What is a Trust? And, how can I get around the possible no transfer law?

[rlt3241963]

I often see Post's on here referring to Trust's. What is it?
Also, if they do pass a law preventing the transferring of firearms how can I get around it now (if possible) so that if anything happens to me some of my firearms go to my wife and others go to my daughter?

 

[No2sc2]

You don't put title 1 guns in a Trust... You could but people don't do that, you can simply just use a will for that. A trust is like an entity/will.

 

[abailey362]

if a registration of title 1 weapons did go into affect with a grandfather clause then it would make sense to have them in your trust. or if you have guns that are pre94 and move to a state that still banned them after the fed awb expired, they would be better on a trust.

if you talk to the guys from nfatrust.com they tell you there are some legal benefits to having form1 weapons in your trust. they make more money for this so ymmv

the trusts are mainly used for nfa items for 2 reasons.
1. it is easier to establish than getting fingerprinted, 2 pictures, and fingerprints done for each item. you can add them to the trust when acquiring more nfa items.
2. it allows multiple people to possess the nfa items. with an individual stamp you are required to be anywhere the item is if it's not locked up. on a trust your spouse, parents, brother, etc can use the item if they are in the trust.


There is a pretty good sticky at the top of this category explaining in detail.

 

[jcountry]

I have heard that the transfer tax is a bit of a problem area with a trust.

A regular form 4 can be transferred to an heir without having to pay the transfer tax. I think a trust can be transferred to an heir, but the tax will need to be paid by them.

http://www.guntrustlawyer.net/nfa_trust

Definitely something to think about when setting these up. Your heirs need to understand how to deal with these items. (You definitely don't want someone selling any class III items-without understanding the proper procedures.)

 

[Quiet Riot Firearms]

If the item is owned by an individual, it transfers to the heir for free on a form 5.

If the item is owned by a trust, it goes to the beneficiary with no additional transfers, as it is still "owned" by the trust.

 

[Tony2X]

If the item is owned by an individual, it transfers to the heir for free on a form 5.

If the item is owned by a trust, it goes to the beneficiary with no additional transfers, as it is still "owned" by the trust.

There are 2 other ppl. on the Trust besides yourself though...what if they both want the weapon?

 

[gagtoe]

There are 2 other ppl. on the Trust besides yourself though...what if they both want the weapon?

I designated my heir when writing mine. There are trustees and a separate heir, and since my son is under 18, it goes to another family member until he reaches the age if I die before he's 18.

 

[azb]

There are 2 other ppl. on the Trust besides yourself though...what if they both want the weapon?

Trustees do not own anything on the trust, before or after the grantor/settlor dies. They are responsible for keeping the items safe and distribution to the beneficiary upon death of the settlor/grantor.

A beneficiary is listed seperately and is not the same as a trustee.

Az