Originally Posted by axxe55
hillbilly, what is an NFA trust? and how does it work? what are the benefits?
a trust is much like a person with a lot of the same rights but not quite. a trust basically has some legal entity rights mainly the right to posses property. the purpose is to allow multiple people to legal have control o property at the same time. in terms of nfa there are a few advantages to using a trust.
the main advantage most people see is that you generally do not need to be finger printed or photographed or have a cleo permission letter or signature to excersise your 2A rights. it also supplies a vehicle in terms of inheritance of nfa items. it also allows you to put members of your household on the trust with you so they can legally have access to your nfa items. these rules vary state to state. in wisconsin i dont need any special permissions to own sbr silencers sbs aow but for machine guns i still need a cleo letter even with a trust. it varies state to state.
you can use it just by yourself or add a child or wife or friend so long as they may legally possess nfa items. so if you add crazy uncle charlie who just got out of the penitentiary, the atf will still approve the transfer but you just broke the law. you will soon reside in prison along with crazy uncle charlie for firearms violations. it is NOT a means of bypassing laws regarding prohibited persons from possessing firearms.
llc is also a means of nfa possession but there are a lot more hoops and yearly costs to keep an llc going. personally i would not use a llc mainly because if he llc ever disolves those nfa items CANNOT be transfered to a new individual or entity. they must be transffered out of the llc before it becomes defunct. there is no inheritence vehicle for nfa in a llc.
the easiest route is personal ownership meaning you go the fingerprint photo signature but thats true only if the local cleo is friendly. if you go that route your the only person who can legally have access to the nfa items. this means that if you give the combo to your safe to your wife you just violated the national firearms act and if the batfe finds out you and the person you gave access to goes to jail.
in my opinin the trust is the safest way to go. you can add people you totally trust. my wife and i are on our trust which means she can have access to and use the nfa stuff ithout me being there.
personally i do NOT recomend interweb trust creation programs. there have been people who have had legal issues with them when contested by their state. find a nfa lawyer you can speak with in person that is familiar with nfa trusts in your state. the batfe doesnt vet your trust for you all they do is proccess the paperwork. just because the batfe sends sends you a stamp back doesnt mean your trust is a legal entity and entitled to posses nfa items.