MadPick wrote:
My non-NFA firearms are also on the trust. Both of them.
I see what you did there.
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| Individual or Trust, and your thoughts on political climate? https://www.waguns.org/viewtopic.php?f=41&t=88921 |
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| Author: | the925life [ Sat Mar 03, 2018 10:16 am ] |
| Post subject: | Individual or Trust, and your thoughts on political climate? |
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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| Author: | MadPick [ Sat Mar 03, 2018 11:02 am ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
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-8 For 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 |
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| Author: | usrifle [ Sat Mar 03, 2018 11:18 am ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
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-8 For 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. |
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| Author: | jdhbulseye [ Sat Mar 03, 2018 11:52 am ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
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-8 For 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? |
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| Author: | MadPick [ Sat Mar 03, 2018 11:54 am ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
My non-NFA firearms are also on the trust. Both of them. |
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| Author: | usrifle [ Sat Mar 03, 2018 1:04 pm ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
MadPick wrote: My non-NFA firearms are also on the trust. Both of them. I see what you did there.
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| Author: | beckdw [ Sat Mar 03, 2018 9:27 pm ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
usrifle wrote: MadPick wrote: My non-NFA firearms are also on the trust. Both of them. I see what you did there. |
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| Author: | The mad scientist [ Tue Mar 06, 2018 12:54 am ] |
| Post subject: | Re: Individual or Trust, and your thoughts on political clim |
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. |
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