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Corp/Gun Trust Question

Discussion in 'GATE NFA/Class III' started by 20SFLV, Mar 20, 2012.

  1. 20SFLV


    Nov 5, 2011
    I am in the process of setting up a trust, but since I live by myself and I have no family members that live in a state that permits NFA items, I found a friend to be a trustee with in a NFA friendly state. My friend is a little leery in being trustee even though she doesn't have to do anything since the NFA products would be with me three thousand miles away from my friend.

    I do have my own business which is a professional corporation. I would rather use a trust from the beginning, but if my friend backs out as a co-trustee, I have no one else to be a trustee so the trust really wouldn't work.

    Individual isn't going to work where I am, and I don't want to set up a corporation just for the NFA items. I don't want to put the NFA items into my business corporation, but that would be my last choice. If I had to put the items in the business corporation, would I be able to transfer them tax free (form 5?) to a trust should I find someone to be a co-trustee or would I have to pay another $200 with another form 4?

    Thank you.
  2. Zak Smith

    Zak Smith 3Gunner Millennium Member

    Aug 25, 1999
    Fort Collins, CO, USA
    No. Any transfer other than an inheritance (Form 5) incurs $200.