Does anyone have experience with these for the purchase of class III items? Is it worth it?
I understand that any item held in a trust must be engraved with the trusts name. Who could do that? A gunsmith or jeweler? Any help is appreciated.
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Does anyone have experience with these for the purchase of class III items? Is it worth it?
I understand that any item held in a trust must be engraved with the trusts name. Who could do that? A gunsmith or jeweler? Any help is appreciated.
OK first of all, yes a trust is well worth it IMHO for NFA items. Not only can you forget about CLEO signatures, fingerprints, and photos, but anyone named as a trustee can posess the item.
As for engraving, that only applies if you are manufacturing on a form 1. Anything you as an individual would have on a form 4 the trust can have on a form 4, engraving only applies if you manufacture the item and it has to be engraved if it is an LLC, trust or individual.
To clarify, a felon could be named as a trustee, but that felon still can't possess any firearm, much less an NFA firearm. Make sure anyone who possesses an NFA firearm has passed PICS recently. And they have to be a PA resident if it's a PA trust, you can't transport any NFA firearm across state lines (well, almost any.)
Also, it's possible to screw up a trust to the point that it's not valid. Anyone with a trust's NFA firearm in his possession avoids a felony only to the extent that every one of the links between the Registry and himself is valid and proper. The trust must be valid, he can't be a prohibited person, he has to be a bona fide trustee, etc. I'd be leery of a "trustee" in name only, who has no duties, no compensation, no authority.
[they have to be a PA resident if it's a PA trust, you can't transport any NFA firearm across state lines (well, almost any.)
So a PA Trust is only valid in PA- Cant I fill out the 5320's and go to Knobcreek from PA?thx
Sure, with ATF permission your trust can transport it across state lines temporarily, but you can't ignore state boundaries when picking trustees. ATF cares where the firearm "resides".
It's something to pay attention to, sort of like the rule about the exception for handgun transfers between parent/child, spouses, and grandparent/grandchild, where it's null and void if they live in different states.
I understand now- thanks for all of the great info.
Donth- I only wish I had got into the Nfa stuff back in the 80's but never late than never!
I got a trust made and I'm very happy with it. It's basically a stack of papers that makes NFA transfers and possession a lot easier, especially if you have a family and want to include them. Look up Joshua Prince if you need a lawyer. Whatever you do, don't try to make one yourself with Quicken or some other program. It's way too risky, the ATF could approve your application, and years later check your file and find a mistake that invalidates it. It has happened.
Unless someone wants to put me as Trustee on there Trust :) then im going to try & talk my cousin into doing one with me.
Im wondering & I think he will wonder what are the details about this ?
Penalties for Violating the National Firearms Act can be Severe.
Each violation of the National Firearms Act subjects the owner to forfeiture of all weapons, 10 years in prison, and fines of up to $250,000. An NFA Firearms Trust provides guidance to the creators, managers, and beneficiaries of the trust to help them avoid violating the NFA.
I am wondering if it would be a good Idea after I make my trust to put all of my fire arms in it. What does ever one think?