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Starting NFA Trust

Discussion in 'NFA & Class III Discussion' started by Powers, Feb 9, 2013.

  1. OKCHunter

    OKCHunter Sharpshooter

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    If you wanted a new NFA item couldn't you remove everyone except yourself from the Trust and then fill-out the forms, fingerprints, and photo of yourself, to purchase the new NFA item? You could then add back whomever to the Trust? I'm assuming all NFA items are in your possession.
     
  2. POKE1911

    POKE1911 Sharpshooter

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    That’s a good point. I’m not sure. I believe you could in theory my trust is written so that I can add or remove anyone at anytime. Definitely a gray area that I do not believe the NFA addresses.
     
  3. calixt0

    calixt0 Marksman

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    Please forgive my ignorance.. what are the advantages of a trust? Is it just so anyone I put on as trustee can use it?
     
  4. Oklahomabassin

    Oklahomabassin Sharpshooter

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    Yes there is that. Another is when you pass away, the tax stamps do not have to be purchased again by whomever is on trust to take possession.
     
  5. Buzzgun

    Buzzgun Sharpshooter

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    That's not really an advantage because NFA items transfer tax free to the heir on a form 5 and the executor of the will can legally possess the items until they are transferred to the heirs.

    https://www.atf.gov/firearms/docs/f...-registration-firearm-atf-form-53205/download

    1. Exemptions from Transfer Tax. A registered firearm may be transferred without payment of the transfer tax if:

      (1) it is unserviceable; (See definition 1m)
      (2) it is being transferred to or from the United States, or any department,
      independent establishment or agency thereof;
      (3) it is being transferred to or from any State or possession of the United
      States or any political subdivision thereof, or any official police
      organization of such government entity; or
      (4) it is being transferred to a beneficiary of an estate.
     
  6. OKCHunter

    OKCHunter Sharpshooter

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    The real advantage to a Trust, as far as I'm concerned, is the ability for others named in the Trust to have access to the NFA items. With an individual purchase, I'm under the impression the no-one can have access to the NFA item without the owner present. This seems problematic to me - you can't loan it to a friend or family member, and technically, your spouse cannot even have access to the gun safe where NFA items are kept. A Trust eliminates these situations. My Trust allows me to easily add and remove individuals to the Trust with a simple stroke of the pen.
     
  7. calixt0

    calixt0 Marksman

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    Interesting but my wife already doesn't have access to the safe and wont use it without me. right now all I think i want is a supressor.
     
  8. dennishoddy

    dennishoddy Sharpshooter

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    Lets hope to hell the hearing protection law passes and this BS goes away.
    I'm not buying one until then.
     
  9. tkdgeek

    tkdgeek Marksman

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    Forgive me coming into this nice thread late in the game. Had to start somewhere.
    This is the same process (Set up a trust) that would be used in Oklahoma in order to purchase and possess a Short Barrel Rifle (SBR) like a 10.5" AR upper for 300aac right?
    I've about come to the conclusion that it is not worth the extra several hundred in order to own it when just getting a slightly longer barrel will save all the trouble. No real interest in a suppressor currently as they cost more than a rifle. Which to me is akin to charging the same price as the car for a fancy remote keyfob to keep you from having to turn a key...ha. Poor example, but they are just too high priced for me.
    SBR, on the other hand, is something I can afford as a new upper for my existing AR.
     
  10. OKCHunter

    OKCHunter Sharpshooter

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    You can't legally own a SBR without the money and application required to own a Class III Item. But, to answer your question - the process is the same for owning an SBR; choose the trust route or as an individual.
     
    Last edited: Feb 6, 2018

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