gun trusts?

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gun trusts?

  • xris

    Any advice/recs with these? Seems like the main advantage¬†to these is easy¬†transfer guns between (alive or dead) individuals, particularly “NFA” items…any other advantages? Any recs to DIY gun trusts, or cool things to do with them? Worth it?

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  • Chip Marce

    Class 3 stuff isn’t my interest so I don’t follow it that closely. The issue you run into as an individual as I understand it is CLEOs who won’t sign the forms. That problem is taken care of by the trust. Although I think that may be changing.

    In any case, setting up the trusts is something of a specialty, and is not all that expensive. I’ve seen ads for a few hundred dollars. Given what just one class 3 weapon will cost plus the special taxes imposed, the cost of setting up the trust is pocket change comparatively speaking.

     

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      Wesley Mathieu

      Gun trusts can have several advantages depending on what you want to achieve.

      First off, they separate out the ‘equitable’ ownership vs. beneficial ownership. That is, the trust is the legal owner of the guns but is obligated to provide access to beneficiaries according to the terms of the trust.

      This achieves a few beneficial effects:

      1) If members of your family each own multiple guns and you all like to borrow each others weapons on occasion, you can simplify the situation by transferring them into the trust and set up the rules for use so that everyone has equal access to them.

      2) Similarly, since the trust can purchase firearms on behalf of the whole, it can simplify the purchase process significantly. Technically a background check is not required for purchases by a trust but most dealers will run one anyway.

      3) Makes passing on the guns on death a simple deal. Say for instance your father has a large firearms collection and doesn’t want the children to fight over them (or, perhaps, to dispose of them!), he can transfer the collection to a trust with the children as beneficiaries and avoid the problems. Succession within the trust is vastly simplified as well, as no actual transfer need occur. The trust provides continuity of ownership.

      4) A gun trust also avoids issues of ownership in the case of legal actions. The police can’t seize the guns if you’ve been accused of a crime, they can’t arrest you for illegal ownership since you’re not the owner in any case. Likewise if you become incapacitated or otherwise incompetent.

      5) You can use the trust to purchase NFA items and avoid a lot of hassle. So that’s fun.

      As you can see from above, gun trusts are most useful if you have multiple people who want to enjoy a gun collection and need some way to control ownership. Also if you plan on acquiring NFA items. They may be less useful if its just one person who owns the guns but once you’ve set up and funded the trust it just creates a LOT of flexibility. They don’t have any downsides unless you don’t want to give up legal possession of your guns for some reason.

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