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-   -   Setting up a trust (http://www.firearmstalk.com/forums/f47/setting-up-trust-9347/)

MrBishop 12-22-2008 02:40 PM

Setting up a trust
 
Are there any downfalls/negatives to doing it this way? I'm just wondering why there's one way that's sooo hard, then another way that's so easy?

anm2_man 01-07-2009 05:06 PM

Quote:

Originally Posted by MrBishop (Post 56960)
Are there any downfalls/negatives to doing it this way? I'm just wondering why there's one way that's sooo hard, then another way that's so easy?


Well if your comparing the process for a single individual NFA ownership with that of a Trust, is because when the NFA was formed, there was no such thing as a Trust.

Paladin 02-01-2009 05:05 PM

Newbie here; not to firearms but to Class III. My dealer tells me the trust is the way to go to avoid having the CLEO sign off on a Class III application. I just bought a piece of software called WillMaker Plus 2009 from Quicken. Total cost $52.99 from an outfit called Nolo. I'm going to use it to set up an NFA Revocable Trust. Once that's done, I'll check out the acquisition process. My Class III dealer seems to know what he's doing, so I'll have him advise on all the necessary steps. A lawyer can set up a trust, but it'll cost several hundred dollars. With the price of the Class III item, the $200.00 tax, plus incidentals such as getting photos and fingerprints, it seems to make sense to save where possible. I've been told the software is simple to use. We'll see.

anm2_man 02-02-2009 09:11 PM

Quote:

Originally Posted by Paladin (Post 67295)
Newbie here; not to firearms but to Class III. My dealer tells me the trust is the way to go to avoid having the CLEO sign off on a Class III application. I just bought a piece of software called WillMaker Plus 2009 from Quicken. Total cost $52.99 from an outfit called Nolo. I'm going to use it to set up an NFA Revocable Trust. Once that's done, I'll check out the acquisition process. My Class III dealer seems to know what he's doing, so I'll have him advise on all the necessary steps. A lawyer can set up a trust, but it'll cost several hundred dollars. With the price of the Class III item, the $200.00 tax, plus incidentals such as getting photos and fingerprints, it seems to make sense to save where possible. I've been told the software is simple to use. We'll see.

You should have no trouble setting up the trust with Willmaker. Many people have done it.

Brianboy_24 02-08-2009 11:07 PM

I was wondering about this with regard to Missouri (where I live). In Missouri you are required to have some form of FFL to get NFA items. I just got my C&R to fulfill state law. I was wondering if the trust would have to get a FFL or if because I was the head of the trust I could still own NFA items.

anm2_man 02-09-2009 04:48 PM

Quote:

Originally Posted by Brianboy_24 (Post 69415)
I was wondering about this with regard to Missouri (where I live). In Missouri you are required to have some form of FFL to get NFA items. I just got my C&R to fulfill state law. I was wondering if the trust would have to get a FFL or if because I was the head of the trust I could still own NFA items.

Looks like you need either a C&R lic or FFL to own MG's in Missouri.

Here is a list of states and what they allow:

KEY
MG - machine gun
SI - sound suppressor (silencer)
SR - short barreled rifle
SG - short shotgun
AOW - any other weapon
LBDD - large bore destructive device
EXPDD - explosive, incendiary or poison gas destructive device


STATEMG SI SR SG AOWLBDD EXPDD Comments

AK Y Y Y Y Y Y Y
AL Y Y N N Y Y ?
AR Y Y Y Y Y Y ? (state registration of pistol cal. MG's over .30)
AZ Y Y Y Y Y Y Y
CA Y N Y Y Y Y Y (requires discretionary and rarely issued permit
for mg, lbdd or expdd from state Dept. of
Justice; no AOW pen guns; C&R sg, sr only)
CO Y Y Y Y Y Y Y (requires state explosives permit for expdd)
CT Y Y Y Y Y Y ? (no select fire mg's-full auto's only, after 1993
assault weapon ban, state registration of mg's)
DE N N Y N Y Y N (no smooth bore pistol AOW's)
FL Y Y Y Y Y Y Y
GA Y Y Y Y Y Y Y (no incendiary expdd's)
HI N N N N N N N
IA N Y Y Y Y Y Y (only si, sr, sg, lbdd and expdd designated as
collector's items by the Comm'r of Public
Safety - they use the ATF C&R list)
ID Y Y Y Y Y Y Y
IL N N N N Y ? N
IN Y Y Y N Y Y N
KS N N Y N Y Y N DEWAT machine guns are OK.
KY Y Y Y Y Y Y ?
LA Y Y Y Y Y Y Y (mg's require a permit to purchase - war relics
only; mg's, sr, si, sg and some expdd's
require a permit to purchase)
MA Y N Y N N Y N (license for mg's required; 1998 law bans
covert firearms (AOW's), short shotguns)
MD Y Y Y Y Y Y N (mg's must be registered)
ME Y Y Y Y Y Y Y
MI Y N Y Y Y Y Y (FFL needed to own machine guns; no
incendiary expdd; C&R sr, sg only)
MN Y N Y Y Y Y ? (C&R mg, sg only, registration required)
MO Y N Y Y Y N N (C&R mg, sr, sg only to non-FFL holders; FFL
holders (including C&R) any mg, sr, sg)
MS Y Y Y Y Y Y Y (as of 7/1/00, silencers are legal, but must be
registered with the state)
MT Y Y Y Y Y N N (state law banning silencers and requiring
pistol cal. mg's over .30 be registered with
state repealed 4/23/99)
NE Y Y Y Y Y Y N
NC Y Y Y Y Y Y Y (sheriff's permit required for mg's; must be FFL
holder (including C&R) for mg, si, sr, sg
lbdd and expdd, or fall into another exception,
see comments below)
ND Y Y Y Y Y Y Y (fed. "licensees" required to register all NFA
weapons with state when possessed for
"protection or sale")
NH Y Y Y Y Y Y Y
NJ Y N N N Y N N (mg requires discretionary and rarely issued
permit from state court)
NM Y Y Y Y Y Y Y
NV Y Y Y Y Y Y Y
NY N N N N Y Y N (AOW smooth bore handguns are allowed, on
a state pistol license)
OH Y Y Y Y Y Y Y
OK Y Y Y Y Y Y Y
OR Y Y Y Y Y Y Y (no incendiary expdd's)
PA Y Y Y Y Y Y N
RI N N N N Y Y ?
SC Y Y Y Y Y Y ? In 2001, S.C. law was changed to permit all
Federally registered items
SD Y Y Y Y Y Y Y
TN Y Y Y Y Y Y ?
TX Y Y Y Y Y Y Y
UT Y Y Y Y Y Y Y
VA Y Y Y Y Y Y Y (state registration of all mg's)
VT Y N Y Y Y Y Y
WA N Y N N Y Y N (silencer may not be used on a gun)
WI Y Y Y Y Y Y Y (permit required for expdd, no incendiary
expdd's; no pistol caliber mg's w/o permit)
WV Y Y Y Y Y Y ?
WY Y Y Y Y Y Y ?


Here is the link to the full text -> http://www.cs.cmu.edu/afs/cs.cmu.edu/user/wbardwel/public/nfalist/nfa_faq.txt

Angrypoonani 03-08-2009 08:09 PM

I read somewhere that care should be taken when setting up a trust for purchase of NFA weapons. Is there a difference in a "revocable living trust" and an "NFA Trust?" Or does it really just depend on state regs?

The reason I'm asking is because I found paperwork for the declaration of a revocable living trust online that can be printed out for free, but if there are specific requirements that must appear in the trust to transfer NFA weapons to it then I don't want to use it.

Here's the link

http://www.ilrg.com/forms/trustrev.html


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