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-   -   Individual Ownership Vs. NFA Trust (http://www.firearmstalk.com/forums/f47/individual-ownership-vs-nfa-trust-90297/)

1911love 05-07-2013 10:00 PM

Individual Ownership Vs. NFA Trust
 
I've heard a lot about these NFA trusts and some of the benefits. My question is, are there any benefits by owning NFA weapons as an individual instead of through an NFA trust?

clr8ter 05-07-2013 10:13 PM

I looked into this. A trust is definitely more money. $600-800 if done right. Only reason I haven't done it yet. But it seems to me the benefits are more, too.

danf_fl 05-07-2013 10:15 PM

Have you looked into LLC?

As an individual, What happens to the firearm upon your demise?
As an LLC, it does not belong to one individual, but members of LLC.

clr8ter 05-07-2013 10:18 PM

Kinda the same thing with the trust. You can have more than one person listed as trustee. Say you & your wife. When you die, all the items in the trust fall to her control, immediately, and with no hassle. Also, if she is named on the trust, you do not have to secure the items from her, if owned individually, you would.
But, no, I have not looked into an LLC.

nitestalker 05-07-2013 10:32 PM

Hunting with a suppressor is legal in my state. The cost however is incredible. A suppressor can cost $1,000 dollars and a 6 mos wait. The legal aspects another $1,000 dollars. This also allows the BATF to regulate your ownership and disposal of the suppressor. :confused:

JonM 05-07-2013 10:45 PM

the trust is the way to go. you can add people when you want (depending on state trust law) you can add inheritance for people underage. there is no yearly fees or meetings needed as with an llc. you own the trust the trust owns the item. with a llc your under incorporation laws which can change yearly at the whim of the government.

as an individual you cannot let anyone but you utilize it outside your immediate control. if you expire it gets inherited out by your local laws on inheritance and the batfe is immediately involved similar but slightly different issues are involed with the llc.

the big differences are ease of the application proccess and inheritance possession rules all of which favor the trust.

clr8ter 05-07-2013 11:25 PM

And, don't forget, if individually owned it has to be secured (locked up) from everyone in the house, including your wife.

Car54 05-07-2013 11:43 PM

The trust is the way to go. No CLEO sign off, no prints, no photo, transfer to trustees without ATF, IRS, or Probate hassles. You can add or change trustees, and beneficiaries any time you want, trustees can lawfully possess items listed in the trust.

It's well worth the cost.

DavidB 05-08-2013 12:09 AM

My trust (in Florida) cost $175. I don't know about other states, but $600-$800 seems very unreasonable. Shop around a little.

1911love 05-08-2013 03:27 AM

Thanks for all the info guys! I've never heard of any advantages to the individual possession, I just wanted to see what others had to say. Looks like there are no disadvantages to the trust route, correct?

David, I'd be interested in your experience since I live in Florida. Any other info you would like to share would be very helpful, thanks.


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