Thread: NFA trusts.
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Old February 16, 2016, 21:41   #61
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hueyville's Avatar
FALaholic #: 74557
Join Date: Aug 2014
Location: Foothills of the Blueridge Mountains
Posts: 7,353
Been thinking about an NFA Trust as about to drop the dime on new toy. Only issue is been told if put current items owned into Trust would have to pay transfer fee again. Guy know just did a trust, put item and all future into but previous items keeping in his name to keep from paying ahain. As digging around for info on such seen some folks put NFA stuff into their LLC's and S Corporations.

I have S Corp and would not need to pay someone to set up Trust. Wife is officer of corporation as all heirs. My S Corp owns only the high risk business equipment. I own business, tools, equipment and vehicles personally and lease to corporation. Thus if business has accident and sued, until break corporate veil it only owns the equipment that's likely to be cause of a lawsuit.

The local "go-to" lawyer both my LGS's and most local toy collectors use him and he charges a one time $500 fee then no charge to add items as need in future. Last thing I need is more government paperwork so if running items through my S Corp is no big deal, it will have to continue after my passing and with wife/heirs as officers then transition is already sitting on go to be relatively easy with lawyer already prepared. Anyone around here used their existing corporations for NFA? Seems almost like a much more elegant solution to me and much more inexpensive. Have not checked with tax attorney but may make tax deductible. Company does have three firearms that were purchased on books for protection of property and quite a bit of equipment that crosses over into my manufacturing scheme along with two vaults kept at work. Just like ham radio tower as has antenna for our business band radios. A few perks as hard as dot gov sticks me every day a few little perks are well deserved.
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