I was wondering if I bought my suppressors with my own trust or single shot trust, couldn't I just add a person to the trust and sell the suppressor? That would be a way around people waiting 12 months to get a suppressor?
Suppressors SingleShot Trust / Sell/Transfer Question
- Thread starter littlepod
- Start date
In all the trusts I've seen, when the grantor dies the trust becomes irrevocable. Definitely consult with an attorney.
Individual suppressor form 4s are coming back in 3 months. What benefits then for the trust? Just having people use it while you're alive?
Correct me if I'm wrong, but if an NFA item is under one person's name isn't it illegal for someone else to be in possession of it? Isn't a trust just as much about being able to legally possess in general and not just for use? Good example, I went to the range Saturday morning. When I got home the wife used my truck while the rifle and my range bag were still in the back seat. Lets say she gets pulled over and the LEO sees the case and bag and asks to search the truck? What if there's a can or an SBR that were only in my name present wouldn't she be in trouble for being in possession of someone else's NFA item? What about when an NFA item is stored at the house and I'm out of town for work?
Good questions i would like to know the answers to also. I'm starting the process of buying my first suppressor and not sure on trust or individual. Would like to go trust but with what I've seen online the wait times might be shorter with individual.
The biggest factor is that many people being legally allowed to use them. My wife and i have a teust that we are on. That way when I use her NFA irltems it is legal when she is not there, and vice versa.
Also on a side note it is a legal entity. That in itself make for a few interesting situations......
I had 4 stamps that I converted from individual to trust for convenience of allowing the spouse to have access of NFA items, and for ease of transfer to my son when we pass away. This was before 41F.
What a first time suppressor buyer Should get whether trust or individual should be assessed on a case to case basis.
NFA is about patience. Either way its a hassle for law abiding gun owners. Imagine if this was the same process employed for luxury handbags, watches and cars.
What a first time suppressor buyer Should get whether trust or individual should be assessed on a case to case basis.
NFA is about patience. Either way its a hassle for law abiding gun owners. Imagine if this was the same process employed for luxury handbags, watches and cars.
That is 100% correct. Buying as an individual has many drawbacks when it comes to possession and storage.
That is the whole point of the trust.
You have the trustee (main person or persons) which are also "responsible person/persons. Any of the responsible persons are allowed to possess the NFA items. Beneficiaries (kids...ECT) will inherit the trust and it's assets (NFA items) upon the death of the trustees. My kids are the beneficiaries as they are minors and can not be responsible persons. Individual transfers are going fast right now. But there a pain in the butt like if you left your gear in the truck and your wife grabs the truck and runs to town. Or you left the safe unlocked at home or she has access to the safe.
You have the trustee (main person or persons) which are also "responsible person/persons. Any of the responsible persons are allowed to possess the NFA items. Beneficiaries (kids...ECT) will inherit the trust and it's assets (NFA items) upon the death of the trustees. My kids are the beneficiaries as they are minors and can not be responsible persons. Individual transfers are going fast right now. But there a pain in the butt like if you left your gear in the truck and your wife grabs the truck and runs to town. Or you left the safe unlocked at home or she has access to the safe.
This is exactly the reason I formed a trust and my wife is a co-trustee. My wife has the combination to my safe where I store my NFA items. When I'm not home she effectively has access without my presence which (so my lawyer tells me) is technically a felony. Changing the combo to the safe and not telling my wife the new code would also resolve the challenge, but I don't want to deal with the marital fall out from that.
they send you an amendment form that you can use to add people to your trust after you receive the tax stamp. https://www.silencershop.com/blog/post/single-shot-trust/
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