Pennsylvania Firearm Owners Association
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  1. #11
    Join Date
    Dec 2006
    Location
    Bucks, Pennsylvania
    Posts
    12,144
    Rep Power
    21474860

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

    Quote Originally Posted by JustinHEMI View Post
    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.
    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.
    Attorney Phil Kline, AKA gunlawyer001@gmail.com
    Ungawa's M16A1 is for sale, see the NFA ads! http://forum.pafoa.org/showthread.ph...06#post3835606

  2. #12
    Join Date
    May 2009
    Location
    Glenmoore, Pennsylvania
    (Chester County)
    Age
    59
    Posts
    2,021
    Rep Power
    21474848

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

    Quote Originally Posted by GunLawyer001 View Post
    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.
    If you were a CFP you could charge a commission for that advice.

  3. #13
    Join Date
    Sep 2006
    Location
    Somewhere, Pennsylvania
    (Chester County)
    Posts
    1,100
    Rep Power
    4797339

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

    Quote Originally Posted by esh21167 View Post
    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.
    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?
    "Well, my days of not taking you seriously are certainly coming to a middle"

  4. #14
    Join Date
    Oct 2009
    Location
    PA, Pennsylvania
    Posts
    56
    Rep Power
    2433

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

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

  5. #15
    Join Date
    Jan 2007
    Location
    State College, Pennsylvania
    (Centre County)
    Age
    65
    Posts
    4,761
    Rep Power
    13235551

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

    Quote Originally Posted by PANRA View Post
    As I understand it anyone on your trust must live in your house. Is that correct? For example I couldnít list my father or son on my trust if they do not live in the same house as me?
    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.
    Ron USAF Ret E-8 FFL01/SOT3 NRA Benefactor Member

  6. #16
    Join Date
    Oct 2009
    Location
    PA, Pennsylvania
    Posts
    56
    Rep Power
    2433

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

    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.

  7. #17
    Join Date
    Dec 2006
    Location
    Bucks, Pennsylvania
    Posts
    12,144
    Rep Power
    21474860

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

    Quote Originally Posted by PANRA View Post
    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.
    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."
    Attorney Phil Kline, AKA gunlawyer001@gmail.com
    Ungawa's M16A1 is for sale, see the NFA ads! http://forum.pafoa.org/showthread.ph...06#post3835606

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