They would need to be trustees. Look into forming an LLC with them. It costs a little money, but I think it is a better option for multiple people having possession of NFA stuff.
I think the registration of an LLC is $100 in OK and $25 per year.
I think the registration of an LLC is $100 in OK and $25 per year.
An LLC is an option and easy to set up. The maintenance involved with companies is not that big of a deal but there are things that need to be kept up with unlike a trust (like paying your 25 bucks a year, keeping up with change of address, tax liability if any). Also, If you ever decide to dissolve the company you would need to pay the tax stamps all over again if you want to put them in your name or in a trust's name. Benefits are things like a tiered authority. The owner can have powers that agents do not like selling
I prefer a trust personally. Zero upkeep and zero hassle. There are ways of adding people as trustees (pretty easily) but as such they have the exact same power as you.
If you want a Trust tailored to fit you and your special needs I recommend speaking with an attorney and having him draw you one up useing the Quicken one as a template. If you are leaning toward the LLC route I recommend speaking with your accountant first. LLC's with NFA are all or nothing.
Hope this helps
Ty
I prefer a trust personally. Zero upkeep and zero hassle. There are ways of adding people as trustees (pretty easily) but as such they have the exact same power as you.
If you want a Trust tailored to fit you and your special needs I recommend speaking with an attorney and having him draw you one up useing the Quicken one as a template. If you are leaning toward the LLC route I recommend speaking with your accountant first. LLC's with NFA are all or nothing.
Hope this helps
Ty
I AM NOT AN ATTORNEY.
ok here goes....trust is the best way for most people... if you want them to have the right to the weapon without you anywhere around, co-trusties will work. if it is just a mater of use and you are close by..no need for co-trusties. another option, with limits, is a power of attorney clause..if you have specific questions on this, pm me your email. if you are worried about after death transfer, that is a separate issue. it goes to the beneficiaries. hope that helps you.
ok here goes....trust is the best way for most people... if you want them to have the right to the weapon without you anywhere around, co-trusties will work. if it is just a mater of use and you are close by..no need for co-trusties. another option, with limits, is a power of attorney clause..if you have specific questions on this, pm me your email. if you are worried about after death transfer, that is a separate issue. it goes to the beneficiaries. hope that helps you.
Thanks for everyone's advice. I think I've decided to do a trust, I already have a LLC for my rentals but think the trust will work out better for my situation. Thanks again for your input...you guys rock!
How should one go about adding new NFA items to/changing terms of an existing trust? Would I just make the changes to the trust and send it in with the new NFA items form (F1 or F4)?
you change the schedule A. just add a new line and the info. attach to original tusts (always make at least 2) then copy and send to the nfa with the new item listed. wham bam done!
thats what I thought, but I second-guessed myself due to how easy that sounds.
