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What is a trust?
- Thread starter CHAM12
- Start date
Best advise if you have NO CLUE what a trust is, is talk to a lawyer. Basicly it is a legal entity for maintaining assests. Cost is virtually free if you do it yourself, to how ever much a lawyer wants to charge you if they create it for you (and since you don't know what one is that is your best option).
All that said, since you aknowledge not knowing where to start, let me give some advice...#1 you don't need a trust to play with NFA toys, so if you think you need a trust to own NFA you need to do much more research on not only what a trust is (and why some use them for NFA) but also you need to look into the ins and out's of NFA ownership. (most of the common questions have been covered numerous times here, so check out the stickies then scroll down and do some reading)...
Not trying to sound like a dick with the above, but playing in the NFA world is a whole different story than "regular" guns, it really isn't as hard as some make it out to be, just considerably more regulations to understand and alot less "leeway" for mistakes...
A few posts down is a thread "a few simple questions" if you read my reply to that maybe it will help explain the basics... http://www.northeastshooters.com/vbulletin/threads/107281-Some-simple-questions
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That's almost the best advice. The best advice would be if you have NO CLUE what a trust is, don't even bother attempting it or even hiring a lawyer to make you one. Ultimately you'll end up with a legal document that you have no clue what it means, how it's used, and when to use it.
I suggest researching ALOT, then just doing the COP sign off.
one-eyed Jack
Manufacturer
If you can get the Green Card and sign-off you won't need the trust unless you want it for other reasons. Obtain and study all the federal and state gun laws. Knowing how to ask the COP the correct questions will get you half way there. Jack.
http://www.guntrustlawyer.com/ This guy is the best IMHO iron clad in all states. I used him myself and have not had a single transfer problem. Yes I have done a few LOL..
Call Joe Hickson, http://hicksonlawgroup.com/
You won't need the CLEO to sign off on any of your MG forms when you have one. It's good to have especially when going through a change of CLEO like we just did here. The only thing better is to have a SOT.![[smile]](/xen/styles/default/xenforo/smilies.vb/001.gif "Smile [smile]")
You won't need the CLEO to sign off on any of your MG forms when you have one. It's good to have especially when going through a change of CLEO like we just did here. The only thing better is to have a SOT.
one-eyed Jack
Manufacturer
From noob to FFL/SOT is quite a leap! Lot of us did it though, but gradually. Jack.Call Joe Hickson, http://hicksonlawgroup.com/
You won't need the CLEO to sign off on any of your MG forms when you have one. It's good to have especially when going through a change of CLEO like we just did here. The only thing better is to have a SOT.
I am an armor in the military i play with them all the time and know about the forms needed but. But this trust things seems the way to go. I have fired pretty much it all minus the MK19 had a MK18 for 8 years full auto.
There are Pro's/Con's of all methods of NFA ownership, you NEED TO fully understand the method you choose prior to taking the leap.
As to your experience, shooting them really isn't a big concern as far as "experience" goes, its knowing exactly what/when/how/where you can "do" with them that is important with NFA "toys". There is ALOT less "leeway" in the world of "civilian" NFA than there is .MIL or .GOV MG "play". I am a LE armorer/intructor and all I can tell you is a lot of stuff that "flys" with how its done with .GOV equipment will get you in real trouble had you done the exact same thing with your personal "toys"...
As security boy stated a trust is a legal entity created for assigning assets to. The assets can be a bank account, investments, a house, car and of course for our discussion firearms. You have the trustee(s) who while alive administer the assets in the trust and successor trustee(s) who take over in the event the trustee is deceased or incapacitated. There are then provisions within the trust stating how the assets are to be administered in the event of the death or incapacitation of the trustee. For a trust to be valid it typically has to be funded in some way so a lot of folks will initially assign something like a dollar just to get it going and then go from there. This is some really basic generic information around trusts. They can get very complicated and can be tailored to specific needs/situations. One thing you want to make sure of is not to lose the trust paperwork. If you do either yourself or your family upon your demise/incapacitation may have to go to court to have them determine the provisions of the trust which will cost a lot of money. I see it happen every so often through my work.
I have a question about trusts:
I currently own a business in NH registered as an LLC. The business was active until last month when I took a job due to having a kid in college, needing bennies, etc. The company will be kept "active" until she graduates and I can go back to working for myself again.
So can I use this LLC as a trust to purchase Class 3 stuff, SBRs, supressors, etc.?
I currently own a business in NH registered as an LLC. The business was active until last month when I took a job due to having a kid in college, needing bennies, etc. The company will be kept "active" until she graduates and I can go back to working for myself again.
So can I use this LLC as a trust to purchase Class 3 stuff, SBRs, supressors, etc.?
No you can't use your LLC as a trust. An LLC is an LLC a trust is a trust. You would need to check w/ appropriate lawyer types to see if an LLC can be a trustee of a Trust.
However, you can simply avoid the whole trust issue and buy NFA under the LLC, that would be a whole lot less complicated than trying to weave your LLC into some sort of holding in a trust.
Sorry, I don't think I wrote what I meant to ask, which was: Can I use the LLC to buy NFA items instead of setting up a separate trust?
Thanks for the info.
Thanks for the info.
Yes LLC's (like any other corporation) can own NFA (has nothing to do with "trusts" though).
