trust, llc, or outright ownership?

[teul2]

I've been thinking, dangerous I know. The three ways to go about getting a supressor are to set up a trust, create an LLC, or just go through the approval process with local law enforcement, correct? The way I understand it, the reason to set up a trust or LLC are to designate heirs and legal users of the supressor. So when you die, they can be lawfully be transfered. With the third method, what happens? Is the government going to come get it? What happens when the heirs named in the trust and LLC have passed away? Can you update a trust? I am sure you can update an LLC, right?

For some reason, it seems like just going through the background check and paperwork would be less hassle in the long run. Set me straight guys.

[Wildfowler]

If you choose regular individual registration you can still transfer a registered weapon to your heir tax free upon your death. Don't know what that process is, there is a a provision listed for such a transfer listed in the front of the standard form 4 or form 1 if you wanted to download the forms you could read it.

Trust is easier for many and those listed on the trust can legally posses and use the weapon at any time.

All mine are on individual form 4's. I personally take comfort in having my local sheriff's signature on the back of the paperwork in case I were to get hassled by an under informed law enforcer.

[dukhntn]

[cwink]

Also, the way I understand it without the trust, your wife can't legally have it in the house if you pass on, and she can't drive your truck if the suppressor is in the truck and you are not with her.

[Deltaquack]

You need to talk to Woody on here. He recently formed a trust for me and ordered the suppressor and did all of the paperwork. I do remember......if you ever want a second suppressor, there's not much to do to add to trust if you go that route. That makes things a little easier. Setting up the trust wasn't expensive either.

[Wildfowler]

Actually it looks like there is a separate ATF form 5 for tax-free transfers.

http://www.atf.gov/files/forms/download ... 5320-5.pdf

I've never actually looked into this very much before and when I got into this there was not much good info on gun trust and I was reluctant to use one. Reading this, (instruction number 3 on page 3) it looks like there could be a temporary confiscation of the weapon until the designated heir has received approval of the registration to possess the weapon? That's no good.


A properly worded trust should prevent that.

[dukhntn]

[teul2]

I guess that was my question, can the trust be amended to include other firearms or individuals. Do all the people named in the trust have to go through the approval process? Like if I named my 3 year old in the trust. What are they going to check out on him?

[Wildfowler]

Wonder if you can actually add a three-year-old to the trust is otherwise not legally eligible to possess the weapon?

May have to wait until he's 21?

[Wildfowler]

Also, ATF is in the process of changing the rules regarding trust to include Sherrif sign off and fingerprint on every member listed.

Haven't checked on this in a while but I don't believe anything has been finalized and nothing has gone into effect yet.

[Deltaquack]

Woody can explain it more........but a trust is not just a piece of paper.......it actually defines everything out clearly as to what it's whole purpose is. You have to name an Executor of that trust as well. So, the Executor just makes sure the originator's wishes are being followed. My sons are on mine.......the suppressor as well as my guns will be owned by my estate. My boys are ultimately the owners of my estate if something happens to me.......and the executor makes sure monies left to them are spent accordingly, guns are divided up and kept according to law, etc. I delineate the age that they get what in my will and my trust.

[chevy01234]

Go with a trust Joel.

[woody]

PM sent

[booger]

This is an interesting read:

http://www.northwestfirearms.com/nfa-we ... t-nfa.html

I'd go with woody though. (That doesn't sound quite right, so insert woody joke here -->

[khound22]

Do a Trust. I did one as an individual and wished I had gone with a trust.