living trust NFA items

[in812]

who in indiana can set up a living trust and are savy to the NFA laws ? (prefer southern indiana)

[Scutter01]

Is there any reason you would not want to use a trust?

[VUPDblue]

You can set one up yourself using Quicken Willmaker. Or you could find a good attorney to do it for you. The fact that NFA items are going into the trust doesn't make any difference. The trust itself is not special because of what it holds. It is only a vehicle for ownership. I can't see any *factual* reason to not use a trust. The only possible reason to not use one would be if you look into your crystal ball and see BATFE restricting them in the future. In the end, it's your call. I would, though, recommend going the individual route for your first NFA purchase. The only reason I use a trust now is because it takes WAY too long to get the CLEO in Indy to sign the damn paper. The last time I asked him to do it it took almost a month. I am not that patient...

[Scutter01]

As I understood the process, there were complications with transferring NFA items to a benefactor in the event of your death, and that one of the major benefits of a trust was to get around those. Is that true?

[VUPDblue]

A trust will only help in that the benefactor is named therein. They will still have to file a Form5 with BATFE regardless of whether or not there is a trust. If you have an individual transfer, not a trust transfer, simply name that benefactor in your will.

[Quarterbore]

I have a Corp and I am tied of paying the Quarterly taxes and all the othes stuff for a business that I really don't have time to run anymore. I have quite a few NFA items so it is going to be costly but I am planning to start a trust and transfer all of my machineguns, supressors, and SBRs from the Corp to a Trust and then disolve the corp.

At $200/transfer to do this it is going to cost me $2000 for the taxes (four MGs, one SBR, five supressors) but I am paying about $1000/yr to the accountant just to keep the Corp going and I don't make that much money a year through the business.

I wish I had done a trust in the first place but then again back when I started the Corp I didn't expect some of the life changes that happened either

[RonPaulSupporter]

Can someone explain the NFA trust process entirely? I still can't find out step by step just how you go about this.

Also, just a general question about NFA forms, how do you fill out the Citizenship Compliance form for manufacturing an NFA item? Specifically, what name goes on line two.

[VUPDblue]

Originally Posted by RonPaulSupporter

Can someone explain the NFA trust process entirely? I still can't find out step by step just how you go about this.

Also, just a general question about NFA forms, how do you fill out the Citizenship Compliance form for manufacturing an NFA item? Specifically, what name goes on line two.

1. For the Trust, all you need to create is a revokable living trust. Start your search with those terms, it has nothing whatsoever to do with NFA items. The trust is simply an ownership vehicle.

2. Your name goes on line 2 (among other places).

[RonPaulSupporter]

Originally Posted by VUPDblue

1. For the Trust, all you need to create is a revokable living trust. Start your search with those terms, it has nothing whatsoever to do with NFA items. The trust is simply an ownership vehicle.

2. Your name goes on line 2 (among other places).

Thanks, I didn't understand line two on that form at first because it asks for your name and signature in several places.
I think I'm going to go the Trust route for my SBR, it seems like there are more advantages to it.

[ar15junkie]

Keep us posted on what you find out RP. I emailed the guy in florida who advertises he will refer you to someone local but it seemed like he wanted to write the trust himself. I was looking for someone in state.