[3Fingas]

Gandalf,

Once you have the trust, do you still have to submit nfa paperwork to BATFE and pay the $200 tax for each NFA item?
That is how it was explained to me. The Times article implies that you don’t have to do that.

In my county, the LEO won’t sign, so everyone here who wants an NFA item has to go with a trust.

Thanks for any information that you can provide.

[Gandalf_The_Gray]

Once you have the trust, do you still have to submit nfa paperwork to BATFE and pay the $200 tax for each NFA item? That is how it was explained to me. The Times article implies that you don’t have to do that.

In my county, the LEO won’t sign, so everyone here who wants an NFA item has to go with a trust.

In order to purchase NFA Class III items (full auto, short barreled rifles & shotguns, suppressors, "destructive devices" and a class of items "any other weapon") an individual needs to fill out an ATF Form 4 completely, and submit it along with a certified check for the excise tax. If we are talking a flesh and blood individual that means mug shots, a fingerprint card, and a sign off by your chief LEO for your county or parish. The trust (or an LLC corporation) is in the eyes of the law a legal person. However this person has no "mug" to shoot, no fingers to print, and by some quirk does not require a sign off by the LEO. Cool!

In a word, yes you still need to fill the form 4 and pay the excise tax. You can skip the other gapharb. The times article has an agenda and they are trying to scare civilians into thinking machine-guns are under every bush.

Truth be told, there are very strict rules concerning NFA Class III items. If you are going to the range (any place off your own property) you need to have a copy of your Form 4 with the attached tax stamp. If you plan on moving within your state of residence, you must notify ATF of your new address. If you plan on moving out of state, notify ATF BEFORE making the move (some states ban Class III items). If you plan on selling your new toy, you must go through a FFL licensed to buy/sell NFA Class III items who does business in your state of residence. If you buy your items from an out of state FFL dealer, the items must then be transferred to a dealer in state before they can be transferred to your possession.

I hinted that trusts aren't the only game in town. You can set up an LLC corporation and make the NFA items your corporate assets. If your a gun shop, gunsmith, or licensed manufacturer that would be the way to go. However as an individual there are drawbacks. Corporations are registered with the state, trusts need not be, corps must file an annual report, trust don't, corps file taxes, trusts are below the radar.

When you set up a trust, you name a successor trustee who takes over at your death and takes over possession of you NFA items which removes a big headache for the executor of your will. If you had acquired your NFA stuff without the cover a trust or corporation provides it all must be returned to ATF for destruction upon your death. That is why all the current "gun control" bills being pushed are including a provision for ATF "registration", it will prevent you from leaving any guns to your kids or grand-kids.

If you decide not to set up an NFA trust, I would recommend, at a minimum, setting up a revocable trust to handle your assets (including your non NFA guns, ammo, magazines, &c.) instead of a will. Your successor trustee will distribute your assets to your heirs and assigns much like an executor but without the scrutiny of a probate court.

Regards,
GtG

PS If you buy a fully automatic, short barreled rifle with a suppressor that will take three Form 4s and three certified $200.00 checks. ATF considers each item to be a "firearm" with it's own serial number.

PPS If you set up multiple trusts the successor trustee may be the same person or different as you see fit. If you plan on living a long time you may want to add backup successors.