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def90
March 22, 2015, 17:14
OK, you've set up a trust to handle your NFA items. What other things can/have you used your trust for? Are there any other property/tax/ownership benefits or other everyday uses for your trust?

L Haney
March 22, 2015, 17:30
You better. In fact, if you want to stave off the inevitable attack on trusts by the ATF, set it up so the NFA items are a minor percentage of the total worth.

You heard it here first.

John A
March 22, 2015, 21:14
I'm not totally ignorant of trusts, though I don't understand why you would want NFA items of a gun trust to be a minor part.

Not being a smart aleck, that's an honest question.

NFADLR
March 22, 2015, 22:08
Sure...everything is in a trust..Im not the owner of anything Im just the controller of everything.

2barearms
March 23, 2015, 06:24
Sure...everything is in a trust..Im not the owner of anything Im just the controller of everything.

It probably bypasses some probate stuff if you should happen to end
suddenly.

def90
March 23, 2015, 09:10
I know I have some high end clients that have everything in trusts as well as they have various LLC's and Corp's that own their homes and other things, I am often paid for my work out of these accounts.. I'm just not knowledgeable enough to figure out how all of it works yet.

Do you bypass some of the estate taxes if you have your kids listed in your trusts? I think some of the reasons they put their homes under LLC's or Corp's is to protect them from liability issues, maybe there is also a tax benefit as well? The corp owns the house, they rent the house form the corp.. something like that.

Any of you want to share specific things you have in your trusts and why/what benefits it gives you?

keiser
March 24, 2015, 12:44
My lawyer said do not put any non-NFA items in the NFA trust. His reason was that if ATF had any issues ever with any NFA items, they can seize all assets of the NFA trust as it is the owner of the NFA items. Your non-NFA items? Gone. If you want your non-NFA items in a trust, set one up seperately.

NFADLR
March 24, 2015, 18:27
Correct

In fact Ill go it one better one title II item per trust.


My lawyer said do not put any non-NFA items in the NFA trust. His reason was that if ATF had any issues ever with any NFA items, they can seize all assets of the NFA trust as it is the owner of the NFA items. Your non-NFA items? Gone. If you want your non-NFA items in a trust, set one up seperately.

L Haney
March 24, 2015, 19:14
Do you bypass some of the estate taxes if you have your kids listed in your trusts? I think some of the reasons they put their homes under LLC's or Corp's is to protect them from liability issues, maybe there is also a tax benefit as well?

Death taxes become moot as there has been no change of ownership. Property included in a trust is shared equally by all members.

Property of a trust is excluded from a probated individual estate.

L Haney
March 24, 2015, 19:17
My lawyer said do not put any non-NFA items in the NFA trust.


I want to know the name of that lawyer. His DBA and mailing address.

BTW, there is no such thing as an "NFA Trust". It MAY contain only NFA items, but is not so limited nor constrained. By any definition.

keiser
March 27, 2015, 14:30
I want to know the name of that lawyer. His DBA and mailing address.

BTW, there is no such thing as an "NFA Trust". It MAY contain only NFA items, but is not so limited nor constrained. By any definition.

Jeremy Cave. http://www.cavelawyer.com/

L Haney
March 27, 2015, 16:48
Jeremy Cave. http://www.cavelawyer.com/


Thanks!

ratas calientes
March 27, 2015, 23:52
I used the services of a local law practice that developed a gun trust for NM. They recommended to put only NFA items into the trust.