Suppressors Personal, Trust, Suggestions???

[GUNNER75]

So I have a couple items set up as personal and submitted From 4's on. No issues, CLEO signed off w/o issue. Have paperwork ready to fly but cannot connect up with CLEO for sign off. (busy after being re elected I guess)

Brings up a topic. Is now the time to set up a trust? If so, what to do with previous items? Add to trust or leave personal?

Placed a call to a local office to see about NFA trust (if they do or want to get into it), no word back yet.

Any suggestions on what direction to go in my position?

Also, my head is spinning like no other reading about trusts, quicken, legal, do this, don't, they reject this, no rejections here, etc.

FWIW, if it wasn't for my particular situation I would have my own FFL and SOT license.

 

[YTALER]

Re: Personal, Trust, Suggestions???

I personally used a trust for both my cans because I could put my son as my benefactor. He gets everything without having to buy another stamp. I would definitely get a knowledgable attorney to draw it up for you. It cost me $400 for the service, but I sleep well at night knowing I didin't screw something up. A good fiend of mine - who got me into long range shooting/ suppressors and this site did it himself on Legalzoom.com . It can be done that way but I'd talk to others on this site about it to make sure it is done right. Good Luck !

 

[dddoo7]

Re: Personal, Trust, Suggestions???

the way i read it, nfa items can be passed down to a legal beneficiary tax free by using a form 5. If that is the case, the only advantage I see to a trust is that more than one person can be in possession, and CLEO sign off is not needed. In my case, when my son turns 21 to where he could use my suppressors by himself, he can go and buy his own (or we can get a trust then and transfer them in).

 

[al redneck]

Re: Personal, Trust, Suggestions???

I went with a nfa trust . Yes you can let someone inherit it after you die but who will store it . The legal owner is dead and the future beneficiary is not legally able to possess it until paperwork is accepted . A trust enables more people to use, transport , and possess these items . In the event of death or you become ineligable to own the item it will still be the property of the trust .
If you have nfa items already you can add them to the trust but it will cost $200 each and you will have to do a transfer from you to the trust which will take about 6 months .
One advantage of a trust is that you can buy rimfire and pistol cans and your son (or other trustee) can buy some centerfire cans . So there would be a cost savings for each of you .

david

 

[Run2trouble]

Re: Personal, Trust, Suggestions???

I used Mathew with http://arsenalattorney.cwsit.com/ for my trust.

It is a piece of cake and easy to do. He send over simple instructions so that anyone can follow them.