I think I wantn to create an NFA Trust now, more than ever!
by Rob Leahy 
, Prescott, Arizona, Thursday, August 29, 2013, 11:14 (4048 days ago)
http://abcnews.go.com/Politics/wireStory/ap-exclusive-obama-offers-gun-control-steps-20...
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Of the Troops & For the Troops
I've been doing quite a few lately.
Our local sheriff won't sign off for anyone, including members of his own department. Suppressors are what the vast majority of folks want to use them for, very nice to have for hunting 'yotes.
Plase tell me more about these trusts
by Rob Leahy , Prescott, Arizona, Thursday, August 29, 2013, 15:54 (4048 days ago) @ Wildcat
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Of the Troops & For the Troops
Plase tell me more about these trusts
Pretty simple really. They are simply inter vivos or "living" trusts that hold and own the property. The trust needs to be set up prior to dealing with ATF. I know some folks have set them up on Quicken Trusts but however its done, it must comport with your state law requirements for a trust. I strongly suggest having a competent attorney draft it.
Typically, the client will have already purchased the NFA item before coming to me, so we will know what we are specifically dealing with for purposes of specifically identifying the property owned by the trust. I try to keep the name of the trust very short in the event the trust name has to be engraved on the NFA item (SBR for example).
The trustees are typically those persons that will have use of the NFA items. I always put limiting language in the trust disqualifying a trustee from acting, in the event they become disqualified from ownership or possession of a firearm under federal or state law.
The trust could even be used as an estate planning vehicle if desired, though I think that is playing with fire, given the potential of federal legislation abolishing the trust.
Haven't done one for myself yet, simply due to the fact there are some rumblings that suppressors may be removed from NFA regulation in the nearer future. As for weapons with a fun switch, I go through way too much ammo pulling the trigger once for every bang to be able to afford it.
Plase tell me more about these trusts
by Slow Hand , Indiana, Thursday, August 29, 2013, 18:48 (4048 days ago) @ Wildcat
Trusts are nice because multiple people can own NFA toys. I've thought about forming one, but I've already got five stamps and I'm not really willing to pay a grand to transfer all those to a trust so friends and family can play with my toys!! It may be handy when the boys are older but it'll be a dozen years or more before they go shooting without me coming along!
...and this is what got NFA trusts a dose of
ATF stink-eye.
The way it was explained to me, the perception was that too many "boys' toys clubs" were being formed to share NFA items and that tracing said items was becoming problematic as they were passed around.
...and this is what got NFA trusts a dose of
by CJM , Friday, August 30, 2013, 02:41 (4047 days ago) @ John K.
They should amend the NFA to allow other people to fire the weapon in the presence of the owner. Change the law so it's not a "transfer of control" the way it's defined legally now that prevents people from shooting someone else's NFA firearm at the range.
I know - not going to happen as long as the Democrats are in control of the presidency.
...and this is what got NFA trusts a dose of
by Slow Hand , Indiana, Friday, August 30, 2013, 03:47 (4047 days ago) @ CJM
You can do that. As the owner, you have to remain 'in control of' the NFA firearm I can go to the range and let anyone shoot it (anyone legal; not a felon, that is), but if I want to run and grab lunch or more ammo, it has to come with me. With a trust, you can have several people listedand any of them can have possession of the item.
...and this is what got NFA trusts a dose of
by Slow Hand , Indiana, Friday, August 30, 2013, 03:49 (4047 days ago) @ John K.
Never thought of that...
You could form a trust with a group of guys and every one could put in money to the collective and the trust could buy some fun toys that the individuals may not be able to afford. Man, I've got to find five good buddies and start shopping for a '28 Thompson!!
The law DOES allow that currently.
by Rob Leahy , Prescott, Arizona, Friday, August 30, 2013, 11:11 (4047 days ago) @ CJM
That is exactly what foes on a Knob Creek and The Big Sandy Shoots; folks shooting LOTS of NGFA weapons rentals and sharing etc.I think this, like the destruction of weapons and the proposed ban of re importation CMP killer laws are pure and simple Joy Killers by this admin and the BATF.... not that it will do a thing to "stop crime" but they know that it will hurt the American gun culture.
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Of the Troops & For the Troops
Like Doug and Rob said... it is already ok, as long as the
registered owner is nearby.
One of the upsides to Trusts is that you can put your wife on the list and she can then have access to your stuff - otherwise, technically, she can't know the combo to your safe where the NFA items are kept because she would then have access while you were at work, etc.