Privacy guaranteed - Your email is not shared with anyone.

Corp/Gun Trust Question

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

  1. 20SFLV


    Likes Received:
    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

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