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by Jago668
Thu Dec 13, 2018 6:50 pm
Forum: "How To" Tips
Topic: HOW TO SET UP NFA TRUST
Replies: 8
Views: 992

Re: HOW TO SET UP NFA TRUST

ScottDLS wrote:
Thu Dec 13, 2018 4:48 pm
Why would you bother? All beneficiaries of the trust that were "responsible persons" for the item would still have to fill out the same photo/fingerprints and pass the same background check. And I suspect the more background checks, the longer the process to get your Form 4 (registration) back. I did two machine guns and one silencer in my personal name back in 2002 and 2005 and it took 6-7 months for each. Now that you don't have to get your CLEO/Sheriff in your jurisdiction to sign the forms (you just notify them), I don't see any advantage in holding them in an entity. And even if I did for ownership purposes, I'd do it in a Texas LLC, of which I have formed several without an attorney. :???:
While I don't expect the ATF to come busting down my door over it. Since my wife does have access to my gunsafe, the trust eliminates any worries about her being in possession of an nfa item. Like I said not really a huge concern. The second reason is passing the items down to my daughter. If I die before she is old enough her mother can hold those firearms without having to go through the form 5 process, and once my daughter is old enough we can get her added to the trust as a responsible party and have the fingerprints done at our convenience. Which lets her go off with any of them if she chooses, and when I die there is nothing else to be done.

The biggest reason to do a trust is for buddies that maybe go in on a machine gun together (or any nfa item). Since the item can reside at with any of them at any time. So sharing gets easier. I don't know how it works with a corporation, maybe that's easier than a trust.

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