Do I need a trust?

[jagee]

Well, dad is going to set up a trust in KS for his non-NFA stuff and put my name as a buyer on it (is that right, buyer?). His guy is going to get a couple of names of people in Indiana that could help me out. I'll just play along and see what names he sends me.

 

[RobbyMaQ]

All members of the trust take part in ownership of the items put into the trust.
Unsure about being a 'buyer'.
Check with a lawyer, but only one or some can execute and remove/add people to the trust.
With mine anyone in the trust can add/remove items. This is why you want me listed in the trust and not chezuki.

If you get a supressor or other NFA item in your name now, and decide to add it to the trust later, I believe you have to transfer it to the trust, and then pay another 200$ fee to do so? So it's more economicaler to have the trust when you file your paperwork

 

[Dirtebiker]

Well, dad is going to set up a trust in KS for his non-NFA stuff and put my name as a buyer on it (is that right, buyer?). His guy is going to get a couple of names of people in Indiana that could help me out. I'll just play along and see what names he sends me.

Educate me. Why would you need a "trust" if you don't have any NFA items?

 

[Frosty]

That's what I thought, dad said I was wrong.

I know nothing about the trust issue, but let me save you some pain, when dad says your wrong, you are wrong!

 

[jagee]

Educate me. Why would you need a "trust" if you don't have any NFA items?

I don't know. That is why I asked the question. Dad said I was wrong when I told him I didn't need one.

 

[jagee]

Bump.

I want to buy my first suppressor.
Theory: I get a trust and I'm the only one on it. Eventually I buy another can, SBR, etc. Whem I'm "done buying" NFA stuff I add my wife/daughter to the trust.
Good idea or bad?

 

[RobbyMaQ]

Bump.

I want to buy my first suppressor.
Theory: I get a trust and I'm the only one on it. Eventually I buy another can, SBR, etc. Whem I'm "done buying" NFA stuff I add my wife/daughter to the trust.
Good idea or bad?

Yeah you can do that. You don't have to wait until you are done 'buying'... I have added more NFA stuff later, though it is more paperwork/fingerprint cards with more trustees...

ie, my son is not 18 so he is not on my trust yet... Wife and Daughter are. Once my son turns 18, I can add him to the trust and be good to go. ATF says you have to be 21 to purchase NFA items, but 18 to possess them. I have also removed someone from the trust quite easily.

 

[Bfish]

I'd just put whoever you want on it now. With the silencershop kiosks and such options out there it's not an inconvenience. Once fingerprinted all your wife or daughter has to do each time you buy something new is sign an email. It's pretty painless.

 

[Sniper 79]

I suggest getting anything you currently own out of gramps posession along with having a chat with him on anything else you care about. Once he kicks your closest family will turn into money vultures. Make sure you have a living will and an extra insurance policy on the guns.