60+ years old, no wife, no kids, not really anybody to leave any NFA toys to. My dad would probably be willing to take them on, maybe even enthusiastic about it, but barring a freak accident he won't outlive me. My brother would love to have them, but due to some unfortunate instances of poor judgement in his youth he is ineligible. Neither my sister, BIL nor either of their kids have ever expressed any interest in guns, let alone NFA stuff. I'm not planning on kicking the bucket anytime soon, just trying to plan ahead a little. So really, the only conceivable reason for using a trust - that I can think of - would be so that I could loan my toy/s to one of my shooting buddies.
So in the interest of keeping things simple, I'm leaning toward just going the individual route when I get ready to file a form 4 on a can. Or cans. Or is there a good reason for going with a trust that I haven't considered?
You've covered your bases on this... only thing is, and might be a big If that someone in your family may change their minds down the road.This message has been edited. Last edited by: CandyMan.45,
|I run trains!|
Yep. I don’t see any real down side to a trust, especially since it allows you to make changes down the road. Never know what the future holds.
Success always occurs in private, and failure in full view.
with no heirs its a wash as you can have your executor or trustee after you die try and sell them (difficult) but a Trust allows other Trustee's contol over the NFA items as an "responsible person" but they also have certain control of your trust property by definition. Nobody else can use your NFA or be in control of it as an individual.
"All that is necessary for the triumph of evil is for good men to do nothing"
I went with a trust. I am younger (48) and two of my three kids like shooting and such so they will be sent to them or their kids. I currently am the only RP/Trustee on the trust. My wife and oldest daughter are successor trustees in case of my untimely death. So they have no control over my stuff and I don't have to send pic/prints in for them. Once I have gotten all I plan on and all three are of age I will put them on as trustees.
OK, now that last point touches on something that I've been wondering about. Everything I've seen and read about NFA trusts seems to say that I can set up a trust with myself as the only trustee, then register a can to the trust, and then later add other trustees WITHOUT having to have them go through the whole ATF photo/prints/background check process (until and unless I decide to make another NFA purchase). Now, that seems like a huge loophole to me, as the new trustees would have full legal access to my NFA items, but without any ATF approval. I understand that the eligibility rules (non-felon, age, etc.) would still apply, but they would realistically only come into question in the event of ATF or LE somehow getting involved. Or am I completely misunderstanding what I've read?
It is a loophole, and yes people are absolutely doing that. Some are going as far as unloading everyone else from their trust before submitting and then adding back in after approval. That wasn’t what was intended by the ATF, but that’s how the final rule was written. When the rule was originally proposed, it had verbiage that said you had to notify the ATF within 30 days after adding someone to a trust that held NFA items, but that was dropped in the final rule.
|Music's over turn |
out the lights
I have a trust from Dean, he has an amendment to attach to your trust that removes all people when submitting for a new can. It’s much easier than having everyone doing prints and pics.
Rather fail with honor than succeed by fraud. -Sophocles
It's not any more of a "loophole" than Glock being able to change corporate officers between FFL renewals without notifying BATFE.
Does your sister or BIL like money, if yes they can sell your stuff after you pass. What if you meet somebody before you die that likes shooting with you?
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