That was my understanding. I SBR'd a HK USC uears ago before I got my trust. When I got my trust I was going to add it to the trust and was told it would be a new stamp because it would be a new owner.
NFA Gun Trust Setup
- Thread starter cjacobs
- Start date
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That was my understanding. I SBR'd a HK USC uears ago before I got my trust. When I got my trust I was going to add it to the trust and was told it would be a new stamp because it would be a new owner.
Continuing benefits of an NFA Gun Trust, post 41F, in my opinion:
1) ability for several people (those listed as trustee) to use the NFA items owned by the trust, as opposed to you being the only one who can use it or you have to babysit the item while someone else uses it in your possession;
2) ease of succession if you die; the remaining trustees can continue to use the items without having to file anything with ATF;
3) privacy when you die: without a trust, your NFA items (along with all other property) should be listed in your succession detailed descriptive list, which is a public record, telling anyone who pulls that file what property you owned on the date of death. Since the NFA items are not owned by you, but instead by the trust, those items would not be listed in your succession.
1) ability for several people (those listed as trustee) to use the NFA items owned by the trust, as opposed to you being the only one who can use it or you have to babysit the item while someone else uses it in your possession;
2) ease of succession if you die; the remaining trustees can continue to use the items without having to file anything with ATF;
3) privacy when you die: without a trust, your NFA items (along with all other property) should be listed in your succession detailed descriptive list, which is a public record, telling anyone who pulls that file what property you owned on the date of death. Since the NFA items are not owned by you, but instead by the trust, those items would not be listed in your succession.
George,
I agree 100%. I will always do whatever my clients want, but I try my best to talk them out of individual ownership. Even if they set up the trust with just the client as the sole trustee initially the ability to modify the trust to add or remove trustees gives them the flexibility they will need.
Most NFA items are owned for a lifetime or close to it. The client’s needs will change over a 20-30 year period and they need an ownership vehicle that can change to fit those needs.
If they buy a suppressor individually as a single guy and later get married and have kids and want to give their wife/adult child/best friend access then they are going to get stuck buying a second tax stamp for each item to move ownership from their individual capacity to a trust.
Hope your venture is doing well! Give me a shout soon and we’ll catch up.
Best,
Kenny
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