Thanks for that info. I am definitely not in a hurry. I just hate the BS, as I am old and technologically challenged.
-
If you are having trouble with your password change please click here for help.
NFA Trust or One shot trust?
- Thread starter shotgun 01
- Start date
What's the downside to having a second trust for newly acquired NFA weapons and devices, starting with just one trustee, you, and having its own internal provisions for adding
additional co-trustees later? Is it really that hard to keep track of two trusts rather than one?
Especially if they are almost mirror images of each other, except that one was created with multiple trustees from the start, and the newer Trust was created with one trustee --and some months or years later was modified to add others?
additional co-trustees later? Is it really that hard to keep track of two trusts rather than one?
Especially if they are almost mirror images of each other, except that one was created with multiple trustees from the start, and the newer Trust was created with one trustee --and some months or years later was modified to add others?
I'd rather have a 2nd trust that you may modify at some point in the future, just once, to add more people to it as co- trustees, than to take your old trust and keep modifying to by adding and deleting trustees every time you want to buy a new item, which is a pretty obvious "structuring of the transactions" to avoid Federal recordkeeping and reporting requirements under the NFA and officially promulgated rules.
The Feds haven't passed a specific law aimed at this type of fraud the way they have specifically banned structuring bank transactions to avoid tax reporting requirements, but in principle it's the same,
and I wouldn't tempt the US Attorney's office to search the entire 18 linear feet worth of federal Code books to find some violation they can pin on you, because they don't like the way you're exploiting what they see as a loophole in the Trust law.
The Feds haven't passed a specific law aimed at this type of fraud the way they have specifically banned structuring bank transactions to avoid tax reporting requirements, but in principle it's the same,
and I wouldn't tempt the US Attorney's office to search the entire 18 linear feet worth of federal Code books to find some violation they can pin on you, because they don't like the way you're exploiting what they see as a loophole in the Trust law.
I'm just hoping if the big beautiful bill goes through I never have to worry about this again. It would suck to pay $200 and a month later you could do it without it and you don't get a refund. 
Sure would be a lot easier if they just get rid of all this BULLCHITT paperwork.
That's a real stupid statement from an educated person.
I talked to NFA Lawyers yesterday. My trust allows me to do exactly what I wanted. It seems that some of the Silencer Shop employees aren't aware of this provision. File an amendment with my trust when I make application, then destroy it after approval. Sounds easy enough and keeps everything in ONE trust.
That's the same way mine is set up. Glad you got it figured out.
I'd rather have a 2nd trust that you may modify at some point in the future, just once, to add more people to it as co- trustees, than to take your old trust and keep modifying to by adding and deleting trustees every time you want to buy a new item, which is a pretty obvious "structuring of the transactions" to avoid Federal recordkeeping and reporting requirements under the NFA and officially promulgated rules.
The Feds haven't passed a specific law aimed at this type of fraud the way they have specifically banned structuring bank transactions to avoid tax reporting requirements, but in principle it's the same,
and I wouldn't tempt the US Attorney's office to search the entire 18 linear feet worth of federal Code books to find some violation they can pin on you, because they don't like the way you're exploiting what they see as a loophole in the Trust law.
The Cliff note of the above statement:
"I don't like what you are doing. It's NOT illegal but it could be. You should spend more money with attorneys and get another trust. "
Sometimes I wonder how you got a book published. Good for you, that's not me but still it doesn't make sense to me. Lol
