I am looking to set up a trust or LLC/Corp to acquire NFA related items. I'd rather do it right than trust Willmaker, the BATFE isn't something I'd like to "oops" something on.
The tax issues aren't my biggest concern, my real worries are the ability to leave my firearms with my future wife, children, ect. I want something that will protect them from the BATFE insanity if they are left with the firearms (and so they can use them on their own).hsmith wrote:I am looking to set up a trust or LLC/Corp to acquire NFA related items. I'd rather do it right than trust Willmaker, the BATFE isn't something I'd like to "oops" something on.
If BATFE isn't something to worry about then get your CLEO to sign instead. When I did my Machine Gun I thought about doing the trust. However, when I consulted an attorney (who was a friend, and actually knows guns and owns class III) he told me not to. He said you may run into some tax issues down the road on the trust. I would just say get your CLEO to sign.
Welcome to the world that is Class III.rob99vmi04 wrote:The tax issues aren't my biggest concern, my real worries are the ability to leave my firearms with my future wife, children, ect. I want something that will protect them from the BATFE insanity if they are left with the firearms (and so they can use them on their own).hsmith wrote:I am looking to set up a trust or LLC/Corp to acquire NFA related items. I'd rather do it right than trust Willmaker, the BATFE isn't something I'd like to "oops" something on.
If BATFE isn't something to worry about then get your CLEO to sign instead. When I did my Machine Gun I thought about doing the trust. However, when I consulted an attorney (who was a friend, and actually knows guns and owns class III) he told me not to. He said you may run into some tax issues down the road on the trust. I would just say get your CLEO to sign.
All this stuff is such a hassle.
I think my biggest worry would be, not lending it to someone, but having the NFA item in their presence while I am not home. Maybe I left the safe open (yes bad I know), but even them knowing the combination to the safe is a technical violation of hte law.
Not a problem. A lawwful heir can inherit an NFA device, state laws not withstanding (and VA is very NFA friendly), tax-free, and no CLEO sign-off via a Form 5. As far as NFA being a "hassle"... no more so than anything else. It's unlawful to lend your machinegun, but IMHO it's just as unwise to lend your Glock 17 or your Remington 870.
BTW, you don't say where in VA you are, but my lawyer is also a fellow machinegunner and we shoot together on a regular basis. PM in you'd like his name and contact info in setting up a trust anyways.
This is my understanding as well. Establishing a trust (depending how it is setup) allows others to benefit from the "protection" of the trust. As in, your wife could transport the firearm if necessary. If the firearm was in your name only, her doing that would be a violation of Federal law and she would wind up in jail.A trust is also a good route if you'd like to have someone else use the NFA item without your presence. As I understand it, if you list someone as a trustee of your trust, then that person can use your NFA items listed in that trust without you being there.
In my case, my brother and I share a house together and we have purchased a safe to keep our firearms. I could not put my NFA item in that safe because he would have access to it, but if he that NFA item was owned by a trust and he was a trustee, then he could have access to the NFA item.
Again, this is how I understand it and IANAL.