Selling a Trust

[338Shooter]

Say you have a bunch of NFA items sitting in a trust and someone wants to buy them all from you. Could you just sell him the trust and avoid the $200 tax per item? He pays you money, you amend the trust to make him the trustee and boom.

I've been thinking about it and if that is something you can do, you could set up a separate trust for each item and sell them individually too. Would potentially make a market for used silencers and would definitely make transferable MGs easier to deal with at least locally.

What do you know about this Steve?

Not something I'm thinking about doing, just something I've been pondering in the back of my brain.

 

[CAR-AR-M16]

Say you have a bunch of NFA items sitting in a trust and someone wants to buy them all from you. Could you just sell him the trust and avoid the $200 tax per item? He pays you money, you amend the trust to make him the trustee and boom.

I've been thinking about it and if that is something you can do, you could set up a separate trust for each item and sell them individually too. Would potentially make a market for used silencers and would definitely make transferable MGs easier to deal with at least locally.

What do you know about this Steve?

Not something I'm thinking about doing, just something I've been pondering in the back of my brain.

I know if you have transferable NFA items in a Corporation/LLC you can sell the Corp/LLC to someone and the corporate assets (the NFA items) move with the Corp/LLC to the new owner without any paperwork/tax. I do not know about trusts, so you had better consult a lawyer. I can see ATF coming up with some way of charging you with tax evasion if you constantly form trusts for the sole purpose of transferring items without paying the tax.

 

[centraloklahoma]

..........

 

[338Shooter]

Your understanding is incorrect. If I wanted to sell a can in my trust to your trust, it would only require a single tax paid form 4 as long as you reside in OK.

 

[Hawkeye]

Would anybody provide an attorneys name that can assist with the setting up a trust for nfa weapons? Or is this something I can do? If this question is in the wrong place please forgive me.

 

[338Shooter]

Lots of folks use quicken willmaker.