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Thread: trust setup

  1. #1
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    trust setup

    im getting a can, and a female attorney i know says she will set up a better trust "properly & legally safer" for my can and future nfa stuff for 500 bucks as opposed to a simple trust form i can fill out on silencer shop. she is a great practitioner of law and big 2nd amendment supporter, so shes part of our culture and not a random attorney who doesnt know about guns just trying to make money. however, people have told me thats ridiculous and just do the trust on silencer shop for a much cheaper and it will be fine and just as protective. thoughts?
    Last edited by bobbytucson; 05-01-19 at 22:08.

  2. #2
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    Interested in responses to this also

  3. #3
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    I'd recommend taking things back one step. Why are you thinking about setting up a trust?

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    Quote Originally Posted by Bret View Post
    I'd recommend taking things back one step. Why are you thinking about setting up a trust?
    Because of the flexibility in ownership and management of the assets?

    Sent from my SM-N920V using Tapatalk
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  5. #5
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    What qualifications do these people who tell you that is ridiculous have to make that assessment?

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    Quote Originally Posted by SC-Texas View Post
    Because of the flexibility in ownership and management of the assets?
    That's a general answer. The owner may have specific reasons. It's best to be 100% sure that one needs a trust before moving forward. There are not as many reasons for using them as there once were.

    A coworker of mine was convinced that he had to have a trust in order to get a suppressor. He said that his friends and the guy at the gun store told him he needed one. I asked him if he was planning on letting others use his suppressor when he wasn't around. He said no. So it turns out that he didn't need one.

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    Quote Originally Posted by Bret View Post
    That's a general answer. The owner may have specific reasons. It's best to be 100% sure that one needs a trust before moving forward. There are not as many reasons for using them as there once were.

    A coworker of mine was convinced that he had to have a trust in order to get a suppressor. He said that his friends and the guy at the gun store told him he needed one. I asked him if he was planning on letting others use his suppressor when he wasn't around. He said no. So it turns out that he didn't need one.
    And what happens in 10 years when he changes his mind?

    Sent from my SM-N920V using Tapatalk
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  8. #8
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    I got one through Silencer Shop. Still haven’t had a chance to get the trustee part completed but it will be my wife and my lifelong best friend. My friend is also a big gun enthusiast and a former trained US Army armorer. He understand weapons and also NFA rules etc.

    The reason I had for getting a trust is that, if something should happen to me, I don’t want to burden my wife (who is clueless about firearms and especially NFA items) with dealing with my stuff. I’ve instructed my wife that if I am no longer, my friend should take possession of my NFA items (and all my guns if she wants). I’ve told him he can do with them what he pleases or keep them for my boys when they come of age. I’m more inclined to leave the non NFA gun to my kids at my wife’s discretion.
    I don’t plan on a massive collection of NFA items but probably a few SBR lowers and a few suppressors.

    I’d rather him have possession than my wife as she would be inclined to sell them and, knowing her, would sell to the first offerer and any price. Not that I plan on owning and full auto items, but a local gun shop reportedly offered and 80 year old women $1000 for her dead husbands M16 and she was excited to take it...that would be my wife. Unfortunately those types of people are out there.

    Also, if something bizarre happens, like a suppressor being left in a car that my wife later drives, she will be protected.

    Not sure if my line of thinking makes sense but that is my reason.
    Last edited by OldState; 05-02-19 at 13:28.
    "A flute without holes, is not a flute. A donut without a hole, is a Danish." - Ty Webb

  9. #9
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    My Silencerco trust has the provision "Upon death of the Settlor the remaining Trust assets shall be distributed to the Beneficiary." That is one of the limitations of trust like this. They do not outlive the life of the settlor/creator. These trusts are designed to facilitate the sale, not the long term ownership.

    The trust the attorney proposed drafting could, and likely does, survive at least for the lives in being plus 21 years (if I remember my rule against perpetuities correctly). So, the trustee and beneficiaries can continue to possess, use, manage, etc. the items after the life of the settlor/creator.

    Responding to OldState, under the Silencerco trust, if something happens to you, i.e., death, the trust is ended. Unless your friend is a beneficiary under the Silencerco trust, he could not take possession to manage the items on your wife's behalf.

  10. #10
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    He is a beneficiary
    "A flute without holes, is not a flute. A donut without a hole, is a Danish." - Ty Webb

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