How does the trust purchase a NFA firearm?

[jackthewall81]

How can my trust purchase a NFA firearm, instead of me (the trustee) purchasing a NFA firearm and transfer it into the trust? Why does this matter and is it only Assignment of Property record keeping complications?

[SA Friday]

It really should be a gun trust to do this. The internal verbiage is different in some areas and it has multiple schedules. A trust is considered a US person (entity) and so can purchase the NFA item. The trust has flexibility built into it that and individually purchased NFA item doesn't. It allows for multiple people to access and use the NFA item, adjustment of who those people are, and flexibility to adjust who gets what at death of the trustee. This last point is huge and simply cannot be overlooked. Probate court for your relatives is a crappy way to go out. If you buy an NFA item and then want to put it into the trust, you have to transfer it and pay another $200 and wait for the Form 4 to clear before it will be in the trust.

As it stands now, Trusts and LLCs are the only avenue around Sheriff sign-off on the Form 4s for purchase. Oblowme's recent bout of executive order douchbaggery will effect trust purchases, but I haven't been able to get the actual wording of what will change in the future and can only work off of rumor. So, instead of passing bad info, I won't discuss what I've heard. Some of it doesn't sound good though.

[asmo]

Have the trust get a bank account. Buy all NFA stuff with said account. Then there is never an issue.

Search around on this forum for other opinions. But in the end, if any entity other than the trust buys the item and then assigns it to the trust, then that entity has transferred the item. That could be problematic in some cases.

[SA Friday]

Have the trust get a bank account. Buy all NFA stuff with said account. Then there is never an issue.

Search around on this forum for other opinions. But in the end, if any entity other than the trust buys the item and then assigns it to the trust, then that entity has transferred the item. That could be problematic in some cases.

Sorry, but this isn't true. The Form 4 dictates the transfer, period. The check can be from a (the) trustee's bank account and there is no issue or problem or legal issue.

[jackthewall81]

Sorry, but this isn't true. The Form 4 dictates the transfer, period. The check can be from a (the) trustee's bank account and there is no issue or problem or legal issue.

So form 4's are acquired and filled through the company that the trustee purchases NFA products from? Or is the form 4 filled independently by the trustee individually?

[RANGERRON72]

Agree with SA Friday........the Trust should issue the check out of the Trust bank account, or a cashiers check/ money order..........80% of NFA items are going the Trust LLC route by my estimate........... FWIW.

[asmo]

Sorry, but this isn't true. The Form 4 dictates the transfer, period. The check can be from a (the) trustee's bank account and there is no issue or problem or legal issue.

We have been through this before. You and I have differing opinions. Since the ATF won't make a published ruling on the question - all we have are our opinions to go on.

[asmo]

Agree with SA Friday........the Trust should issue the check out of the Trust bank account, or a cashiers check/ money order.....

Then you agree with me, not SAFriday.

[brutal]

WRT payments, I agree with my trust attorney that there is no compelling need to maintain a separate checking account in the trust name.

The way I look at it, you are already the trustee and would also be the signer on any trust checking account so it's splitting hairs.

Sent from a device smart enough to send a man to the moon if the battery could last the trip.

[SA Friday]

We have been through this before. You and I have differing opinions. Since the ATF won't make a published ruling on the question - all we have are our opinions to go on.

you are giving bad info to newbies. I sell suppressors and SBR's weekly, lately daily. I've had one with a trust bank acct out of all of them. None kicked. Mine isn't from a position of opinion but of experience. Either will work, no need to go through the hoops.