Suppressors Trust ??'s

[Outlaw45]

We can't have suppressors in Iowa but hopefully one day, but I have some questions about all the talk about trusts. With all the talk about the gun ban coming and making the guns NFA's I thought I should look into it.

Can someone explain it to me?

The way I understand it is;

- a person can pay fee/tax and submit paperwork for each NFA item and only that individual can own it.

- whereas in a trust, it would be a one time fee/tax and submitment of paperwork and an entity would own the NFA's which could be comprised of multiple people.

Right?

 

[dogman]

Re: Trust ??'s

You pay $200 tax for each item, regardless of how you own them.

 

[vinsonr]

Re: Trust ??'s

You pay $200 to transfer each item. This is an important distinction. A trust allows you to have multiple trustees, all capable of possessing the NFA items registered to the trust. Going the individual route means that you would have to be present anytime anyone else has access to your NFA items. Letting your buddy use your suppressor without you present would constitute illegal transfer in the eyes of the BATFE.

 

[Outlaw45]

Re: Trust ??'s

So I pay the $200 for each item but do I need prints and approval and long wait time for processing?

So if I had kids that shoot it might be a good idea to include the whole family?

 

[Stalking_Rhino]

Re: Trust ??'s

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Outlaw45</div><div class="ubbcode-body">So I pay the $200 for each item but do I need prints and approval and long wait time for processing?

So if I had kids that shoot it might be a good idea to include the whole family?

</div></div>

If its transferred as an individual, then you need prints, for all other means(trust/llc/corp) no prints are needed.

There is no difference now between processing times.

You can have your kids use your NFA if it is individually owned, you just need to be present(which you should be with your kids anyways).

With a Trust/LLC/Corp. you wouldn't need to be present for them to have access to the weapons. For some that is a benefit.