NFA with LLC???

[jdb3]

Looking at setting up an LLC strictly for NFA items. Other than the initial fee and yearly renewal fee ($25.00 year?). Are there any other problems?

Any tax problems involved in this? The LLC would be for NFA items only and no profit would be made.

Any advice from LLC guys would be appreciated.

 

[aroundlsu]

No problems other than keeping up with the LLC for the rest of your natural life. It's a common method of Nfa ownership.

 

[jdb3]

No problems other than keeping up with the LLC for the rest of your natural life. It's a common method of Nfa ownership.

What does that entail? Just renewing every year? Thanks.

 

[Nomad.2nd]

What does that entail? Just renewing every year? Thanks.

$25 per year (In this state... if you ever move... it gets complicated) Every year...

For the rest of your life.

A trust operates the same way except it is a one time expense (Less than $150)
...and that's it.

Oh, if you move it DOES cost... one time $10 notery fee.

Do the trust.

 

[Nolacopusmc]

$25 per year (In this state... if you ever move... it gets complicated) Every year...

For the rest of your life.

A trust operates the same way except it is a one time expense (Less than $150)
...and that's it.

Oh, if you move it DOES cost... one time $10 notery fee.

Do the trust.

Is their any benefit to putting your non-NFA firearms into the trust for death beneficiary issues and such?

Don't both the trust and LLC require the "listing " of all firearms included by serial?

 

[Nomad.2nd]

Is their any benefit to putting your non-NFA firearms into the trust for death beneficiary issues and such?

Don't both the trust and LLC require the "listing " of all firearms included by serial?

I wouldn't put non NFA guns on it, but if you put your kids on the trust, when you died you would simply be removed from the trust and they would remain, no transfer exists.

Some people in 'Canadia' did it this way, and their kids get to play with FA while it's illegal for everyone else. (Way they wrote the law, you could keep whatcha got, but not transfer it... even upon death IIRC)

...Might come in handy w/ class 3.

Oh, one thing about the trust... it's a Pvt document, so so long as you avoided it showing up in court... other than a notery looking at it (And they arn't gonna care or copy).... it's yours, and in your control... (If you were gonna use Non NFA guns...)

 

[jdb3]

I've read countless threads (here and other boards) about using a trust. The problem is getting a straight answer. Seems many attorneys (that I've spoken with) don't know much about trusts. I don't want the BATF boys to say my trust is good one day and invalid the next.

 

[ryan]

do we have any lawyers on here that could help set up trusts?

 

[Doc Holliday]

do we have any lawyers on here that could help set up trusts?

You really don't need one, but yes there are some attorneys lurking here who are familiar with them...

http://www.bayoushooter.com/forums/showthread.php?t=10857

 

[Nomad.2nd]

I've read countless threads (here and other boards) about using a trust. The problem is getting a straight answer. Seems many attorneys (that I've spoken with) don't know much about trusts. I don't want the BATF boys to say my trust is good one day and invalid the next.

Small arms review had an article by a lawyer who set up trusts for NFA items several years ago.

That and my trust is where I get my info.

Yes, we have lawyers here who will do it. Hense the $150 number.

 

[jdb3]

Nomad, I'd go the trust route if I knew the trust was good. Did you use a lawyer? Anyone here use Morgan Allison?

Sorry for all the questions, I just want this to be done correctly and with little hassle.

 

[geeck]

good NFA resource

http://www.guntrustlawyer.com/states/louisiana/