Still worth getting a trust?

Fordfan · Mar 22, 2014

So I am late to the suppressor party. I should have focused post 10/1 on suppressor purchases and not on build parts for all those pre 10/1 lowers. Now I want suppressors for a few of my guns.

I am wondering if it is still beneficial to spend the money for a trust with the upcoming change in laws in June regarding trusts. I understand the trust will allow others exclusive access to my items in the trust in my absence but other than that I can't see a benefit as they are going to require CLEO sign off post June.

Would it be worth getting the trust asap and getting my suppressors on forms and in before June???

OR

Do I go ahead and put that money towards suppressors and go the NON trust way.

Just wanted to see your guys opinion on this as I am torn 50/50

THANKS

Engine4 · Mar 22, 2014

Good question, I've been wondering the same thing.

NateIU10 · Mar 22, 2014

1) ATF likely will not act on anything until June, and we have no idea what that final rule may look like.

2) the difference between efile and hard copy approvals is pretty big, not to mention the insanity that is MSP signoff.

3) properly drafted nfa trusts are truly beneficial for purposes of passing on your nfa firearms. No probate and specifics if you, or any trustee, become prohibited.

My phone is dying, and there are more points. I am biased.

Engine4 · Mar 22, 2014

What's a ballpark figure for the cost of getting a trust?

NateIU10 · Mar 22, 2014

Engine4 said:
What's a ballpark figure for the cost of getting a trust?

We offer varying levels and cannot speak for other firms, but all said and done, I believe basic NFA trusts are around ~$400.

Engine4 · Mar 23, 2014

Thank you!

Pwilliams1 · Mar 23, 2014

Efile is still a big plus for me. I've also heard horror stories about the msp wait. Never experienced it first hand. I don't regret having a trust done at all

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Fordfan · Mar 23, 2014

I am just anticipating the change in June and then everyone including those with trusts will have to deal with msp four the CLEO part.

Debating on doing the trust and getting what i can now while its less of a hassle. Ofcourse what I'm looking to purchase are out of stock

HappyCamper · Mar 23, 2014

Guess I'm late to this party, but what is the new law on trusts? Could someone sum it up in a few short concise sentences?

aaronn · Mar 23, 2014

HappyCamper said:
Guess I'm late to this party, but what is the new law on trusts? Could someone sum it up in a few short concise sentences?

It's possible they may still require a CLEO sign-off even when applying through a trust.

HappyCamper · Mar 23, 2014

aaronn said:
It's possible they may still require a CLEO sign-off even when applying through a trust.

State law or at the federal level? So, it's just potential or it's set in stone? I guess I've heard rumors of this for a while, but never heard the hammer hit.

swinokur · Mar 23, 2014

NFA items and NFA Trusts are covered under Federal laws, not state.

Federal law require CLEO signoff (MSP or sheriff) for non trust firearms. What may change is the BATFE policy.

daNattyFatty · Mar 26, 2014

HappyCamper said:
State law or at the federal level? So, it's just potential or it's set in stone? I guess I've heard rumors of this for a while, but never heard the hammer hit.

Federal. Potential. Maybe June at the earliest for a decision one way or the other.

Dave · Mar 27, 2014

wasn't even aware of the change going on. Could anyone either sum it up or link me to more info? appreciated.

NateIU10 · Mar 27, 2014

Dave said:
wasn't even aware of the change going on. Could anyone either sum it up or link me to more info? appreciated.

http://blog.princelaw.com/2013/08/3...hecks-for-fictitious-entity-nfa-applications/

Dave · Mar 27, 2014

fantastic... keeps getting worse and worse

Bountied · Apr 3, 2014

So is it advisable to set up the Trust now to try to get around the CLEO/fingerprint and then worry about others on the trust and additions to the trust later? Will you have to get CLEO approval down the road even though the trust was set up before the proposed June date for additions to schedule A? I'm not planning on purchasing very many NFA items, maybe a SBR and a suppressor. I'm not opposed to getting fingerprinted and what not. I already have my HQL. I just don't like walking into police barracks...

NateIU10 · Apr 3, 2014

Bountied said:
So is it advisable to set up the Trust now to try to get around the CLEO/fingerprint and then worry about others on the trust and additions to the trust later? Will you have to get CLEO approval down the road even though the trust was set up before the proposed June date for additions to schedule A? I'm not planning on purchasing very many NFA items, maybe a SBR and a suppressor. I'm not opposed to getting fingerprinted and what not. I already have my HQL. I just don't like walking into police barracks...

If you are on the fence, I would advise getting one now vs down the road. The NFA trust can accommodate multiple trustees now, the only issue may come down the road IF ATF requires all "responsible persons" to submit the information. If your desire is to avoid the MSP signoff (and attendant months-long wait), now is the time.

We have no idea what, if anything, the final rule will entail. If it is adopted as proposed, any future NFA item owned by the trust would require that trustees submit everything an individual has to submit now. You still have the added benefit of multiple people allowed to possess the NFA items outside of your presence, even if adopted as proposed. CLEO approval requirements would be determined by the date of filing the forms, not the date the Trust was created.

swinokur · Apr 3, 2014

The month long MSP wait is now at 4+ months for my 2 cans.

NateIU10 · Apr 3, 2014

swinokur said:
The month long MSP wait is now at 4+ months for my 2 cans.

Good catch, I meant, "months-long wait."

Regardless what the nice people tell you about "four to six weeks," it looks like it's a little out of order for some people, but four to six MONTHS seems to be the new normal. It's an insane process on both the MSP and BATFE paper filing wait-times. 4-6 months + 9-12 months = 13-18 MONTHS for an individual that paper files. That is literally insane.

Still worth getting a trust?

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