New gun control executive orders today

[DavidMcmillan]

I haven't been keeping track of the trust idea. Just between us, what is the purpose of using a trust?

 

[Spata]

I haven't been keeping track of the trust idea. Just between us, what is the purpose of using a trust?

Let’s assume that you already have an NFA Trust set up. Because if you did, why would you be reading this? You may want to start with my post, “Want a Suppressor? Consider Setting Up an NFA Gun Trust.” In it I cover the benefits a trust offers and discuss the process to make it happen. There are a couple of things to keep in mind here. First of all, a trust conveys three main advantages:

No CLEO sign off required to submit your paperwork
No fingerprints or photo required to submit your paperwork
NFA item is registered to the trust rather than to any one person

That last advantage is worth noting. With a trust, you have the freedom to amend the list of trustees at any time. That means multiple people can be authorized to hold the NFA item in their possession. If you register as an individual, you have to be present whenever the NFA item is out of your safe.

http://www.thetruthaboutguns.com/2013/02/jim-barrett/how-to-buy-a-suppressor-using-an-nfa-trust/

 

[Hump66]

I would bet it does. I was under the impression a trust was used where you couldn't get a CLEO signoff for a NFA firearm. Don't know if that is gone.


Sent from my iPad using Tapatalk HD

I use one to save time/money. That's it.

 

[DavidMcmillan]

Thanks, Really doesn't sound like much of a "loop hole". But, I'm sure this EO will greatly reduce the violence in Chicago!

 

[n8thegr8]

IANAL, but another benefit IIRC is that, if you list your heir as a trustee, nothing has to be done when you die, they just take posession of the item. If it's papered to you individually, when you die, your heir has a grace period to file a form 5 request for tax-exempt transfer (background check, etc) or it will be subject to forfeiture. Can any lawyers confirm/clarify this?

 

[Pulp]

I've just gotta wonder, how many M1 Garands have ever been used in crime??

Somehow I don't feel a bit safer.

 

[RugersGR8]

Legislation from the bench and the Exec. Orders are about the only two ways that Obama and the lib gun haters/grabber can ram their agendas down our throats.


http://www.foxnews.com/politics/2013/08/29/obama-announces-new-gun-control-measures-targets-military-surplus-imports/
Administration announces new gun control measures, targets military surplus imports
Published August 29, 2013
FoxNews.com

 

[Perplexed]

Did I just hear the sound of the price of CMP Garands going through the roof?...or the death rattle of the CMP.

Neither, IMHO. The CMP is not an importer of firearms - they were originally a govt-created entity, and their stores of firearms are given to them by the US Armed Forces, primarily the Army. Only Congress can change the arrangement, and as dysfunctional as it is, I seriously doubt anything will happen any time soon to change the way the CMP conducts business. However, I'm sure the EO will put people in a panic, and they'll order even more M1's from the CMP, further swamping their staff and extending the back log of orders. It's at the gun shows that we'll see a spike in M1 prices, with sellers claiming the supply has dried up thanks to Obama.

More relevant will be the effect on importers of other firearms, such as Century. Even then, the effect will be mainly on the supply of modern firearms, like Saiga, rather than on milsurps. The supply of the latter has gone down drastically simply because there aren't any more significant caches in the pipeline, not because of any EO's.

 

[338Shooter]

IANAL, but another benefit IIRC is that, if you list your heir as a trustee, nothing has to be done when you die, they just take posession of the item. If it's papered to you individually, when you die, your heir has a grace period to file a form 5 request for tax-exempt transfer (background check, etc) or it will be subject to forfeiture. Can any lawyers confirm/clarify this?

Not correct. Same tax free form 5 to transfer to a lawful heir regardless of type of ownership.

 

[Uncle Meat]

Neither, IMHO. The CMP is not an importer of firearms - they were originally a govt-created entity, and their stores of firearms are given to them by the US Armed Forces, primarily the Army. Only Congress can change the arrangement, and as dysfunctional as it is, I seriously doubt anything will happen any time soon to change the way the CMP conducts business. However, I'm sure the EO will put people in a panic, and they'll order even more M1's from the CMP, further swamping their staff and extending the back log of orders. It's at the gun shows that we'll see a spike in M1 prices, with sellers claiming the supply has dried up thanks to Obama.

More relevant will be the effect on importers of other firearms, such as Century. Even then, the effect will be mainly on the supply of modern firearms, like Saiga, rather than on milsurps. The supply of the latter has gone down drastically simply because there aren't any more significant caches in the pipeline, not because of any EO's.

Those are great points.
That's kinda what I'm thinking.