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The Water Cooler
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If your Looking for a Gun Trust!!
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<blockquote data-quote="Emoney" data-source="post: 3044747" data-attributes="member: 42949"><p>Yeah I can explain a trust to the best of my knowledge and experience. If there is anyone out there that wants to add to this post feel free like I saided i'm not a lawyer or and expert. I wont go into much detail on all of the benefits of owing a gun trust. I'll discuses just the major one's to me and probably you.</p><p></p><p> First and most important is the owning of NFA firearms. When you submit your NFA form 1 or form 4, You have to specify if you are applying as an individual, trust, or legal entity (such as and LLC, corporation, etc). All have there own way of handling NFA firearms. Since most willn't be applying as a Legal entity because they don't own a business or so one. (I don't know much about LLC and NFA items because it didn't apply to me if it applies to you look into it, or call a lawyer). You will have two options when appling which are apply as an individual or as a trust.</p><p></p><p> The benefits of applying as an individual are that its cheap no special trust, no LLC, nothing special just telling the ATF you legally own this NFA item its legal and I know people that it works for. the con's are that you are the only one legally allowed to possess the firearm no one but you can transport, possess, or fire the firearm without you standing next to them. second if you were to pass away the firearm goes into limbo, because no one else is allowed to posses it. Legally the government could come take it and not have to give it back to your loved ones, or if they wanted to be D***s they could arrest anyone that possess it once you pass away (very unlikely but there have been a few recorded cases). That's a 10 year federal prison sentence and/or $25,000 fine and the confiscation of the firearm.</p><p>Third is what happens if you get into legal problems i'm talking assault or felony charges. You'r suck in a corner now no one can possess the firearm so no one can hold it for you and it's another felony for you to posses it. So turn the firearm it in to the cops or hid it I don't know what to say. That would suck because I have thousands of dollars with of firearms NFA or not, that myself and my family would loose.</p><p></p><p> Now onto Trust's a trust which can vary between $60 for a "do it yourself" and highest I found from a lawyer $500. Gives everyone that you define as a trustee the rights to possess and transport and use that firearm with or without you present. because the trust technically owns the firearm and they are trustee of your trust. Secondly the trust own's the firearm so if you pass away it passes to a specified trustee to hold or your specified beneficiary whoever that maybe. So in short a trust protects your investments from government seizure in the event of your death, while also allowing however you approve to possess, transport, and use that firearm legally. Just remember that you are allowed as many trustee's as you the settler/grantor want but it can become a massive pain in the butt when you apply for a new tax stamp because the new law in regards to trust's is that every trustee has to submit a responsible person questionnaire, finger prints, and photo with every form you file with the AFT (beneficiaries don't). However, Having said that you only have to submit the trustee photo, fingerprints, and questionnaire once a year. So if you buy 10 NFA in one year you only need to submit the trustee information with the first tax stamp, after that for the rest of the year it stays on file unless something legally changes on there part.</p><p>I know this was long but it's the shortest I could make it and get the information across sorry guys/ gals.</p></blockquote><p></p>
[QUOTE="Emoney, post: 3044747, member: 42949"] Yeah I can explain a trust to the best of my knowledge and experience. If there is anyone out there that wants to add to this post feel free like I saided i'm not a lawyer or and expert. I wont go into much detail on all of the benefits of owing a gun trust. I'll discuses just the major one's to me and probably you. First and most important is the owning of NFA firearms. When you submit your NFA form 1 or form 4, You have to specify if you are applying as an individual, trust, or legal entity (such as and LLC, corporation, etc). All have there own way of handling NFA firearms. Since most willn't be applying as a Legal entity because they don't own a business or so one. (I don't know much about LLC and NFA items because it didn't apply to me if it applies to you look into it, or call a lawyer). You will have two options when appling which are apply as an individual or as a trust. The benefits of applying as an individual are that its cheap no special trust, no LLC, nothing special just telling the ATF you legally own this NFA item its legal and I know people that it works for. the con's are that you are the only one legally allowed to possess the firearm no one but you can transport, possess, or fire the firearm without you standing next to them. second if you were to pass away the firearm goes into limbo, because no one else is allowed to posses it. Legally the government could come take it and not have to give it back to your loved ones, or if they wanted to be D***s they could arrest anyone that possess it once you pass away (very unlikely but there have been a few recorded cases). That's a 10 year federal prison sentence and/or $25,000 fine and the confiscation of the firearm. Third is what happens if you get into legal problems i'm talking assault or felony charges. You'r suck in a corner now no one can possess the firearm so no one can hold it for you and it's another felony for you to posses it. So turn the firearm it in to the cops or hid it I don't know what to say. That would suck because I have thousands of dollars with of firearms NFA or not, that myself and my family would loose. Now onto Trust's a trust which can vary between $60 for a "do it yourself" and highest I found from a lawyer $500. Gives everyone that you define as a trustee the rights to possess and transport and use that firearm with or without you present. because the trust technically owns the firearm and they are trustee of your trust. Secondly the trust own's the firearm so if you pass away it passes to a specified trustee to hold or your specified beneficiary whoever that maybe. So in short a trust protects your investments from government seizure in the event of your death, while also allowing however you approve to possess, transport, and use that firearm legally. Just remember that you are allowed as many trustee's as you the settler/grantor want but it can become a massive pain in the butt when you apply for a new tax stamp because the new law in regards to trust's is that every trustee has to submit a responsible person questionnaire, finger prints, and photo with every form you file with the AFT (beneficiaries don't). However, Having said that you only have to submit the trustee photo, fingerprints, and questionnaire once a year. So if you buy 10 NFA in one year you only need to submit the trustee information with the first tax stamp, after that for the rest of the year it stays on file unless something legally changes on there part. I know this was long but it's the shortest I could make it and get the information across sorry guys/ gals. [/QUOTE]
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