Forming a Trust for NFA items

[sniper7]

I have read a lot about the LLC route, but I was curious if anyone here in CO has done the trust route to get NFA items.

I am in adams county and it doesn't look like I will have much luck getting the sherrifs sign off...even though I have known him my entire life.

My first item is a .22 suppressor. thats what I want. i know about the forms to be submitted to the ATF and I know the trust will keep me from having to get the sign off and fingerprints etc.

what I would like to know:

What are the different types of trusts. I know you can set up one pretty easy, but will this cause me problems later on it life. I heard it would set me up for problems later on. What is meant by this?

I read there are no renewals necessary unlike a LLC which requires one annually as well as tax reports (not too big a deal if it will only be for NFA items as there is no loss or profit)

what type of costs have you incurred while creating and maintaining the trust?

[rtr]

Setting up a trust yourself with quicken willmaker may create problems for you and/or your heirs.

The only cost of a trust is the cost of having an attorney create it.

[sniper7]

Does anyone have a good lawyer that can do this, and what am I looking at for a cost?

If not, can't people who have done this before on quicken willmaker walk me through the do's and dont's...

I am sure quicken has a pretty good user program telling you about it as well? Anyone know?

[alucard]

If any one needs helps setting up a trust, I can send you a copy of what mine looks like.

I just hooked sniper7 up with it...

My first suppressor I had the sheriff sign for, and only I can have that suppressor.

My next 2 suppressors I put on the trust, and now me or my father can have them.
Now I have to get around to transferring my first suppressor from me personally to my trust. But I'm going to have to pay another $200 for the stamp.

I will never put another NFA toy to me personally, I suggest the trust, or cooperate route.

[Open Bolts]

Joined to ask this but plan to stick around:

Can anyone recommend a lawyer for NFA trust in Colorado? I found a Colorado lawyer online (Douglas Turner) who apparently contracts the trust work to David Goldman of Jax, FL. That's fine, but the fee quoted to me was $600. I know we're talking lawyer's fees, but it seems excessive. Maybe that's the best price going but if anyone knows of a better rate I'd appreciate it.

[FromMyColdDeadHand]

What is the issue with Quicken Trust? $600 bucks is expensive, or it is a cheap way to stay out of the pokey. For the $600, does he help or give guidance on how to fill out the forms for the transfer?

[SigsRule]

I used Quicken WillMaker and created a Revocable Living Trust with no problems. The program came with Quicken in a package deal. I've bought two silencers using it and it was a piece of cake. The help provided was more than enough to set it up with no problems.

[Open Bolts]

What is the issue with Quicken Trust? $600 bucks is expensive, or it is a cheap way to stay out of the pokey. For the $600, does he help or give guidance on how to fill out the forms for the transfer?

The lawyer that gave me the $600 was very experienced with NFA trusts and the NFA process and did offer guidance on the process. That said, the forms are the easy part.

Regarding using software there are two modes of thought- it's cheap and simple OR it's there's too much at stake and one should pay a lawyer.

Foxtrot, I'm almost positive there's no limit on number or type of NFA weapons a trust can aquire.

Since I posted I'm leaning back toward corporation. It's just so damn cheap in CO from what I can tell - $277 initial fee and $.99/year annual filing.

(from here

http://www.ailcorp.com/state_incorpo...corpTypeId=100

[alucard]

Problem I saw with a corp was if I move to another state where corp's are not so cheap to keep and maintain. It could start costing a bit annually (I recall some states being pretty expensive to have a corp). Plus you have to create/register the corp with the new state when you move. With a trust all you would have to do is update the address, and let the ATF know of an address change. Just make sure it is a revocable trust so you can update it.

and as far as how many items a trust/corp can hold. It is a legal entity just as a human with a SSN is a legal entity. A Trust/corp can have as many items that a single human with a SSN can have.

[Open Bolts]

Problem I saw with a corp was if I move to another state where corp's are not so cheap to keep and maintain. It could start costing a bit annually (I recall some states being pretty expensive to have a corp). Plus you have to create/register the corp with the new state when you move.

Thanks for reply.

I wondered about that - impact moving to a new state. Are you certain you have to create the corp in the new state?

If so I'd definitely go trust. I still think they're better, but at $600 they're tough to swallow....