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Author Topic: NFA trusts set up for $69  (Read 899 times)

Balog

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NFA trusts set up for $69
« on: August 27, 2014, 04:54:24 PM »
Gearhog.com (which is kind of like groupon) is running a deal from 199trusts.com for another 10 hours or so. It walks you through setting up an NFA trust, all you have to do is fill out a few forms, print them, and then notarize it. It's a good deal even if you have no immediate NFA buying plans.
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Balog

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Re: NFA trusts set up for $69
« Reply #1 on: August 28, 2014, 07:53:23 PM »
I picked one up last night, it's apparently popular enough they extended it. Deal is still on.  =)
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Quote from: French G.
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If government is the answer, it must have been a really, really, really stupid question.

Firethorn

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Re: NFA trusts set up for $69
« Reply #2 on: August 29, 2014, 04:59:41 AM »
Interesting.  May I ask what the purpose of a NFA trust is?
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brimic

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Re: NFA trusts set up for $69
« Reply #3 on: August 29, 2014, 08:32:37 AM »
Quote from: Firethorn on August 29, 2014, 04:59:41 AM
Interesting.  May I ask what the purpose of a NFA trust is?

To buy NFA items when your local CLEO won't sign off on your forms for you.
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Fly320s

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Re: NFA trusts set up for $69
« Reply #4 on: August 29, 2014, 08:47:30 AM »
Quote from: brimic on August 29, 2014, 08:32:37 AM
To buy NFA items when your local CLEO won't sign off on your forms for you.

And to make other people Trustees so they can possess the NFA items also. And when you die, a Trust makes transfer of ownership so much simpler.
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AJ Dual

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Re: NFA trusts set up for $69
« Reply #5 on: August 29, 2014, 10:09:06 AM »
Quote from: Fly320s on August 29, 2014, 08:47:30 AM
And to make other people Trustees so they can possess the NFA items also. And when you die, a Trust makes transfer of ownership so much simpler.


More specifically, you could transfer all of your NFA items tax-free on Form 5's as inheritance, but the rest of it is all the same rigmarole and hassle as any other non-trust NFA transfer, CLEO sign-off (which could be denied), and a 6 month wait or more for the paperwork to be approved and to receive your tax stamped form. Or simply being hamstrung because your heirs don't know what to do and don't get in touch with a NFA knowledgeable person who knows what to do.

If there's other surviving trustees, they just can continue to have possession and use of the NFA items with no changes because the items are registered to the trust, not to anyone personally.
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Balog

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Re: NFA trusts set up for $69
« Reply #6 on: August 29, 2014, 11:50:43 AM »
I know I know, talk to a real lawyer and all...

But I was wondering. Is it true that one needs to set up a bank account in the trust's name and use that account to purchase the NFA items?
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Quote from: French G.
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If government is the answer, it must have been a really, really, really stupid question.

Fly320s

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Re: NFA trusts set up for $69
« Reply #7 on: August 29, 2014, 01:41:37 PM »
Quote from: Balog on August 29, 2014, 11:50:43 AM
I know I know, talk to a real lawyer and all...

But I was wondering. Is it true that one needs to set up a bank account in the trust's name and use that account to purchase the NFA items?

No.  I never have anyway.
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AJ Dual

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Re: NFA trusts set up for $69
« Reply #8 on: August 29, 2014, 04:37:25 PM »
Quote from: Fly320s on August 29, 2014, 01:41:37 PM
No.  I never have anyway.

Seconded. No.  =)

The trust merely gains existence by being assigned property, and that property can simply be the NFA items it was designed to own. There's no legal requirement that the "trusts money" be used to buy the NFA items or pay the NFA tax.

It would be nonsensical anyway, because to set up the bank account for the NFA trust, the money would just come from you anyway.
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Marnoot

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Re: NFA trusts set up for $69
« Reply #9 on: August 29, 2014, 07:13:30 PM »
Quote from: AJ Dual on August 29, 2014, 04:37:25 PM
It would be nonsensical anyway

This is the government we're talking about here.  :police:
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