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Discussion in 'Gun-Control Issues' started by NeverMore1701, Apr 26, 2012.
That would be pretty cool.
That would be real nice. I can't afford a full-auto but would love to pick up a suppressor or two.
Interesting... does this then reduce the incentive for one of those Class III gun trusts people file to avoid CLEO signature requirements?
One less hoop to jump through..
1. Given the current climate, chances are it is not a "good" thing at all but a very calculated move to avoid litigation that would cost them far more. The "Cleo" sign off would not hold up to many legal tests. It is a silly thing to include in a Federal law.
2. It never stopped anyone anyways. If forming a trust was too hard for you to get around it, I dont want you to be able to have a machine gun either.
In two of the last three cities I have lived in, the cleo had no problem signing my paperwork. However, it will still be nice to have this silly requirement eliminated.
Will never happen
There are still good reasons to create an NFA trust.
1. More then 1 person can be on the trust and use the NFA items. ie you, your wife, and kids can be on the trust.
2. No taxes on inheritance when you die.
3. Persons under 21, but over 18 can be placed on the trust and possess the NFA items that they could not buy from a dealer until they are 21.
And here I thought I wasted that $500...
OK good to know. There's a firm local to me willing to do it for $300, so wanted to know if that was still money well spent once I decide to get into the Class III game.
I'd still make a trust, I just like the idea of there being less hoops to jump through, instead of more.
I have wondered about this,,,, When you go the trust route for a NFA item,,does the trust include all your assets or is it just a special trust for the NFA item (s).
If there is a already existing trust can a NFA item be added to it.
You create a trust just to own the NFA item. You can add items to that trust.
This just might be the incentive for me to get another MG.
Now if they could get rid of the 6-8 month wait time I would be a slightly poorer individual.
That would be nice too.
The Trust includes whatever you want to put in it, they don't have to be NFA items, could be guns, cars, stocks, your home, ect....
As I understand it, a revocable trust can have items added and taken away as well as trustees added and taken away. But an irrevocable trust is set in stone when signed.
But if you are getting a trust done for an NFA item be sure it is written properly to allow trustees to use the items.
Perhaps, but a trust is still a better way to go. Biggest advantage to a trust is that any trustee can use the NFA items. If you have an individual Form 4 then you have to be present for anyone else to possess or use the NFA item. This also means you have to keep the NFA items in a safe which only you have the combination to.
My wife and I have a trust and when my kids get old enough they will become trustees also. There will also be no need to transfer them to my kids when the time comes.
I used Quicken Will-Maker to create my trust and it was no problem. The AFT accepted it without any question.
One thing about a trust is that it has to have an asset in it before it becomes valid. I put my G17 threaded barrel in the trust before I bought my first suppressor.
I don't see any reason to do an individual Form 4 transfer even without the CLEO sign-off.
P.S. I am using this particular trust for NFA items only.