Setting up a trust

Discussion in 'NFA/Class 3 & FFL Discussion' started by MrBishop, Dec 22, 2008.

  1. MrBishop

    MrBishop Guest

    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?
     
  2. anm2_man

    anm2_man Member

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    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.
     

  3. Paladin

    Paladin New Member

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    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.
     
  4. anm2_man

    anm2_man Member

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    You should have no trouble setting up the trust with Willmaker. Many people have done it.
     
  5. Brianboy_24

    Brianboy_24 New Member

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    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.
     
  6. anm2_man

    anm2_man Member

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    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
     
  7. Angrypoonani

    Angrypoonani New Member

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    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
     
    Last edited: Mar 8, 2009