Suppressors Trust Advantages and Disadvantages
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Re: Trust Advantages and Disadvantages
A trust keeps you from having to get your le signature, fingerprint card, and passport photo. Just get your trust notarized and you are done. No disadvantages just a loop hole in the system.
A trust keeps you from having to get your le signature, fingerprint card, and passport photo. Just get your trust notarized and you are done. No disadvantages just a loop hole in the system.
Re: Trust Advantages and Disadvantages
Also has advantages when it comes to estate planning and passing on the suppressors to your kids (as I understand it).
Example, if the suppressors are registered to you, when you die they have to be destroyed or sold. You can put in a trust who gets the contents of the trust when you pass on.
J
Also has advantages when it comes to estate planning and passing on the suppressors to your kids (as I understand it).
Example, if the suppressors are registered to you, when you die they have to be destroyed or sold. You can put in a trust who gets the contents of the trust when you pass on.
J
Re: Trust Advantages and Disadvantages
Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5.
Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5.
Re: Trust Advantages and Disadvantages
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Hogshooter</div><div class="ubbcode-body">Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5.</div></div>
Thank you for correcting me and sharing new info, it appears that I was misinformed. Do you know on the form 5 would your spouse/kids still have to get LE signoff? Maybe the point that someone was trying to make to me was that if the future LEO wouldn't sign off you could still transfer....just a thought.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Hogshooter</div><div class="ubbcode-body">Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5.</div></div>
Thank you for correcting me and sharing new info, it appears that I was misinformed. Do you know on the form 5 would your spouse/kids still have to get LE signoff? Maybe the point that someone was trying to make to me was that if the future LEO wouldn't sign off you could still transfer....just a thought.
Re: Trust Advantages and Disadvantages
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">A trust keeps you from having to get your le signature, fingerprint card, and passport photo. Just get your trust notarized and you are done.</div></div>
+1
Not to mention the Turn around time is FASTER, since there are not fingerprints or background check to wait for.
My last 2 cans were 2 months from the day i put them in the mailbox to the day they were approved.
The only disadvantage is if you do not set up the Trust correctly you will be setting yourself up for issues/legalities.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">A trust keeps you from having to get your le signature, fingerprint card, and passport photo. Just get your trust notarized and you are done.</div></div>
+1
Not to mention the Turn around time is FASTER, since there are not fingerprints or background check to wait for.
My last 2 cans were 2 months from the day i put them in the mailbox to the day they were approved.
The only disadvantage is if you do not set up the Trust correctly you will be setting yourself up for issues/legalities.
Re: Trust Advantages and Disadvantages
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">just a loop hole in the system.</div></div>
A loop hole ... just like the gun show loop hole? It is NOT a loop hole, and you will get people spun up, trying to close it, if you keep talking about it that way.
A trust is an entity that can own property, just like a company (LLC or Corp). It's just that a trust is more easily setup.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">just a loop hole in the system.</div></div>
A loop hole ... just like the gun show loop hole? It is NOT a loop hole, and you will get people spun up, trying to close it, if you keep talking about it that way.
A trust is an entity that can own property, just like a company (LLC or Corp). It's just that a trust is more easily setup.
Re: Trust Advantages and Disadvantages
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Rijndael</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">just a loop hole in the system.</div></div>
A loop hole ... just like the gun show loop hole? It is NOT a loop hole, and you will get people spun up, trying to close it, if you keep talking about it that way.
A trust is an entity that can own property, just like a company (LLC or Corp). It's just that a trust is more easily setup. </div></div>
+1
People REALLY need to stop calling it a "loophole".
Read the freakin law:
http://www.atf.gov/pub/fire-explo_pub/nfa.htm
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style="text-decoration: underline">Person.</span> A partnership, company, association, <span style="font-weight: bold">trust</span>, estate, or corporation, as well as a natural person.</div></div>
So..........let's figure out why a Trust or Corp don't need fingerprints or background checks,etc.......only individuals need to do all that.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">(e) Identification of taxpayer. <span style="font-weight: bold">If the taxpayer is an individual</span>, with the initial return such person shall securely attach to Form 5630.7 a photograph of the individual 2 x 2 inches in size, clearly showing a full front view of the features of the individual with head bare, with the distance from the top of the head to the point of the chin approximately 1 1/4 inches, and which shall have been taken within 6 months prior to the date of completion of the return. The individual shall also attach to the return a properly completed FBI Form FD-258 (Fingerprint Card). The fingerprints must be clear for accurate classification and should be taken by someone properly equipped to take them: Provided, That the provisions of this paragraph shall not apply to individuals who have filed with ATF a properly executed Application for License under 18 U.S.C. Chapter 44, Firearms, ATF Form 7 (5310.12)(12-93 edition), as specified in § 178.44(a). </div></div>
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Rijndael</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gunbroker</div><div class="ubbcode-body">just a loop hole in the system.</div></div>
A loop hole ... just like the gun show loop hole? It is NOT a loop hole, and you will get people spun up, trying to close it, if you keep talking about it that way.
A trust is an entity that can own property, just like a company (LLC or Corp). It's just that a trust is more easily setup. </div></div>
+1
People REALLY need to stop calling it a "loophole".
Read the freakin law:
http://www.atf.gov/pub/fire-explo_pub/nfa.htm
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style="text-decoration: underline">Person.</span> A partnership, company, association, <span style="font-weight: bold">trust</span>, estate, or corporation, as well as a natural person.</div></div>
So..........let's figure out why a Trust or Corp don't need fingerprints or background checks,etc.......only individuals need to do all that.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">(e) Identification of taxpayer. <span style="font-weight: bold">If the taxpayer is an individual</span>, with the initial return such person shall securely attach to Form 5630.7 a photograph of the individual 2 x 2 inches in size, clearly showing a full front view of the features of the individual with head bare, with the distance from the top of the head to the point of the chin approximately 1 1/4 inches, and which shall have been taken within 6 months prior to the date of completion of the return. The individual shall also attach to the return a properly completed FBI Form FD-258 (Fingerprint Card). The fingerprints must be clear for accurate classification and should be taken by someone properly equipped to take them: Provided, That the provisions of this paragraph shall not apply to individuals who have filed with ATF a properly executed Application for License under 18 U.S.C. Chapter 44, Firearms, ATF Form 7 (5310.12)(12-93 edition), as specified in § 178.44(a). </div></div>
Re: Trust Advantages and Disadvantages
I in the Army, so it helps to have my family on the trust in case they have to move (with the suppressors) when I'm not available.
I in the Army, so it helps to have my family on the trust in case they have to move (with the suppressors) when I'm not available.
Re: Trust Advantages and Disadvantages
Oops Did I say "loop hole," I meant alternate means of purchase!
Sorry about that.
Oops Did I say "loop hole," I meant alternate means of purchase!
Sorry about that.
Re: Trust Advantages and Disadvantages
The only advantage I know of for doing it individually is that, if an LEO who doesn't know the law happens to see you using one of your fun toys, it might ease their minds to see their boss's signature on your paperwork. Granted that's a small thing, but worth thinking about. FWIW, I've done all mine so far as individual, my FFL/SOT does the fingerprinting for free so the only extra charge is the photo. It doesn't take long to get the signature, and I don't think it's a bad idea to sit down with them occasionally so they know you're one of the good guys should anything happen later on.
The only advantage I know of for doing it individually is that, if an LEO who doesn't know the law happens to see you using one of your fun toys, it might ease their minds to see their boss's signature on your paperwork. Granted that's a small thing, but worth thinking about. FWIW, I've done all mine so far as individual, my FFL/SOT does the fingerprinting for free so the only extra charge is the photo. It doesn't take long to get the signature, and I don't think it's a bad idea to sit down with them occasionally so they know you're one of the good guys should anything happen later on.
Re: Trust Advantages and Disadvantages
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Hogshooter</div><div class="ubbcode-body">Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5. </div></div>
this goes for an individual as well.I have a can on an individual non/trust F4.If I die a dealer can form 5 it to my wife.This is a one time deal.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Hogshooter</div><div class="ubbcode-body">Suppressors do not have to be sold when you pass on. They can will willed to a spouse or child and a Form 5 filled out and sent to the ATF. No tax fee on the form 5. </div></div>
this goes for an individual as well.I have a can on an individual non/trust F4.If I die a dealer can form 5 it to my wife.This is a one time deal.
Re: Trust Advantages and Disadvantages
the only good thing I can think of about an individual F4 is that it means your local sherrif may be progun and the F4 has your name and photo on it which is a no-brainer for a curious sherriff.+100000000 for the trust route,you can add people and you dont have to be their with the can if the other person is on the trust.
the only good thing I can think of about an individual F4 is that it means your local sherrif may be progun and the F4 has your name and photo on it which is a no-brainer for a curious sherriff.+100000000 for the trust route,you can add people and you dont have to be their with the can if the other person is on the trust.
