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-   -   I'm Incorporating instead of making a trust and... (http://www.firearmstalk.com/forums/f47/im-incorporating-instead-making-trust-12443/)

Angrypoonani 04-01-2009 05:03 AM

I'm Incorporating instead of making a trust and...
 
So to purchase my Trident9 I'm going to do it through a corporation that I incorporate sometime in the summer. My question isn't really about how to get a NFA weapon or anything I want to know how I can leave the corporation to my brother if I should pass... He is over 21

I should be going into the marines after I graduate college and I'm going recon - I believe everyone living in this country should serve in some way or another. With the recent order from PBO about increasing the number of troops in Afghanistan and the research I've done on Afghanistan I can't be sure of... well.. anything. I just want to be on the safe side and not have the stupid government take my sh!t when I'm not looking.

If anyone knows the specifics on how you can will that kind of stuff I'd really like to know... well... if it can be done or if it can't and how to do it...

c3shooter 04-01-2009 01:21 PM

If you are asking for legal advice on the internet, you have TWO problems.

ONE- you need legal advice.

TWO- You are asking in the wrong place.


For all you know (really, I'm not) I could be a 14 year old playing on Mom's computer.

Quite seriously, you need a WILL. And see an attorney. (they are relatively cheap for simple matters) The WILL would direct who inherits your interest in the corporation. You CAN purchase some computer based legal guides to drawing a will, incorporating, etc. But an attorney will probably cost you less than a transfer tax fee.

matt g 04-01-2009 04:35 PM

I've got a few online buddies that went this route. For one reason or another, their incorporations had to be dissolved. Because of this, they had to give up a butt load of post '86 dealer samples.

Do you really want to have to take a torch to several $30k guns?

You should probably be asking these questions of a lawyer who specializes in the field. It would be best to look for one who is gun friendly and has setup a few of these deals in the past.

ladyM 04-03-2009 05:25 AM

.....If bypassing Federal law is that important to you ----you may want to check to see if a corp. may own non-transferable real property.
.....The Feds. have dealt with this issue many times and can answer any questions that you have.
Your local A.T.F. office is listed in the phonebook !
I'll bet that your county sheriff could help also-------------

Dgunsmith 04-04-2009 01:12 AM

That is without a doubt, the worst advice on NFA firearms and corporations I have ever heard.

#1 NEVER ask your local ATF office ANYTHING about NFA...they just dont know and what they say doesn't matter. IF you have an NFA question, contact an NFA class 2 or 3 dealer who can answer the question.. OR call NFA Branch. They are the only ones in BATF that an idea what they are talking about.
and it will only help you IF you screw up, IF you have the answer in writing from Firearms & Technology Branch...no responses furnished in under 30 days .

People who are licensed and deal with these everyday should be able to answer questions.....and NO, a regular FFL or gun store commando will be of NO help.

NFA transfers and sales MUST be done in strict compliance with ALL NFA Rules. The BATF&E has NO since of humor !

#2 NEVER ask a Sheriff or any LEO about class 3 law or firearms..99% have NO idea what they are talking about and it is NOT their area of enforcement of expertise.

ladyM 04-05-2009 04:07 AM

Sorry that you don't believe in our legal system ! I've heard tripe before
but you must have been on a "trip" when you read the suggestions for retrieving information.
I can't understand how anyone could not trust the Sheriff office,Federal
Office of Alcohol,Tobacco and Firearms, or a licensed Lawyer !
Maybe these organizations aren't respected within the circles that you run,but, most Americans(that don't do drugs) will recognize how our society functions and realize that "Red Neck" thinking with curb side justice--as well as "good ol' boy" mentality is antiquated philosophy,at best !...................
No wonder people think that most people who like guns are "stupid,red neck,fools" running around touting their guns as THE sure cure remedy for ALL ills.
BTW---there is no conspiracy among the authoritative powers against you...so relax and have another joint !

..............................................Oh $hit----I Quit ! Fools abound !

mrm14 04-05-2009 04:52 AM

Quote:

Originally Posted by Angrypoonani (Post 89832)
So to purchase my Trident9 I'm going to do it through a corporation that I incorporate sometime in the summer. My question isn't really about how to get a NFA weapon or anything I want to know how I can leave the corporation to my brother if I should pass... He is over 21

I should be going into the marines after I graduate college and I'm going recon - I believe everyone living in this country should serve in some way or another. With the recent order from PBO about increasing the number of troops in Afghanistan and the research I've done on Afghanistan I can't be sure of... well.. anything. I just want to be on the safe side and not have the stupid government take my sh!t when I'm not looking.

If anyone knows the specifics on how you can will that kind of stuff I'd really like to know... well... if it can be done or if it can't and how to do it...


IMO, I think you should really seek legal cousnel (atorney) to set this up. I believe regardless of what kind of corporation you have set up you would still have to will your shares to your brother. This could possibly generate a unfavorable tax consequence. I hope, unless you have alot of liquid and capitol assets, that generate alot of income, you set up a LLC. Type 'S" and 'C' corps can be a pain in the A$$ and are very hard to dissolve. Not to mention the tax consequences of these type of corps. are not favorable for small fincial endevors. Trusts are most common and protective for the average individual trying to protect his or her assets. Your brother can be named in the trust as the sucessor trustee with the rules you set up that he has to abide by in the adminstration of it. This can be very helpful in seeing that any benificaries named in your trust are delt with fairly in case of your demise or dimished capacity. Again I strongly suggest you hire good legal counsel to properly set one of these up as there is many ways to structure these. Trusts usually are relatively inexpensive to have done and a will for your personal things you name usually go with them. Well that's my 2 cents worth.

zap 04-08-2009 08:24 AM

Quote:

Originally Posted by ladyM (Post 91135)
Sorry that you don't believe in our legal system ! I've heard tripe before
but you must have been on a "trip" when you read the suggestions for retrieving information.
I can't understand how anyone could not trust the Sheriff office,Federal
Office of Alcohol,Tobacco and Firearms, or a licensed Lawyer !
Maybe these organizations aren't respected within the circles that you run,but, most Americans(that don't do drugs) will recognize how our society functions and realize that "Red Neck" thinking with curb side justice--as well as "good ol' boy" mentality is antiquated philosophy,at best !...................
No wonder people think that most people who like guns are "stupid,red neck,fools" running around touting their guns as THE sure cure remedy for ALL ills.
BTW---there is no conspiracy among the authoritative powers against you...so relax and have another joint !

..............................................Oh $hit----I Quit ! Fools abound !



As a cop....and one who is semi familiar with class 3 stuff....Dgunsmith is dead on based on my limited experience.

indy_kid 05-22-2009 03:51 PM

My 2 cents...
 
Quote:

Originally Posted by Angrypoonani (Post 89832)
If anyone knows the specifics on how you can will that kind of stuff I'd really like to know... well... if it can be done or if it can't and how to do it...

1. Buy a copy of Shotgun News.
2. Look for the section about lawyers who specialize in firearms.
3. Hire one. Or two! If they disagree over an issue, hire a 3rd to referee.
4. Quit asking laymen for PROFESSIONAL advice.

It's better to pay $5K to a lawyer (or several) than to lose a $15K post-86 sample to the government because of a bad set-up!

KingTiger 05-22-2009 05:53 PM

I'm just curious why you don't want to go the trust route? I've done all my NFA transfers into a Revocable Living Trust. There isn't a yearly maintenance fee like some other legal entities. You could list your brother (and others) as the beneficiary & if any thing every happened to you he could transfer the NFA items to himself for $5 per item.

Laws vary by state, so as others have suggested, seek legal advice.


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