Quote:
Originally Posted by jyl
Is the gun trust stuff a big hassle? Sounds like if you ever hope to own an NFA gun, the gun trust is the way to go? Do people set these up without needing to hire a lawyer?
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Trusts are/were used for a few things -
1) Bypass CLEO sign off/permission. Lots of county sherriffs wouldn't sign off on the purchase, even though it really should've been a notice and not a request for permission.
2) Allow multiple people to be in possession of or have access to the NFA item
3) Reduce costs - no finger prints needed for everyone in the trust, etc.
4) Should someone on the trust die, the trust is still the owner so no extra paperwork/transferring/etc. needed. With individually owned stuff an inheritance is transferred tax-stamp free BUT the item is "in jail" while the new owner is checked, which takes months. Supposedly the executor of teh estate is in charge of the item, but can't use it, etc. And there may/could be issues if the executor isn't allowed to own/possess.
Recent BATFE decisions have rendered #1 moot - now the CLEO is notified you are buying, but they don't have to give their permission. And #3 as well - for trust transfers each member has to have the finger printing, passport photo done and submitted with each application.