Quick and easy explanation for full-auto ownership?

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  • DAVE_M

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    Apr 17, 2009
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    1. At least $5k for even the cheapest machine gun.
    2. A solid attorney that handles NFA Trusts. You can file Individual, but a Trust is a better route.
    3. You will need to find a machine gun for sale that you want.
    4. You will file an application that will include photos, fingerprints, and a $200 Tax that goes to the wonderful ATF.
    5. You will wait.
    6. You will eventually be approved or denied.
     

    Cheesy Lasagna

    Sooooo Cheesy!
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    54   0   0
    Aug 20, 2011
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    Kennah!
    Nothing about full auto ownership is quick and easy.
    First, you’ll need a lot of money since transferable full auto firearms (must be made pre 86) are incredibly expensive.
    Then you’ll need to find the firearm you want.
    Then you’ll need to fill out the appropriate ATF NFA forms. (Get a lawyer preferably or your transferring dealer might assist with filing these forms for you.)
    Then you’ll need $200 for the tax stamp.
    Then you’ll need a lot of time to wait for the ATF to approve or deny. A year or more wait time is standard.
    Then you’ll need a lot of money for ammo since full auto really eats up rounds.

    I think full auto firearms are better for collecting/investment properties than they are for actually using.

    Going to a shop that rents full auto firearms and using them on their range is likely a more fulfilling experience overall.

    Have fun.
     

    kcinnick

    Training Ferrous Metal
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    28   0   0
    Dec 24, 2008
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    In recent years Full auto has not been a good investment. Prices have stagnated. It was a very good investment at one point, Macs went from $1999 New in box to $5k for one in any condition in a year. You buy them to enjoy them and let others enjoy them. If it appreciates then good for you. I have no intention of selling any that I purchase so valuation doesn't mean crap to me.

    It is easy, just as easy as buying a suppressor. Get a trust, pick out your NFA item and wait. There are quite a few dealers in Louisiana that have Machine gun inventory or have access to brokers with good inventory. You have to be willing to part with cash to a stranger and trust that they will deliver the gun to you. It is a cash only business. I have seen people take out loans to buy machine guns, but they have to be personal loans because the dealer needs cash to make the deal. If you have any specific questions or want help finding a gun just shoot me a message.
     

    DAVE_M

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    Though that may allow you to fire quicker. It’s still not full auto. Depending on rate of fire, some full autos can fire of a dozen rounds before the first one touches the floor

    And most machine guns are more reliable than a binary trigger.
     

    Magdump

    Don’t troll me bro!
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    163   0   0
    Dec 31, 2013
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    Hammond, Louisiana
    Full auto is fun but overpriced and overrated in my opinion. I don’t need a squad automatic to protect my home, although it would be fun. Best bet for enjoying full auto is visiting ranges or events that allow you to pay to play, try on a few and get the lead out. There are many choices and you might just get to shoot more than you would if you bought your own. When I was heavy into sport bikes and rode the track on a regular basis it was nothing to invest $20k+ in building a good bike, Track/membership fees, then tires, warmers, trailer, stands, gear, etc. If I could have rented or borrowed anything I’d have been better served. Don’t get me wrong, I still love the sport, but priorities.
    If I decide to drive a big toy hauler RV into the mountains to drag a knee on a liter bike, I’ll likely rent said toy hauler and go get my money’s worth.
    If there’s anyone looking to get into a sub gun for home protection, well, laying down a field of fire in your home may not be the best plan and it’s not going to give you a huge advantage over a semi auto. You might win the contest for who gets off the most shots however. Just food for thought.
     

    dougstump

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    Now that the CLEO signature is no longer needed, unless you want to share possession with someone else there is no reason to go with a trust.
     

    DAVE_M

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    Now that the CLEO signature is no longer needed, unless you want to share possession with someone else there is no reason to go with a trust.

    If you have a quality trust, they are good for a lot of things.

    If you don't own a bunch of NFA items, filing individual may be simpler.
     

    kcinnick

    Training Ferrous Metal
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    Now that the CLEO signature is no longer needed, unless you want to share possession with someone else there is no reason to go with a trust.

    The cost of a trust is invaluable when ensuring the proper transfer of your machine guns to your heirs. I have seen many times where local LEO departments have confiscated NFA items because some idiot in the family didn't know what to do with them. A trust ensures that you have someone who knows what is going on, has a legal way to possess your NFA items and can get them to the proper beneficiaries. I think it is silly to not have a trust for Machine guns if you own them.
     

    dougstump

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    The cost of a trust is invaluable when ensuring the proper transfer of your machine guns to your heirs. I have seen many times where local LEO departments have confiscated NFA items because some idiot in the family didn't know what to do with them. A trust ensures that you have someone who knows what is going on, has a legal way to possess your NFA items and can get them to the proper beneficiaries. I think it is silly to not have a trust for Machine guns if you own them.

    It's called a Will and leave written instructions. Then it's a tax free transfer.
     

    kcinnick

    Training Ferrous Metal
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    Dec 24, 2008
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    It's called a Will and leave written instructions. Then it's a tax free transfer.

    The tax free transfer only can happen once. A trust can be updated and be used for multiple "transfers", nothing really ever transfers, the trustees are just changed. It can also provide a bridge person to possess the items if you have items going to under aged beneficiaries. There is no legal provision for this with a will, you might have your items you wanted to go to your kids going to another family member because your kids can't posses them yet, or worse being in limbo and ending up with a LEO agency or the ATF.
     

    dougstump

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    Depending on how many NFA items you have, there will be a ton of paperwork.

    So? I just helped the widow of a friend transfer six MG's and a few cans to her on individual form 4's, no big deal with PDF files. In most states, if the "owner" of the trust dies, then the whole trust must be recreated.
     

    DAVE_M

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    So? I just helped the widow of a friend transfer six MG's and a few cans to her on individual form 4's, no big deal with PDF files. In most states, if the "owner" of the trust dies, then the whole trust must be recreated.

    I suppose then that you have more experience with this than I do.

    In Louisiana, what issues does a trust cause after the owner's death?
     

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