Forming a Trust

[Moose242]

I'll be dead anyways, so I dont care who gets what. They can scrap it for all I care.

Well that's an awfully bleak way of looking at death.

I take it that you don't have life insurance, lol.

[David]

Well that's an awfully bleak way of looking at death.

I take it that you don't have life insurance, lol.

My grandma pays a policy on me currently. I think it's a waste of money, especially for someone with no wife or kids.

Wish I could cash out on it though.

[billybob81]

good to know, I guess there is no reason for me to transfer my stuff over to a trust then. I don't let anybody else use my stuff without me there, and if I am gone, it is all locked up in one of my safes at home.

[jefehbk]

what is a gun trust? can somebody break it down for me in cliff note style? and why would someone have to get a CLEO signature to buy something? just a gun noob asking questions.

[bottlerocket]

and why would someone have to get a CLEO signature to buy something? just a gun noob asking questions.

NFA regulated items. SBR and suppressors are common ones. SBR is basically a pistol with a stock. Anything below 16" barrel needs to have no stock on it and its considered a pistol and therefore cannot have a stock (correct me if I'm wrong on the length, I'm going from memory). If it has a stock on it, it is no longer considered a pistol, but a short barreled rifle. You need to go through a specific process to be allowed to own one. Same for a suppressor. You need to have authorization to buy/own one.

Not sure if the same process applies to fully automatic weapons or not.

[Cooter]

My grandma pays a policy on me currently. I think it's a waste of money, especially for someone with no wife or kids.

Wish I could cash out on it though.

we share the same bleak outlook on life :cool:

[David]

what is a gun trust? can somebody break it down for me in cliff note style? and why would someone have to get a CLEO signature to buy something? just a gun noob asking questions.

In 1934 due to the rising amount of crime with machine guns and the fact they couldnt pin a lot of crimes on gangsters; Congress created the NFA which declared a $200 tax had to be paid and that a CLEO (didtrict Judge, DA, Chief of Police, Sheriff, State Police Chief etc) had to sign off on the owner for the legal purchase of the item.

The trust gets around the signature simply because the trust is an entity as a whole and an entity has no one face to it. Same with buying stuff threw a corporation.

[8mpg]

Need to find a cheaper lawyer to draw up trusts.. My question is...would people with a trust setup be grandfathered or will the BATFE just revoke all the previous doings?

[David]

Need to find a cheaper lawyer to draw up trusts.. My question is...would people with a trust setup be grandfathered or will the BATFE just revoke all the previous doings?

What do you mean?

Like if the ATF says no more trusts for NFA items or what?

[Moose242]

If they do away with the trust route I assume that they would either grandfather or give individuals a tax free transfer to get the stuff in their names.


It would be a nightmare to ask everyone to turn in their shit.

[8mpg]

What do you mean?

Like if the ATF says no more trusts for NFA items or what?

Right... if they do away with the trust route...what will happen to the thousands of people that have a trust with SBRs, cans, etc?

If they do make a tax exempt transfer like DOHCTR suggests... will you then need a CLEO signature?

[David]

Right... if they do away with the trust route...what will happen to the thousands of people that have a trust with SBRs, cans, etc?

If they do make a tax exempt transfer like DOHCTR suggests... will you then need a CLEO signature?

They could do any number of things.

My guess would be that they would be grandfathered in, possibly making it where you have to submit different forms with your photo and fingerprints tax free.

But they could also make everyone submit everything again the way tey do when one goes the personal route or just turn them in.

Personally, I dont see the trust route going away. If anything, they'll make the trust route more involved such as having to have them registered with the state etc.

In the end it doesnt really matter. The ATF knows who owns what NFA items, whether you file as a individual, corp, or trust and thats all it boils down to along with getting their money.

Of course the govt could do an outright ban on all NFA items for everyone and none of the above matters.

[Moose242]

Just looked at the actual 1934 National Firearms Act.

A "person" is defined as-
A partnership, association, company, trust, estate, or corporation, as well as a natural pesron.

This is in regard to transferees. To do away with the trust route, the law would have to be changed/amended. I believe this would literally require an act of congress.

Of course the ATF could complicate the trust process. They now require a citizenship form with trust submissions.

[David]

Yeah, they're not going anywhere. They're not a loophole or anything else. Theyve just become popular over the years with the internet and word getting out.

Like said, they can only make the rquirements more difficult.

[jwalk]

And trust doesnt take that long to set up, cranked mine out tonight. Just have to sign and notarize so I can start ordering...