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It is currently Sat Jun 15, 2024 1:26 pm
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Discussion or advice on how to create an Illegal NFA item will result in an immediate ban. No advice given within should replace user due diligence. Always consult a lawyer / professional.
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[ 8 posts ] |
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Individual or Trust, and your thoughts on political climate?
Individual or Trust, and your thoughts on political climate?
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the925life
Location: Mill Creek Joined: Fri Jul 22, 2016 Posts: 135
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Let's talk SBRs. What is the general consensus on going individual Form 1 vs. setting up a trust? Are there any clear benefits for one over the other, aside from being able to list multiple beneficiaries on the trust? Cost, procedural steps, approval timelines?
Current political inertia considered, is this something I should even try to begin?
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Sat Mar 03, 2018 10:16 am |
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MadPick
Site Admin
Location: Renton, WA Joined: Sun Mar 13, 2011 Posts: 52275
Real Name: Steve
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Yes, do it, don't worry about the political climate at least from that perspective. Right now, approval times for individuals are a LOT less than approval times for trusts. Maybe six months versus a year, something like that. I would say that the benefit of doing it as an individual is the reduced approval time, and the fact that you don't need to set up a trust. The benefits of a trust range from "minimal" to "a gift from the heavens," depending on who you believe. It can be a contentious issue, so hopefully we can keep any discussion polite and helpful. Take a look at some of our past threads; you can probably skip those that are related to 594: https://www.google.com/search?rls=en&q= ... 8&oe=UTF-8For me personally . . . I have the silver trust from NW Gun Law Group. I have never regretted getting it, and any future purchases will also be on my trust even if I need to wait longer for approval
_________________SteveBenefactor Life Member, National Rifle AssociationLife Member, Second Amendment FoundationPatriot & Life Member, Gun Owners of AmericaLife Member, Citizens Committee for the Right to Keep and Bear ArmsLegal Action Supporter, Firearms Policy CoalitionMember, NAGR/NFGRPlease support the organizations that support all of us.Leave it cleaner than you found it.
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Sat Mar 03, 2018 11:02 am |
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usrifle
Site Supporter
Location: RENTON Joined: Fri Mar 25, 2011 Posts: 20778
Real Name: John
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MadPick wrote: Yes, do it, don't worry about the political climate at least from that perspective. Right now, approval times for individuals are a LOT less than approval times for trusts. Maybe six months versus a year, something like that. I would say that the benefit of doing it as an individual is the reduced approval time, and the fact that you don't need to set up a trust. The benefits of a trust range from "minimal" to "a gift from the heavens," depending on who you believe. It can be a contentious issue, so hopefully we can keep any discussion polite and helpful. Take a look at some of our past threads; you can probably skip those that are related to 594: https://www.google.com/search?rls=en&q= ... 8&oe=UTF-8For me personally . . . I have the silver trust from NW Gun Law Group. I have never regretted getting it, and any future purchases will also be on my trust even if I need to wait longer for approval This...on all points.
_________________ Mr. Q wrote: so basically, if you have to smoke some asshole, make sure they become fertilizer and then Bounce? got it.
Guntrader wrote: Huh, maybe I was an asshole.
NRA Member/RSO SAF 5 Year Donor GOA Member
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Sat Mar 03, 2018 11:18 am |
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jdhbulseye
Site Supporter
Location: Rochester, WA Joined: Thu Mar 10, 2016 Posts: 3761
Real Name: Mr. Idgaf
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MadPick wrote: Yes, do it, don't worry about the political climate at least from that perspective. Right now, approval times for individuals are a LOT less than approval times for trusts. Maybe six months versus a year, something like that. I would say that the benefit of doing it as an individual is the reduced approval time, and the fact that you don't need to set up a trust. The benefits of a trust range from "minimal" to "a gift from the heavens," depending on who you believe. It can be a contentious issue, so hopefully we can keep any discussion polite and helpful. Take a look at some of our past threads; you can probably skip those that are related to 594: https://www.google.com/search?rls=en&q= ... 8&oe=UTF-8For me personally . . . I have the silver trust from NW Gun Law Group. I have never regretted getting it, and any future purchases will also be on my trust even if I need to wait longer for approval Do you put non-NFA firearms on your trust as well or do you hold them privately outside the trust?
_________________MadPick wrote: Without penetration data, the pics aren't of much use. - Spoiler: show
- "Half the harm that is done in this world is due to people who want to feel important. They don't mean to do harm -- but the harm does not interest them. Or they do not see it, or they justify it because they are absorbed in the endless struggle to think well of themselves." – T.S. Eliot
"The right of self defence is the first law of nature: in most governments it has been the study of rulers to confine this right within the narrowest limits possible. Wherever standing armies are kept up, and the right of the people to keep and bear arms is, under any colour or pretext whatsoever, prohibited, liberty, if not already annihilated, is on the brink of destruction." - St. George Tucker
A careful definition of words would destroy half the agenda of the political left and scrutinizing evidence would destroy the other half. - Thomas Sowell
"To ban guns because criminals use them is to tell the innocent and law-abiding that their rights and liberties depend not on their own conduct, but on the conduct of the guilty and the lawless, and that the law will permit them to have only such rights and liberties as the lawless will allow...
For society does not control crime, ever, by forcing the law-abiding to accommodate themselves to the expected behavior of criminals. Society controls crime by forcing the criminals to accommodate themselves to the expected behavior of the law-abiding." - Jeff Snyder
Personal weapons are what raised mankind out of the mud, and the rifle is the queen of personal weapons. The possession of a good rifle, as well as the skill to use it well, truly makes a man the monarch of all he surveys. It realizes the ancient dream of the Jovian thunderbolt, and as such it is the embodiment of personal power. For this reason it exercises a curious influence over the minds of most men, and in its best examples it constitutes an object of affection unmatched by any other inanimate object.
Jeff Cooper 1997 The Art of the Rifle Page 1.
- Spoiler: show
- SUGGEST CASE BE SUBMITTED ON APPELLANT'S BRIEF. UNABLE TO OBTAIN ANY MONEY FROM CLIENTS TO BE PRESENT & ARGUE BRIEF.
The defense attorney's telegram to the clerk of the Supreme Court, March 29, 1939, in re United States. v. Miller.
You don't need to go to Law School to understand the constitutional implications of that.
“You can’t cut the throat of every cocksucker whose character it would improve.” - Spoiler: show
cityslicker wrote: I don't want to be told that I can't remove the tree by some tree-hugging pole smoker from the eat-a-dick foundation/Olympia/King County.
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Sat Mar 03, 2018 11:52 am |
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MadPick
Site Admin
Location: Renton, WA Joined: Sun Mar 13, 2011 Posts: 52275
Real Name: Steve
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My non-NFA firearms are also on the trust. Both of them.
_________________SteveBenefactor Life Member, National Rifle AssociationLife Member, Second Amendment FoundationPatriot & Life Member, Gun Owners of AmericaLife Member, Citizens Committee for the Right to Keep and Bear ArmsLegal Action Supporter, Firearms Policy CoalitionMember, NAGR/NFGRPlease support the organizations that support all of us.Leave it cleaner than you found it.
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Sat Mar 03, 2018 11:54 am |
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usrifle
Site Supporter
Location: RENTON Joined: Fri Mar 25, 2011 Posts: 20778
Real Name: John
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MadPick wrote: My non-NFA firearms are also on the trust. Both of them. I see what you did there.
_________________ Mr. Q wrote: so basically, if you have to smoke some asshole, make sure they become fertilizer and then Bounce? got it.
Guntrader wrote: Huh, maybe I was an asshole.
NRA Member/RSO SAF 5 Year Donor GOA Member
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Sat Mar 03, 2018 1:04 pm |
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beckdw
Site Supporter
Location: Tri -Cities Joined: Thu May 23, 2013 Posts: 2799
Real Name: David
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usrifle wrote: MadPick wrote: My non-NFA firearms are also on the trust. Both of them. I see what you did there. I see what he did there too, and it sounded like a COC#8 violation to me :D
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Sat Mar 03, 2018 9:27 pm |
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The mad scientist
Site Supporter / FFL Dealer
Location: snohomish Joined: Wed Feb 11, 2015 Posts: 212
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I personally have everything in trusts or my business (07 ffl). The main advantage of a trust comes when you die rather then when you're alive. A trust bypasses a lot of the crap that comes with probate and you can put the people you want to give your guns too after you dies as trustees, which lets them skip the whole probate process and just transfer them from the trust to them or their trust when that day comes (with the usual 4473 background check done by a dealer for those in Washington to facilitate the transfer of ownership, even if it's from you to you, just as different legal entities). As stated, personal transfers are several moths faster but when you pass, has to be transferred on a form 5 after the probate process is completed, all the while the gun(s) are held by the executor rather than the person who actually is receiving it until ATF puts that stamp on the form. If you intend to actually use your guns and silencers, it makes little to no difference because some estates are beginning to just turn over worthless/well used items to ATF and not bother trying to deal with the hassle for a lead filled and worn out tube or worn out form 1'd lower, but valuable/rare/collectible/revenue generating/appreciating items should be placed in a trust to make the next generations life a little easier. That my .02 cents on the whole personal vs trust discussion.
_________________ Life isn't about the money you make, the car you drive, the house you live in or being the CEO of a company. Life is about enjoying each day, experiencing everything the world has to offer you and when the day comes, standing at your makers door fully satisfied with what you did with the little bit of sand that was put in your hourglass.
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Tue Mar 06, 2018 12:54 am |
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