I could see some potential liability problems there.There's an LGS in my area that has a trust set up and if you want to buy a silencer from them they'll sell it you and add you to their trust, no questions asked.
I could see some potential liability problems there.There's an LGS in my area that has a trust set up and if you want to buy a silencer from them they'll sell it you and add you to their trust, no questions asked.
I agree with Tom. At the very least, it's foolish on the part of the LGS. It's equally foolish on the part of a law-abiding citizen who wants a silencer. For pity's sake, if I'm going to cough up the dough for an NFA item, I really don't want goodnessknowshowmany strangers in my trust with me.JohnKSa said:That may be true, but that doesn't mean things like that aren't going on. There's an LGS in my area that has a trust set up and if you want to buy a silencer from them they'll sell it you and add you to their trust, no questions asked.
Tom Servo said:I could see some potential liability problems there.
That may be true, but that doesn't mean things like that aren't going on. There's an LGS in my area that has a trust set up and if you want to buy a silencer from them they'll sell it you and add you to their trust, no questions asked.
It's not just that. The ATF has revoked approval for trusts after previously granting it. If something is amiss with the store's trust, I could lose the items I registered under it.if I'm going to cough up the dough for an NFA item, I really don't want goodnessknowshowmany strangers in my trust with me.
That's Problem #1. Problem #2 is this: If you use a trust, the trust owns the NFA item. So if something should happen to me, how will the value of those items be transferred to my estate? (Not that I ever expect to own a large number of NFA items, but if I've paid for them, I don't want my family to have to fight with everyone else in the trust over that $.)Tom Servo said:It's not just that. The ATF has revoked approval for trusts after previously granting it. If something is amiss with the store's trust, I could lose the items I registered under it.
Trust never dies
It's a spectacularly bad idea. I can't imagine what's going to happen to all those trustees and their toys when it all collapses--and I think it's a sure thing that it will sooner or later.I agree with Tom. At the very least, it's foolish on the part of the LGS. It's equally foolish on the part of a law-abiding citizen who wants a silencer. For pity's sake, if I'm going to cough up the dough for an NFA item, I really don't want goodnessknowshowmany strangers in my trust with me.
Those who are on the initial trust do. I'm not an expert but it sounds like adding trustees can be done without ATF getting involved.Don't trustees still get filed with the ATF in some fashion?
Apparently not....does every trustee need to go through any type of background check?
Background Check Not Required- while most Class 3 dealers do it anyway, there is no requirement of a background check when an NFA gun trust is used.
9.12.1 NFA Transfers to other than individuals. Subsequent to the approval of an application requesting to transfer an NFA firearm to, or on behalf of, a partnership, company, association, trust, estate, or corporation, the authorized person picking up the firearm on behalf of, a partnership, company, association, trust, estate, or corporation from the FFL must complete the Form 4473 with his/her personal information and undergo a NICS check.
(150% - 3,900% increase in NFA Tax.) The Transfer & Manufacture Stamp Taxes are being raised from $200 per item to $500 per item, AOW's will go from $5 to $200. This is most likely because the NFA Branch of the ATF will be receiving so many fewer applications, and just an excuse in general to increase tax revenue per item.
It's not in the proposed ATF rulemaking. That is in a bill proposed in Congress (with zero chance of passing in the House) by an anti-gunner.Anyone know where this is coming from?
That is in a bill proposed in Congress (with zero chance of passing in the House) by an anti-gunner.