What is the best online trust company for NFA items?

[Streetbranch]

I am looking at buying my first can and want to go the route of setting up a trust first. There are a lot of online trusts out there that have a wide range in prices. What one did you use and why did you choose that one over others that are out there? I have heard that (when compared by LGS) some of the super expensive trusts are just about the same as the cheaper ones, almost word for word. Thanks in advance!

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[Member 34319]

Is there any reason you are considering a trust over individual.

Since removing the LEO sign off I haven't used my trust to complete any NFA paperwork. Just file as individual.

If still stuck on going with the trust...

Silencershop single shot trust is the least expensive and stupid simple to complete.

Single Shot NFA Gun Trust

 

[Helocat]

I maintain the Trust so all my NFA items can transfer to my boys w/o them having to buy the stamps all over and everything just goes to them immediately. Also, the trust lets my "trustees" have use and access to my NFA items w/o me being with them. Barrow a can? sure if they are on the trust.

I used the Gift Certificate - NFA Gun Trust

 

[Member 34319]

I maintain the Trust so all my NFA items can transfer to my boys w/o them having to buy the stamps all over and everything just goes to them immediately. Also, the trust lets my "trustees" have use and access to my NFA items w/o me being with them. Barrow a can? sure if they are on the trust.

I used the Gift Certificate - NFA Gun Trust

Very true, I don't have anyone in my immediate vicinity that wants to borrow any of my NFA stuff. I'll likely be with my wife or kid anytime any of them are in use. Or I'm dead. I'm that case I've already got a form filled out for each item to be transferred to whoever.

If the OP is like me, it may not be worth the extra hassle to create a trust.

Making individual transfers sound like they are more work is a grey area in my opinion.

It's slightly more work for those at the end vs slightly more work for you and those on the trust in the beginning.

As for legalities...

We are, well at least some of us, will live to see millions of NFA items become ownerless in the coarse of our lifetimes. The ownership of NFA items has grown exponentially in the last decade alone. Once folks start dying, we will see if any of it even matters. The ATF doesn't keep track of dead owners. They don't get alerted if you die. They are usually just thankful that the next person in line actually tells them they took ownership.

 

[jbett98]

A $400 suppressor is one thing, but a $25,000 sub machine gun is another.

 

[Streetbranch]

Very true, I don't have anyone in my immediate vicinity that wants to borrow any of my NFA stuff. I'll likely be with my wife or kid anytime any of them are in use. Or I'm dead. I'm that case I've already got a form filled out for each item to be transferred to whoever.

If the OP is like me, it may not be worth the extra hassle to create a trust.

Making individual transfers sound like they are more work is a grey area in my opinion.

It's slightly more work for those at the end vs slightly more work for you and those on the trust in the beginning.

As for legalities...

We are, well at least some of us, will live to see millions of NFA items become ownerless in the coarse of our lifetimes. The ownership of NFA items has grown exponentially in the last decade alone. Once folks start dying, we will see if any of it even matters. The ATF doesn't keep track of dead owners. They don't get alerted if you die. They are usually just thankful that the next person in line actually tells them they took ownership.

I am going the trust route for a couple reasons but one is so my wife doesn't commit an "accidental felony" if I die. In theory, if I own the can as an individual and I die, then my wife could "possess" it without the stamp/background check and would therefore be committing a felony.

 

[Member 34319]

I am going the trust route for a couple reasons but one is so my wife doesn't commit an "accidental felony" if I die. In theory, if I own the can as an individual and I die, then my wife could "possess" it without the stamp/background check and would therefore be committing a felony.

Nope, not true.

If she is legal to posses firearms she has to file a form 5 to take ownership within a given amount of time. There have been instances where sucessors filed the paperwork past the timeline and have not been criminally charged as well.

Regardless if on a trust or if you owned it outright as an individual the successor will have to file a form 5.

ATF Form 5 NFA Tax Stamp Walk-Through Guide

How to guide and walk-through guide for the ATF Form 5 NFA Tax Stamp Application - ATF 5320.5 Application for Tax Exempt Transfer and Registration of Firearm How do I fill out the ATF Form 5 Tax Stamp Application? In this step by step walk-trough guide we go over ever line item in the ATF Form...

www.nationalguntrusts.com

 

[Member 34319]

A $400 suppressor is one thing, but a $25,000 sub machine gun is another.

Very true, transferable machine guns are counted in the thousands maybe tens of thousands, not millions like suppressors and SBS/SBR/AOW are as of recently. I imagine the ATF has different systems in place to keep tabs on machine guns.

 

[jbett98]

My late friends widow didn't/wouldn't do a thing about his two machine guns for over five years until I forced the issue by hiring a high dollar lawyer who specializes in NFA items.
It cost $15,000 in lawyer fees, plus the probate court costs declaring who inherited the NFA firearms.
My late friend had a will and trust , but the only refernce in his living trust said "wife gets guns", and that was too ambiguous for the ATF.

 

[Helocat]

Very true, I don't have anyone in my immediate vicinity that wants to I will let borrow any of my NFA stuff.

Fixed it for you. I have no doubt there are ones around ya that would take ya up on letting take your cans out for some fun.

My trust lets my NFA gear live on with my boys, they can transfer to their kin etc. Well as long as Creepy Joes future Mini Me's don't mess it up.

 

[Member 34319]

My late friends widow didn't/wouldn't do a thing about his two machine guns for over five years until I forced the issue by hiring a high dollar lawyer who specializes in NFA items.
It cost $15,000 in lawyer fees, plus the probate court costs declaring who inherited the NFA firearms.
My late friend had a will and trust , but the only refernce in his living trust said "wife gets guns", and that was too ambiguous for the ATF.

Having heard your story in detail. It confirms a handful of things.

No boogie man ATF agent shows up the day you die to grab the gun.

As well as longer time took to take possession without criminal charges.

Had she taken ownership correctly within the time, would the lady have needed the 15,000 in lawyers? No.

The lawyer was for you to take ownership I thought? Which makes sense considering the time and such and you not being in relation?

 

[jbett98]

If the will had stated his surviving wife gets his Thompson SMG "serial #'s ****" and the SWD 11/Nine "serial # *****" with Bowers suppressor there wouldn't have been any issue with the ATF, as they want these things to be accountable to their inventory and not missing after he died.
It was the Oregon probate court that cost the most.
After she won possession, the lawyer opened a gun trust and I'm one of two trustee's that will inherit them when she passes.
Her son is the other trustee and he lives in Chicago and can't own these, so by default, they will be mine, I just have to pay half their value to remove him out of the trust.

 

[ScottInPDX]

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