Plase tell me more about these trusts

by Wildcat, Flint Hills of Kansas, Thursday, August 29, 2013, 16:13 (4048 days ago) @ Rob Leahy

Pretty simple really. They are simply inter vivos or "living" trusts that hold and own the property. The trust needs to be set up prior to dealing with ATF. I know some folks have set them up on Quicken Trusts but however its done, it must comport with your state law requirements for a trust. I strongly suggest having a competent attorney draft it.

Typically, the client will have already purchased the NFA item before coming to me, so we will know what we are specifically dealing with for purposes of specifically identifying the property owned by the trust. I try to keep the name of the trust very short in the event the trust name has to be engraved on the NFA item (SBR for example).

The trustees are typically those persons that will have use of the NFA items. I always put limiting language in the trust disqualifying a trustee from acting, in the event they become disqualified from ownership or possession of a firearm under federal or state law.

The trust could even be used as an estate planning vehicle if desired, though I think that is playing with fire, given the potential of federal legislation abolishing the trust.

Haven't done one for myself yet, simply due to the fact there are some rumblings that suppressors may be removed from NFA regulation in the nearer future. As for weapons with a fun switch, I go through way too much ammo pulling the trigger once for every bang to be able to afford it.