As mentioned elsewhere on the forum, I've moved to Indiana recently and I'm a graduate student at Indiana University. Legally I am a resident of another state.
In the near future I'm planning on forming a trust specifically for NFA items, but it seems to be complicated with my residency status while living in Indiana. For about two years I've been learning about trusts for use with NFA items, so I feel I have a solid understanding of the issues surrounding that.
I'd prefer to set up the trust in my home state because it has some privacy benefits available, and for other reasons. Not sure about privacy of Indiana trusts. It sounds like if I form a trust in my home state while I'm here attending grad school at IU, I'd need another trustee in my trust who is located in my home state (at least until I'm done with school), and all purchases of NFA items would initially be going to the trustee in my home state, and then after each transfer, file a form 5320 to transport the item to Indiana. Does that sound right? Or I could not use a trust and instead try to get a CLEO signature in Monroe County, and later on down the road, transfer it to a trust, which would be a waste of $200.
And that brings me to this point.
Is it possible to get a CLEO signature in Indiana if I'm not a resident of Indiana? And does Monroe County's CLEO have a favorable attitude toward signing a form 4? Because it wouldn't work very well to get a CLEO signature in my home state because I'm not there. Unless I went back on a trip to make a visit to a CLEO. But then if I did that, the item would have to be picked up by me once the transfer was approved, which would require another trip out, and then stick it in a safety deposit box until I get an approved form 5320, which would require another trip out to pick up the item and bring it back to Indiana. Three extra trips if do it that way, so getting the CLEO signature here would be easier. Using the trust, only one extra trip. Getting a CLEO signature on the form in Indiana is zero trips.
Any opinions on what to do in this situation? Beginning to sound like it would be easier to change my state of residency. But I'd still prefer to use a trust.
In the near future I'm planning on forming a trust specifically for NFA items, but it seems to be complicated with my residency status while living in Indiana. For about two years I've been learning about trusts for use with NFA items, so I feel I have a solid understanding of the issues surrounding that.
I'd prefer to set up the trust in my home state because it has some privacy benefits available, and for other reasons. Not sure about privacy of Indiana trusts. It sounds like if I form a trust in my home state while I'm here attending grad school at IU, I'd need another trustee in my trust who is located in my home state (at least until I'm done with school), and all purchases of NFA items would initially be going to the trustee in my home state, and then after each transfer, file a form 5320 to transport the item to Indiana. Does that sound right? Or I could not use a trust and instead try to get a CLEO signature in Monroe County, and later on down the road, transfer it to a trust, which would be a waste of $200.
And that brings me to this point.
Is it possible to get a CLEO signature in Indiana if I'm not a resident of Indiana? And does Monroe County's CLEO have a favorable attitude toward signing a form 4? Because it wouldn't work very well to get a CLEO signature in my home state because I'm not there. Unless I went back on a trip to make a visit to a CLEO. But then if I did that, the item would have to be picked up by me once the transfer was approved, which would require another trip out, and then stick it in a safety deposit box until I get an approved form 5320, which would require another trip out to pick up the item and bring it back to Indiana. Three extra trips if do it that way, so getting the CLEO signature here would be easier. Using the trust, only one extra trip. Getting a CLEO signature on the form in Indiana is zero trips.
Any opinions on what to do in this situation? Beginning to sound like it would be easier to change my state of residency. But I'd still prefer to use a trust.
