To "trust" or not to "trust," that is the question...

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Originally Posted by JustinHEMI

This is why I have a trust and now just do individual since the trust no longer offers any advantages.


I would like to transfer the one item that I have on the trust to myself, but don't want to pay another tax to the Crown.

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That $200 tax is never going to be cheaper, but it could go up a lot if current legislation is enacted. Bite the bullet and transfer it out of the silly trust, simplify your estate before the cost goes up.

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Originally Posted by GunLawyer001

That $200 tax is never going to be cheaper, but it could go up a lot if current legislation is enacted. Bite the bullet and transfer it out of the silly trust, simplify your estate before the cost goes up.

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If you were a CFP you could charge a commission for that advice.

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Originally Posted by esh21167

I trust Phil. In the home is not a problem. Use would be another story. I had a trust drafted so family members could use NFA items without me having to be with them.

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This is part of my conundrum. I'm finally thinking about SBR'ing something and I want both my wife and I to be able to use it without the other one present. The fingerprint and photograph requirements for both of us doesn't bother me. Other than the "use" factor, there doesn't seem to be any other reason to setup a Trust, but "use" is a pretty big requirement for me.

What's the best way to go to setup a Trust these days? Through a lawyer, one of the $99 services, or voodoo and some chicken bones?

As I understand it anyone on your trust must live in your house. Is that correct? For example I couldn’t list my father or son on my trust if they do not live in the same house as me?

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Originally Posted by PANRA

As I understand it anyone on your trust must live in your house. Is that correct? For example I couldn’t list my father or son on my trust if they do not live in the same house as me?

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A trust can have ANYONE on it that you want as long as they are not a prohibited person. They can live with you or they can live in a different part of the state or they can even live in a different state. There is NO requirement that the trustees live in the same household. If a trustee lives in a different state, and they want to use the trust item in that state, you need to make sure that item is legal for use in that state.

Interesting. I overheard an employee at the Trop gun shop telling a customer that people on your trust have to live in the same residence as you. Glad we cleared that up.

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Originally Posted by PANRA

Interesting. I overheard an employee at the Trop gun shop telling a customer that people on your trust have to live in the same residence as you. Glad we cleared that up.

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It's possible that someone was spreading the nonsense claim that "everyone who lives in your house will go to jail unless you have an NFA trust for your registered toys."