No longer a gun owner, but my NFA Trust is well armed!

[Paraguy]

Today I got my NFA Trust finalized.  I no longer am a gun owner, but I am able to use all of the guns in my previous collection and can add to it more easily, including suppressors and SBRs if I so choose.  I will let everyone know what the buying experience is like and how the process goes; I have never bought an NFA item.
What is more important is that even though I like loud guns, I can buy a suppressor.  If we do not exercise our rights then it will be much easier for the antis to infringe upon them.  If nobody is buying NFA items then it is pretty easy to take away that ability since "it doesn't really impact anyone."  After all the buying madness ends an SBR with a Slidefire stock will be underway, lots to look forward to!  I will definitely need help and advice along the way and can't think of a better place to go than this fine forum!

[tombogan03884]

Thanks for the heads up so I can keep an eye out for your posts.

[locnload]

Paraguy, could you possibly give us the "Readers Digest" version of what is required to set up such a trust?  Sounds like it may be a good option to keep the liberal wolves from my door here in Colorado after the July 1 take over of Obamabots.   

[alfsauve]

[From the guy who usually doesn't look in the right places to begin with]

There is a whole section on NFA and several threads about trusts.

Here's one I started in the wrong forum.  It's got lots of links

http://www.downrange.tv/forum/index.php?topic=21667.0

From the NFA Items forum.

http://www.downrange.tv/forum/index.php?topic=18546.0

Briefly:

The benefits of an NFA Trust are as follows:

Privacy - the trust is not filed with any city, county or State government entity.
No Filing Fees:   Once the trust is created, there are no filing fees associated with the trust.
The Trust does not submit fingerprint cards with a form 1 or form 4.
The Trust does not submit a photograph with a form 1 or a form 4.
The Trust does not have to ask a chief law enforcement officer to approve the form with his signature.
The Trust is flexible. It may be amended as your needs and requirements change in the future.
There are no requirements for annual meetings or reports.
The Trust may be used to purchase and own as many NFA regulated (Title II) weapons as the settlor wants to put in the trust.
Multiple individuals can be listed as the trustees, thus allowing more than one person to have legal access to the weapons
If the transfer of NFA firearms becomes prohibited, the trust will help continue to protect the title II items
The NFA Trust protects the settler from incapacity.

[Paraguy]

Paraguy, could you possibly give us the "Readers Digest" version of what is required to set up such a trust?  Sounds like it may be a good option to keep the liberal wolves from my door here in Colorado after the July 1 take over of Obamabots.   

Money and a good lawyer!  Mine was under $700 and it is solid; almost 40 pages and very well written.  It is an estate planning tool and makes it easier to get what you want for all of the reasons posted above.  No downside to it except that it costs $.  Given that fines for breaking NFA rules are expressed as 10 years in prison and/or $250,000 I want to make sure I am going to extremes to cover myself and the Trust gave me that peace of mind.
Should be buying a suppressor within a week, I will let everyone know how it goes, but my local shop is very good and the employees know what they are doing so I expect it to all go well.

[Sponsor]

[TAB]

Trust are a good idea anyways.  Not just for guns, but other assets.

[tombogan03884]

This is all "corporate law/Tax law " stuff that I don't know much about ,
however there question came to me, "doesn't the trust itself serve as a form of registration ?
Same with insurance ?
How private are the details of the trusts possessions ?
Is it strictly a "Bearer" document or are they a public document filed somewhere ?

[Paraguy]

This is all "corporate law/Tax law " stuff that I don't know much about ,
however there question came to me, "doesn't the trust itself serve as a form of registration ?
Same with insurance ?
How private are the details of the trusts possessions ?
Is it strictly a "Bearer" document or are they a public document filed somewhere ?

All good questions and I can only answer from my experience.  Mine is not registered and it ends when I do (i.e. death.)   There is a much more expensive Trust that lives on after I die, but it is really expensive.  I can add/delete possessions without going to a lawyer or registering any changes in what my trust owns/no longer owns.  There are no tax implications for the trust nor does it need to file a return.  That said, I can open a bank account in the name of my trust. Insuring the possessions of my trust was advised, especially if they have a lot of value. 
As for privacy, it is recommended that all of your trustees get updated copies of the trust, but nobody else needs to be made aware.
FTR, I am not a lawyer so everything is just my understanding of what I was told.

[ellis4538]

Paraguy, where did you find a NFA Trust lawyer or how did you set yours up?

Richard

PS:  Guess I should ask...Did you have to list all of your collection?  Description, make model serial # and etc on the trust papers?

[Paraguy]

Paraguy, where did you find a NFA Trust lawyer or how did you set yours up?

Richard

PS:  Guess I should ask...Did you have to list all of your collection?  Description, make model serial # and etc on the trust papers?

I just did a Google search with my State and NFA lawyer.  As for items, there are blank pages for writing in each of the items you want covered by the Trust. You only need to put in NFA items, but it is suggested to enter all for estate planning purposes.  Again, when you fill it in it does not go anywhere except to the Trustees (your heirs.)