Single shot trust?

[ray1970]

Anyone ever hear of this? Silencer Shop is basically offering some sort of trust specifically for one item. I guess the theory behind it is if you decide to part ways with your NFA item you can sell the trust and the new owner can take possession of the trust's assets, essentially transferring that NFA item without the new owner filing a form 4, paying the tax, or having to wait months and months to take possession.

Just opening this up for thoughts or discussion.

https://blog.silencershop.com/introducing-single-shot-trust/

[hobowh]

The big thing I saw on it was you only have to do fingerprints and pictures for 1 person every time, good luck keeping all of your paperwork straight if you buy a bunch though... Not sure if the part about selling your trust will work out in the long run, I see that causing issues down the line (just my opinion)

[Great-Kazoo]

Silencer Shop probably consulted with some lawyers who said. Sure it's legal. Until someone becomes a test case. Granted it's a One item Only Trust. Still.....................

How i or anyone has their trust set up IF one were to become terminally ill, should be between them and the people of the estate.

But go ahead and poke the ATF, one more time. Especially for those who Absolutely must get a letter from the ATF clarifying their position on this. Cause we all know there's no one who would ever write the ATF for something, would they.

Dear ATF,

While garage sailing i found what appears to be a vietnam era bring back AK-47 in a pile of tools i purchased. Since it was thrown in with everything else, can i use it as is. Or do i need to apply for a tax stamp? Which goes to my second question. Since it looks like a war bring back BUT has no visible serial number, what do i do ?

Thank you,
Ima Moron

[Rucker61]

Silencer Shop probably consulted with some lawyers who said. Sure it's legal. Until someone becomes a test case. Granted it's a One item Only Trust. Still.....................

How i or anyone has their trust set up IF one were to become terminally ill, should be between them and the people of the estate.

But go ahead and poke the ATF, one more time. Especially for those who Absolutely must get a letter from the ATF clarifying their position on this. Cause we all know there's no one who would ever write the ATF for something, would they.

Dear ATF,

While garage sailing i found what appears to be a vietnam era bring back AK-47 in a pile of tools i purchased. Since it was thrown in with everything else, can i use it as is. Or do i need to apply for a tax stamp? Which goes to my second question. Since it looks like a war bring back BUT has no visible serial number, what do i do ?

Thank you,
Ima Moron
1347 Oak street
Anytown, USA, 83111

FIFY

[Circuits]

In the past, (see Fleming v. US), engaging in an activity solely for the purpose of not paying transfer taxes on an NFA item at a subsequent transfer has been successfully prosecuted as tax evasion by the ATF - even if the mechanism used to do so was otherwise legal. One man's loophole can quickly turn into another man's "Federal Pound-Me-In-The-Ass Prison".

[Brian]

In the past, (see Fleming v. US), engaging in an activity solely for the purpose of not paying transfer taxes on an NFA item at a subsequent transfer has been successfully prosecuted as tax evasion by the ATF - even if the mechanism used to do so was otherwise legal. One man's loophole can quickly turn into another man's "Federal Pound-Me-In-The-Ass Prison".

This.

[spqrzilla]

"Selling" a trust. Uh, yeah, good luck with that. [Coffee]

[ray1970]

Seemed like a bad idea when I read it but thought it would be an interesting topic for discussion.

At least until the thread runs amuck and gets shut down.

[CS1983]

interested in foxtrot's non-legal advice opinion

[RYAN50BMG]

Anyone ever hear of this? Silencer Shop is basically offering some sort of trust specifically for one item. I guess the theory behind it is if you decide to part ways with your NFA item you can sell the trust and the new owner can take possession of the trust's assets, essentially transferring that NFA item without the new owner filing a form 4, paying the tax, or having to wait months and months to take possession.

Just opening this up for thoughts or discussion.

https://blog.silencershop.com/introducing-single-shot-trust/All this for a can that won't be worth it's weight in scrap when you try to sell it.