Thread: NFA Talk
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Old 02-16-2013, 08:23 AM   #85
M3_POWER
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Join Date: Nov 2004
Location: Las Vegas
Posts: 1,125
My Ride: 2005 M3
Quote:
Originally Posted by Serbonze View Post
Tailo will tell you that a Trust may get rejected down the line by the ATF. My opinion is that you use a qualified, well established lawyer and there will be no issues. For me, the benefits of a trust far outweigh those of CLEO signature. I took this from someone else and modified it a bit because I'm lazy, but here is a good breakdown.

CLEO
You have to set up appointments with CLEO (who may refuse to sign anyway, like mine).
There is additional paperwork, photographs, and finger prints!
The CLEO is an elected official. If he gets voted out, the next CLEO may not sign.
You have to meet with the CLEO each and every time to get sign off.
You as an individual own it and no one else can possess it out of your presence.
Police now know exactly what you possess.


Trust
There is less paperwork and less time for each item that you add.
You don't need to meet with the CLEO every time you want to send in a Form 1 or Form 4.
It is easy to pass along NFA items to family members upon your death.
Co-Trustees can possess and use the NFA items outside of your presence.
No one but the ATF and your Co-Trustees know what NFA items that you possess.

Trusts usually cost less than the $200 Tax Stamp and are a one time expense. As long as you use a reputable attorney and work with them to tailor the trust to your needs you will be fine. The cases that I have heard of trusts being rejected by the ATF were from guys that used Willmaker and created their own trusts using their own language.
Appreciate it! What I underlined is what makes me hesitant. Then again, I suppose if SHTF, the ATF could disclose your info to the police (assumption).

Sorry for the ignorant question, but are you saying if you go with a trust you don't have to pay the NFA $200? From what I was reading, you get your trust and pay the NFA.

Also, would you have to go through the process all over if you wanted to add your next of kin in the trust? Or could you do some sort of modification?

After reading some more, it seems you don't have to pay for a stamp if you go with a trust.
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Last edited by M3_POWER; 02-16-2013 at 08:27 AM.
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