownership. Very simply, neither of us expect to own more than a couple of NFA items each so it seems like a good way to share both costs and accessories.

Send me a PM and we can talk.

The trust owns the property of the trust. What you want is for certain trustees to have greater or lesser amounts of control over trust property. That is a lawyer question... but I can say that my relatively standard NFA trust was not structured with that in it.

I've actually started offering this service for an advanced fee because of the time it takes to construct such a trust. Nonetheless, this service is now available.

 

[mopar92]

Hey Rusty. How old do you have to be to play the NFA game?

 

[teratos]

Hey Rusty. How old do you have to be to play the NFA game?

Not Rusty.....answer is 21