The last time I filed a Form 1 was pre-41P/41F, so I used a trust to avoid the CLEO signature requirement. Now that 41F is in effect, most people seem to feel that there isn’t much point in filing a Form 1 using a trust. Also, the last time I purchased an NFA item (post-41F), my dealer advised me that the ATF processing time was longer for trusts, so I purchased it in my name.
Now that the E-filing system is up and running, I’m going to build another SBR before the Dark Ages descend upon us. The question is, who will be the “Applicant” on the Form 1?
If I file the Form 1 in my name, I have to have my name, city, and state engraved on the lower receiver; but if I use a trust or business entity, I would have that name engraved instead.
I don’t see any advantage to having my name on the receiver, and I see a disadvantage in that it would make it harder for my estate to sell the rifle after I’m gone … who wants to buy a gun that has someone else’s name permanently engraved on it? I think that would call for a steep discount in the selling price. So it seems to me that, since I can use any name I want for the trust, the trust would be the better route to take.
Since I already have a trust that has been accepted by ATF I can use it, or I can create a new trust by re-typing the old trust and using a new name.
Alternatively, one of the business entities I own could be the applicant (I used that method years ago before we all began using trusts). The annual filing fees in my state are very low.
My question is, am I missing something here? I’m open to any opinions or comments.
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