Suppressors NFA Question
- Thread starter bdubb
- Start date
Re: NFA Question
WHEREAS, the Settlor wishes to establish a revocable trust to hold, own, use, and
administer such assets including, but not limited to, firearms and other items that are controlled or
regulated by the National Firearms Act (the N.F.A.), as Settlor shall wish, upon the terms and
conditions set forth in this Trust Agreement; and
WHEREAS, the Trustee is willing to hold and administer such property as he may receive
upon the terms and conditions set forth in this Trust Agreement, including any items regulated by the N.F.A.;
So, they way mine is written, yes, I could use it for other items.
WHEREAS, the Settlor wishes to establish a revocable trust to hold, own, use, and
administer such assets including, but not limited to, firearms and other items that are controlled or
regulated by the National Firearms Act (the N.F.A.), as Settlor shall wish, upon the terms and
conditions set forth in this Trust Agreement; and
WHEREAS, the Trustee is willing to hold and administer such property as he may receive
upon the terms and conditions set forth in this Trust Agreement, including any items regulated by the N.F.A.;
So, they way mine is written, yes, I could use it for other items.
Re: NFA Question
Benefit would be establishing a co-trustee to over see the items until, said beneficiary is of legal age. I suppose you could just verbalize it in the will though.
Benefit would be establishing a co-trustee to over see the items until, said beneficiary is of legal age. I suppose you could just verbalize it in the will though.
Re: NFA Trust
I suggest holding only NFA items in the trust and opening a checking account in the name of the trust for purchasing NFA items. This prevents co-mingeling of funds and minimizes the paper trail to items that the NFA does not (currently) apply to. If you have an expensive Tommy Gun, M60, MP5, etc., it might be worth forming a seperate trust just for that one item. That way I <span style="font-style: italic">THINK</span> you can sell the trust without a transfer tax, by simply filing for a change of ownership and the new Trustor would own the item. My understanding is that it would work similar to selling a corporation where the assets of the corporation, such as a delivery truck, would remain registered in the name of the corporation and would not require state sales tax or new registration upon the sale. I'm not a lawyer, so please verify this with Dave Goldman at guntrustlawyer dot com or with another NFA atty.
I suggest holding only NFA items in the trust and opening a checking account in the name of the trust for purchasing NFA items. This prevents co-mingeling of funds and minimizes the paper trail to items that the NFA does not (currently) apply to. If you have an expensive Tommy Gun, M60, MP5, etc., it might be worth forming a seperate trust just for that one item. That way I <span style="font-style: italic">THINK</span> you can sell the trust without a transfer tax, by simply filing for a change of ownership and the new Trustor would own the item. My understanding is that it would work similar to selling a corporation where the assets of the corporation, such as a delivery truck, would remain registered in the name of the corporation and would not require state sales tax or new registration upon the sale. I'm not a lawyer, so please verify this with Dave Goldman at guntrustlawyer dot com or with another NFA atty.
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