Purchasing with a trust

[Iraqgunz]

rob,

Being and avid reader of MGN (defunct) and SAR I recognize Bob's name. As a matter of fact I think that issue is back in my hooch in a footlocker. Here is what I gathered skimming through the article.

1. An NFA Trust allows you to purchase w/o the approval of the CLEO. Is that correct?

2. The trust is not public info thereby not broadcasting the fact that you have them.

3. Smoother transfer to heirs in the event that something happens.

4. Possible reduced overall cost and less red tape?

I went with a trust, and I used a local attorney who also happens to be a CIII dealer and who wrote an article about the use of trusts for NFA purchases for Small Arms Review last year. I believe that he is one of, if not the, people responsible for the recent popularity of the use of a trust. Some people have put down the article as being too "basic", but that was it's intended purpose. You might want to see if you can find a copy of the article.

My reasons for going with a trust were that I wanted an easy transition to heirs if I die, didn't want to have to get signatures from the CLEO (even though he was signing at the time), and wanted to be able to have other trustees have access to the items in the trust. I went with a trust over a corporation because the trust doesn't cost anything to maintain while a corp. can have state fees every year and at the very least has to file taxes (although likely not pay them).

I would not go the trust route without an attorney. NFA is not a poor man's game, and IMHO if you can't afford to pay an attorney $300-500 to ensure that you get it right, I can't imagine what you're going to be able to buy on that tightwad budget. Yes, there are hundreds (if not thousands) of people that simply buy Willmaker and draft up a trust, or just steal one by copying a friend's, but there are nuances to the law and the trust that can vary by state, and a good attorney can put clauses and provisions in the trust that are specific to the purpose of using it for NFA items.

ETA, link to article
http://www.2aforum.com/forums/ubbthr...3689&Main=1483

[rob_s]

You got it.

[markm]

You got it.

I can't even begin to describe how much easier the trust route is. No pass port photos, no Sign off, no finger print cards.

It'd be worth it if it cost more than the individual transfer route.