NFA Question

[OutofBatt3ry]

No, individual means cant share.

Both methods allow for tax free xfer to on death.

Thanks for the clarification =)

(some dude at the LGS explained it to me that way...my bad)

[CPM]

Lmao. Can’t share? Why? Who is going to stop you?

[MegademiC]

Lmao. Can’t share? Why? Who is going to stop you?

Share means "have". My friend can have my (our?) Machinegun whithin this state legally because he's part of the trust. Even if Im away. That could/would lead to legal issues if on an individual.

Even as an individual, others can use it, as long as youre there.

[CPM]

Share means "have". My friend can have my (our?) Machinegun whithin this state legally because he's part of the trust. Even if Im away. That could/would lead to legal issues if on an individual.

Even as an individual, others can use it, as long as youre there.

I know man, I was being sarcastic. No one cares, except law abiding citizens. Not even the .gov, sans that one case someone’s brother’s cousin happened to.

[SteyrAUG]

I’m curious if most of you registering NFA items do so using a trust or file as an individual? I’m about to SBR a couple more lowers and have always done it as an individual but am considering starting a trust.

Trusts were in vogue when local CLEOs wouldn't sign Form 4s but now that the LEO certification has been removed they have less advantage. I know people worry about constructive possession but I think it's mostly a zero concern. People also worry that one day they may not be able to Form 5 their stuff to their family, but if ATF ends lawful transfer via Form 5 you can bet they won't leave legal trusts in place as an end run.

That said, if you already have a trust in place, I can't see a disadvantage to keeping it.

[gunnerblue]

I’m curious if most of you registering NFA items do so using a trust or file as an individual? I’m about to SBR a couple more lowers and have always done it as an individual but am considering starting a trust.

I wouldn't bother with setting up a trust now as most of the advantages are gone. Since I had already set one up years ago, I'll continue to use mine but if I were you I'd just continue on as an individual.

[georgeib]

I think the main advantage to a trust, as has already been said here, is that you can legally share your NFA items with friends and family. There is also the advantage in transferring items to family upon death without a Form 5. Outside of those two, there's also the same advantage offered in keeping any asset in trust, which is that it protects the item from financial liability.

Being that trusts are essentially free, I don't really see the disadvantage to keeping NFA items, and other property, in a trust. Am I missing something?

[gunnerblue]

I think the main advantage to a trust, as has already been said here, is that you can legally share your NFA items with friends and family. There is also the advantage in transferring items to family upon death without a Form 5. Outside of those two, there's also the same advantage offered in keeping any asset in trust, which is that it protects the item from financial liability.

Being that trusts are essentially free, I don't really see the disadvantage to keeping NFA items, and other property, in a trust. Am I missing something?

There's not really any disadvantages, there just aren't as many advantages as there used to be to bother with setting up a trust. Mine cost $100 and I had to bother with getting it notarized so I wouldn't say that it was free.

Personally, I didn't buy any of my NFA items to share with so I don't see that advantage.

[georgeib]

There's not really any disadvantages, there just aren't as many advantages as there used to be to bother with setting up a trust. Mine cost $100 and I had to bother with getting it notarized so I wouldn't say that it was free.

Personally, I didn't buy any of my NFA items to share with so I don't see that advantage.

Yeah, I paid for mine too. But you really can download them for free online and just fill in the blanks. As to the notarization: that's definitely the biggest pain about getting a trust. Agreed that the sharing aspect of a trust is a pretty slim advantage to many folks, but for me it gives me some peace of mind in allowing my kids to use my items outside of my presence.

[titsonritz]

If only there were an NFA forum for these types of topics.