PDA

View Full Version : Trust or incorporate?


skyhigh340
November 25, 2008, 20:56
Finally got the funds together for the max-11 project. Going to start the paperwork. My local Cheif of police and Sheriff have both said they would not sign the forms. My question is which would be better a trust or incorporate a small business? Any pros or cons would be appreciated.

FAL_Odor
November 27, 2008, 00:12
Trust

No state forms, fees, taxes etc.
Hidden from probate.

FO

lhofeld
November 27, 2008, 11:22
Trust. The trust becomes the legal owner of the NFA item. My CLEOs are pretty cool about signing form 4s but I went the trust route so that if I get killed unexpectedly my wife does not have to go through the form 5 hassle. The trust owns the NFA Items so nothing changes in the event of my death. That your CLEOs will not sign off on the form 4 if they are legal in your state is wrong. Sounds like its time to vote them out.

skyhigh340
December 01, 2008, 21:09
I'll agree with the vote them out! The cleo even refused to give me a letter as to why he refused. I have been leaning toward the trust. A living trust is what they are looking for correct? Off to legal zoom it is then.

AliYahu
December 01, 2008, 22:41
Originally posted by skyhigh340
I'll agree with the vote them out! The cleo even refused to give me a letter as to why he refused. I have been leaning toward the trust. A living trust is what they are looking for correct? Off to legal zoom it is then.
I'd ask on the subguns NFA board, the needs of a trust for NFA vary state-to-state.

Eli

URBAN ASSAULT
December 02, 2008, 00:27
I used Quicken WillMaker 08 for the living trust that my DesertDog 74 SBR is under.

Got it off the web for twenty bucks, IIRC. It was the version that had a CD AND a real book.

Spent a little money getting everything notarized, and 57 days later I got my approved form 1 and tax stamp back. And yes it does look just like an oversized postage stamp.

I would definitely go the trust route again, regardless whether my top cop would sign or not.

No fingerprints, not mug shots, no background check, and no need for an appointment to ask "Mother, may I?" from some LEO I have never met.

Total WIN!

-urban

DEIMOS
December 02, 2008, 08:07
REVOCABLE living trust, not IRREVOCABLE living trust, unless you want only one NFA item.

partisan50
December 02, 2008, 19:01
"... the needs of a trust for NFA vary state-to-state"

Same deal with having a LLC/Corp, they vary state to state. Here in PA you can have a single member LLC and elect to be a "S" corp and no yearly corp fees.