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Huh? ATF trying to change trusts now????

Discussion in 'General Firearms Forum' started by opto_isolator, Jan 15, 2013.

  1. opto_isolator

    opto_isolator Extinct GOP

    Aug 2, 2006
  2. MarkCO

    MarkCO Millennium Member CLM

    Dec 21, 1998
    Trusts to hold NFA items has long been a sore spot for some at the ATF. When a trust or corporation owns the NFA item, there is no way to really check who has ownership and therefore access. There were some in the ATF who beleived trusts and corporations were essentially being used as straw purchase vehicles for persons who could not otherwise own a firearm. Not sure how the change would stop that though.

    If a person set up a trust in order to avoid the Form 4 and a second tax to transfer an NFA item to a child or other trust member at a later date (like death), that would be a little murky until the child reached 21.

  3. WoodenPlank

    WoodenPlank Who?

    May 15, 2010
    NW Florida
    Inheritance is already exempt from a $200 transfer tax.

    Yes, trusts are a sore spot with the ATF. They are also at least partially to blame for the extended wait times. While the ATF is going to change how they handle trusts, they are also doing away with the requirement for a CLEO signature, so trusts won't be as necessary, anyway.
  4. jstormbringer

    jstormbringer My Glocks rock

    Dec 5, 2011
    Wife and I have our SBR and supp in a trust so either of us can transport/shoot it without the other having to be present. My .02
  5. Texas357

    Texas357 Señor Member CLM

    Jan 3, 2007
    Sad that such a thing is necessary in the first place.
  6. chemcmndr


    Aug 23, 2008
    Beavercreek, OH
    You know, I don't mind doing away with the CLEO signoff, but at the same time, I really don't like the idea of him getting a copy of every F1/F4 that I submit.