Individual Ownership Vs. NFA Trust - Page 2
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Old 05-08-2013, 10:08 AM   #11
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One of the possible disadvantages is that apparently, the ATF (or anyone else), has not challenged it. Supposedly, they could, and supposedly, the trust would hold. No one seems to know, though. That and the cost.

As far as the 6-800 I quoted - that's in NH, and by an actual attorney that specializes very specifically in gun law. I think this is one of those times it would behove you to go find the best. No need to take chances with legal zoom or anything, right?

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Old 05-08-2013, 08:27 PM   #12
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The Trust is very viable for my home County. The Sheriff will not sign off on individual applications for suppressors. Machine guns, no problem. SBR's no problem. He has heart burn with supressors for some reason

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Old 05-08-2013, 08:59 PM   #13
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Quote:
Originally Posted by 1911love
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.
I sent you a PM with her contact info. She did my trust in less than 48 hours, and I misspoke. She only charged me $125.00.
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Old 05-08-2013, 11:16 PM   #14
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Just got the PM David, thanks! Well, apparently there are no advantages to going the individual route so I'll be getting a trust set up in the near future. Thanks everybody for clearing my question up.

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Old 05-09-2013, 10:37 PM   #15
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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.
Assuming that you are not a Florida attorney, and assuming that you may not even be an attorney, could you either be more specific or rephrase the part about inheritance for underage?

Here is why I'm asking. The trust owns the firearm, not me. I die. The trust still owns the firearm. From this point it's getting fuzzy to me. If the child I want the gun to go to is still not old to own a firearm, what happens to the firearm? Do I need to appoint or hire a trustee to administer the trust until the child comes of age? Does the responsibility fall to the trust attorney? And the last question. When I die, does ownership transfer to the child even though possession can't?

If you're not comfortable with even a vague answer I fully understand.
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Old 05-13-2013, 01:25 AM   #16
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Quote:
Originally Posted by Doc3402

Assuming that you are not a Florida attorney, and assuming that you may not even be an attorney, could you either be more specific or rephrase the part about inheritance for underage?

Here is why I'm asking. The trust owns the firearm, not me. I die. The trust still owns the firearm. From this point it's getting fuzzy to me. If the child I want the gun to go to is still not old to own a firearm, what happens to the firearm? Do I need to appoint or hire a trustee to administer the trust until the child comes of age? Does the responsibility fall to the trust attorney? And the last question. When I die, does ownership transfer to the child even though possession can't?

If you're not comfortable with even a vague answer I fully understand.
The trust will have to have a trustee and will continue to own the NFA item(s) until such time as the beneficiary can legally take possession. A properly executed trust will have appropriate provisions in the trust to ensure that the trust remains in tact and has a trustee or provision to appoint a new trustee until such time as your child can take possession of the item.
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Old 05-13-2013, 01:30 AM   #17
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The trust will have to have a trustee and will continue to own the NFA item(s) until such time as the beneficiary can legally take possession. A properly executed trust will have appropriate provisions in the trust to ensure that the trust remains in tact and has a trustee or provision to appoint a new trustee until such time as your child can take possession of the item.
That's exactly what I wanted to know. Thank you very much. That answered the last question I had about trusts.
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Old 05-13-2013, 03:06 PM   #18
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I have all individuals, no trust here . My understanding is if I pass , my spouse and or kids have to call the BATFE and get the proper forms for the transfer , no extra cost like reapplying for another stamp . They arent going to storm the house looking for the guns when I pass . Not to mention if something did happen my local CLEO that signs off on all my stuff anyway would help take care of it . If there was any issues with this Im sure they would gladly hang on to the stuff until all the proper paperwork came back . My wife knows if the boys or her decide they dont want them I already have a class 7 dealer lined up that would gladly buy them at a fair market price . To me if the lawyer doesnt deal with this kind of trust there is a fine line of not getting it done properly . Im perfectly fine doing the individual . Nobody is going to go out and shoot them without me being present anyway.

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