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Trust or no trust?

Discussion in 'NFA & Class III Discussion' started by fishfurlife, Oct 30, 2014.

  1. fishfurlife

    fishfurlife Sharpshooter

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    I am jumping into the world of NFA. Not going in too deep but enough to start paying the dang $200 tax on items.

    My question is this, it seems that trusts could be iffy in the near future. I have chatted with several people. Trusts seem easily to deal with as a whole. However, I have some concern as to what would happen if the allowance of trusts changed in the near future.

    Thoughts? Trust? Not trust?
     
  2. SoonerP226

    SoonerP226 Sharpshooter

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    I know an attorney who has been looking into setting up a trust for an NFA firearm that he's buying, and he said that the biggest benefit of a trust is that it greatly simplifies issues surrounding custodianship of the rifle, particularly when it comes to the disposal of it after his death.

    From what he's read, he said it looks like the most likely complication for NFA trusts is that all of the trustees would have to go through the background check. Of course, nobody knows what ATF/DOJ is going to do, but if that's the case, it's really not much of a complication.
     
  3. Gabriel42

    Gabriel42 Sharpshooter

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    Yep yep!
     
  4. fishfurlife

    fishfurlife Sharpshooter

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    Everything I have read points to going with the trust. It was starting to seem like I was missing something that would complicate the process.

    I have some concern that my application would be "in process" when decisions are made early in the year concerning how those in a trust are treated. Which gives me some fear that apps start getting denied because they don't follow new guidelines pertaining to trusts.

    Outside of that, I am leaning towards a trust heavily.
     
  5. Gabriel42

    Gabriel42 Sharpshooter

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    My advice is submit it now as a trust and be ready to have you and the other principals on the trust submit photos and fingerprint cards if it comes to that.
     
  6. djcorrell

    djcorrell Sharpshooter

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    trust! they exist for a reason.
     
  7. OKCShooter

    OKCShooter Sharpshooter

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    Trusts are good for more than just NFA...anyone with net worth that they want to protect should have one.
     
  8. Erick

    Erick Sharpshooter

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    Definitely go with a Trust. It's easier and some Class 3's include it in their sales price.
     
  9. beardking

    beardking Sharpshooter

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    Are you still able to do the efile with a trust or has that been stopped recently? Also, what are the current wait times people are experiencing?
     
  10. Gabriel42

    Gabriel42 Sharpshooter

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    With a trust, you can use eForm 1's to make a SBR, SBS, suppressor, etc but that is the only form that is currently open that benefits the end user.

    Wait times:
    eFrom 1: 30+ days
    Form 4: 5+ months
     

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