BigDaddy
Ultimate Member
- Feb 7, 2014
- 2,235
Can't see how that's legal.
It's exactly the same as may issue.
Can't see how that's legal.
I've only researched truats. Never looked into the traditional route for nfa. How can the CLEO refuse to sign off? Thay would be a de facto ban on nfa in a particular area
Can't see how that's legal.
If the trust system did not exist, I doubt MSP would do CLEO sign-offs right now.
More hassle, longer wait. It's not the end of the world if trusts go away, but it's a heckuva lot more convenient that way.
Doesn't seem worth rushing a purchase to me. Areas where they won't sign is another matter.
There are other advantages to a trust.
More than one person can have access to the NFA items. If you purchase as an individual, no one else should have the combo to the safe.
There are other advantages to a trust.
More than one person can have access to the NFA items. If you purchase as an individual, no one else should have the combo to the safe. No one else can take them out and use them, even family members. With a trust, all the trustees can have access and use them.
With trust, you do not add the expense of fingerprints and photo for every purchase.
Also, with a trust, there is a path for the NFA items upon your death. With individual, you spouse would have to pay $200 each to have them transferred to them. With trust, the other trustees or the beneficiary get them.
Actually inherited NFA items for transfer on tax free a Form 5. The other parts are true, at least for now.
They have been signing off before trusts were ever even really heard of for NFA.
My point still stands - the trust system incentives CLEOs to sign off. In a commie state like MD, we shouldn't shrug off 41p with an assumption that you can get a signature from the MSP (the route most people take).
Virtually every ad for a trust says this and potentially you can go to jail for 10 years. What did people do before trusts? Does this mean everyone who has an NFA item as an individual, with a wife that knows the combination, will have his door kicked down.
I'm not trolling but there has to be thousands of people who don't use trusts.
Do I read that correctly that after implementation, everyone in a trust will have to submit fingerprints, etc when a new item is purchased? If I were to do a trust before the deadline and purchase something after the deadline - what hoops would I have to jump through?
What I could see is that every trustee has to have fingerprints and photo etc, WHEN they are added to the trust.
Not every time an item is purchased.
With regard to a trust, must all trustees reside in the same location? Must all NFA items in the trust reside in the same location?