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May 11th, 2010, 03:50 PM #1Grand Member
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Can someone tell me what a trust is?
Title says it all. As per usual, I did a search on the net only to have a page long statement go on and on and not answer my question. I keep seeing this and would like to know what it is.
thank you
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May 11th, 2010, 03:59 PM #2
Re: Can someone tell me what a trust is?
A trust is type of entity that would hold your NFA item.
Another option instead of a trust is to set up an LLC for the item.
Gunlawyer explains it pretty well in his post:
http://forum.pafoa.org/general-2/3041-trust.html
ETA: also here http://forum.pafoa.org/general-2/71183-gun-trust.htmlLast edited by NikeBauer21; May 11th, 2010 at 04:01 PM.
III%
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May 12th, 2010, 01:47 AM #3
Re: Can someone tell me what a trust is?
You must spread some Reputation around before giving it to NikeBauer21 again.
Cut.
Print.
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May 12th, 2010, 08:38 PM #4Grand Member
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Re: Can someone tell me what a trust is?
Thanks, I read what Gunlawyer had to say, and he explains it well.....its just..well,... what the hell is the point of doing this? Are you expemt from the $200 tax or what?
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May 13th, 2010, 02:11 AM #5
Re: Can someone tell me what a trust is?
From what I read it enables you to eliminate the CLEO signature, along with allowing your valuables to continue with the trust after you are gone.
ETA: I forgot, I think you do not have to file fingerprints for the trusts purchases.Last edited by beefcakeb0; May 13th, 2010 at 02:15 AM.
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May 13th, 2010, 08:22 AM #6
Re: Can someone tell me what a trust is?
Like beefcake said, I'm pretty certain the main reason for doing so is because it does not require a CLEO signature. Which in cases where a person's CLEO doesn't want to sign, it is a way around the situation.
III%
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May 13th, 2010, 02:11 PM #7
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May 13th, 2010, 02:13 PM #8
Re: Can someone tell me what a trust is?
lol........
III%
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