Home Forums Hunting & Shooting AR and Tactical Rifles I have some Questions about setting up a Trust for NFA items

thinking about buying a suppressor and maybe building a SBR.

what seems to be downsides, regarding more scrunity from the ATF?

also, any other advice would be appreciated

The only downside I can think of is it takes a little time and money to get setup.

These people seem to be go-to choice for many. If I were setting up one today, that's who I would use.

https://nfalawyers.com/

To me one of the best things about a trust is that if you intend your kids or other family members to inherit the NFA items, if they are trustee's they won't have to pay another tax to transfer the items.

Do these trusts have to submit annual reports/tax returns?

No.

Only downside to a trust, is potentially the members of it.

Everyone in the trust "owns" the property and can dispose of it if it's in their possession. So, the disgruntled spouse, "buddy" that feels wronged, or a former friend can sell out of the trust without penalty.

Just make sure your members are not going to be buddies with the f-bomb-u intent in passing.

This is good to know.

If you die it is a tax free transfer to your heir I believe

Everyone should have a proper trust, NFA desire or not.

My trust was set up and I'm in the process of buying 2 suppressors
Know this--it'll take up to 8 weeks before the guy you buy them from is able to ship to your transfer agent-- form 3 approval from BTAF is slow
Second--- as of July 13 some things were supposed to change--I haven't been able to confirm those changes but one change that may be in effect is that everyone listed in your trust may have to submit finger prints for approval review---I don't know if BTAF is requiring that yet or not
Good luck

41F changes apply to any forms post marked July 13th or after. There is more to it than fingerprints. If you plan on buying anything, read the new requirements to avoid having any problems.

http://americansuppressorassociation.com/education/

This.

And most of the larger retailers will do the trust for free if you are buying a product from their shop.




Dave

Who does free trust with a suppressor purchase?

Since legal heirs can file a form 5 to transfer without purchasing a tax stamp and trust's now have to go through the same format as individuals, is it still beneficial to go the trust route?

I understand adding your friends and family (over 18) ((they can go buy their own)) but anything else.

Dakota Silencer and another guy I used that I will not name because the experience was horrid.

No I was not raped. Physically.




Dave

The downside now is having to submit fingerprints for all of the trustees, and the hassle associated with getting everyone fingerprinted.

Sorry to hear that.

And photos, and notify (not get approval from) your CLEO). My last suppressor purchase (Silencerco Sparrow SS .22 rimfire). missed the July 13 deadline by two weeks, so I had to comply with 41F. It was not too bad, because I am the only trustee, and there are no beneficiaries. My wife would have to be listed and submit prints and photos if she were a co-trustee, but she is only a successor trustee so she can get rid of the stuff when I die. I would not want to go through it with 3,4,5 responsible persons. My wife of 34 years would do it if need be as she is very supportive of my interests.

Talk to your local dealer, there are attorney's who specialize in trusts.

I am a member of a NFA trust set up by one of our members here. Trouble between us is unimaginable. We were careful about who is in the trust.