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The Range
NFA & Class III Discussion
So What Exactly Is Changing For NFA Trusts In July
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<blockquote data-quote="henschman" data-source="post: 2876618" data-attributes="member: 4235"><p>Trusts will have less advantages after July 1, but will still have some advantages compared to individual ownership.</p><p></p><p>As an individual, you are not legally allowed to let others use your NFA items. That is considered an unlawful transfer. With a trust, you can legally let others use the items by making them co-Trustees, and if you have a good trust like the ones I write, you can avoid your co-trustees having to jump through the 41P hoops by removing them as trustees, applying for the item with only you as a responsible party, and then adding them back.</p><p></p><p>Trusts also have advantages when it comes to estate planning. If you own an item as an individual, when you die your heirs have to apply for transfers through the ATF, and the property has to go through a probate action in State District Court, which can be expensive and time consuming. If you have a trust, there is no change of ownership since the trust still owns the property after you die, and no transfer is necessary. Your trustees go on being able to use the items. Also items in a trust don't go through probate, since there is legally no change of ownership. </p><p></p><p>My trusts also include a confidential property schedule that is separate from the schedule listing your NFA items. You can place other property such as non-NFA firearms on the confidential schedule for estate planning purposes. You do not send this schedule in with NFA applications, like you do with the schedule of NFA items, so you don't end up effectively "registering" your other guns with the ATF. Not everybody will want to do this, but it is an option, and I provide all the forms to do this and more with my NFA trusts.</p></blockquote><p></p>
[QUOTE="henschman, post: 2876618, member: 4235"] Trusts will have less advantages after July 1, but will still have some advantages compared to individual ownership. As an individual, you are not legally allowed to let others use your NFA items. That is considered an unlawful transfer. With a trust, you can legally let others use the items by making them co-Trustees, and if you have a good trust like the ones I write, you can avoid your co-trustees having to jump through the 41P hoops by removing them as trustees, applying for the item with only you as a responsible party, and then adding them back. Trusts also have advantages when it comes to estate planning. If you own an item as an individual, when you die your heirs have to apply for transfers through the ATF, and the property has to go through a probate action in State District Court, which can be expensive and time consuming. If you have a trust, there is no change of ownership since the trust still owns the property after you die, and no transfer is necessary. Your trustees go on being able to use the items. Also items in a trust don't go through probate, since there is legally no change of ownership. My trusts also include a confidential property schedule that is separate from the schedule listing your NFA items. You can place other property such as non-NFA firearms on the confidential schedule for estate planning purposes. You do not send this schedule in with NFA applications, like you do with the schedule of NFA items, so you don't end up effectively "registering" your other guns with the ATF. Not everybody will want to do this, but it is an option, and I provide all the forms to do this and more with my NFA trusts. [/QUOTE]
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So What Exactly Is Changing For NFA Trusts In July
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