Trust, indiv., business, or ?

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02-03-21, 14:53
utahjeepr

Trust, indiv., business, or ?

I know this ain't new, but I couldn't find a thread with all the options covered and pros v cons for each. I read the stickies and several threads.

I'm going to be adding to my stamp collection with a few form 1 sbrs. I have my previous (pre 41F) NFA items in a trust. My trust is actually set up as an asset protection trust (silly me)with beneficiaries, contingent beneficiaries, ... In short, I would need so many fingerprints and photos I'd have to send it LTL freight.

I was going to file individual, but is that the most advantageous route? I could form a simple trust, or an LLC, sole proprietorship, or whatever. I do intend to get a class 7/SOT in the future but I'm not sure when. Would it make sense to lay the legal entity down now and license later? I will likely do the licensing in AZ as opposed to UT where I currently reside (homes in UT and AZ).

Any thoughts or opinions are welcome. I'm probably over thinking this and I should just file. Can't hurt to ask though.
02-04-21, 01:41
Smokin338

If you have a trust already... stick to that. Just amend it to remove those individuals out when you file... done !
02-05-21, 07:44
JoshNC

If your trust is for asset protection and has beneficiaries, I would not use it for NFA items. Set up a separate trust or LLC. I personally prefer the LLC/Corp route if not going with individual transfer. LLC and Corp are well established entities for property ownership. As always, consult an attorney.
02-05-21, 09:49
Bret

There have historically been two reasons that people setup a trust for NFA items. The first is because their local CLEO wouldn't sign. That's no longer applicable. The second is to allow others to have access to your NFA items while you're not around. If you're not planning on doing that, then I don't really see hassle/benefit being worth it.
02-15-21, 07:40
MegademiC

Quote:

Originally Posted by Bret

There have historically been two reasons that people setup a trust for NFA items. The first is because their local CLEO wouldn't sign. That's no longer applicable. The second is to allow others to have access to your NFA items while you're not around. If you're not planning on doing that, then I don't really see hassle/benefit being worth it.

I was planning on having kids (still do at some point). I've been divorced, and if I get remarried I can add the new wife. Makes it easy IMO to allow new people access, or add beneficiaries as life changes.
02-15-21, 15:32
Eurodriver

Quote:

Originally Posted by MegademiC

if I get remarried I can add the new wife

nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

:nono: :nono: :nono: :nono: :nono: :nono: :nono: :nono:
02-16-21, 07:59
MegademiC

Quote:

Originally Posted by Eurodriver

nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

:nono: :nono: :nono: :nono: :nono: :nono: :nono: :nono:

Lol!!!! Luckily I walked away unharmed from this one. Had her removed from the trust within a week of finding "stuff" out.
02-19-21, 11:48
utahjeepr

FWIW. I just went ahead and filed as an individual. My decision was based on "F it, I'm just gonna get em filed" and not on any actual legitimate criteria. Not an endorsement just an update.