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Old February 22, 2011, 08:57 AM   #18
Skans
Senior Member
 
Join Date: November 20, 2008
Posts: 11,132
Quote:
but I don't agree.... trust are wills, and all listed are co-owners not just names but share said property as equal owners/shareholders.

with your belief in pending going against the grain is bad and then everyone will suffer.(hope not then the ANTI'S may get their way)
Let me make one thing clear - I am not against using corps, llc's or trusts to purchase NFA items. Not so long as those using them recognize that there are some risks - different risks than if you get the NFA item registered to you as an individual. But, from what I've read lately, no one is pointing out these risks to those who decide to go the trust route. That's the only problem I have with this.

Trusts are not Wills - they are entirely different things. Also, all listed on a trust are not co-owners. Some may be are co-trustees - and there is a very big difference. Although those differences vary from state to state, it is fairly universal that a trustee holds money, valuables, etc. only for the benefit of the designated beneficiaries. If what the trustee is doing with the assets does not benefit the ultimate beneficiaries, then the trustee is basically "out of line". If a trust is set up to benefit trustees and not beneficiaries, then the validity of that trust can be called into question especially when it involves regulated items.

Here, try these examples out - give my your thoughts:

1. I set up a trust to purchase an airplane. Airplane is sold directly to the trust. I'm the trustee. I do not have a pilot's license. Do I get to pilot the plane?

2. I set up a trust to buy a veterinary clinic. I am not a veterinarian, but I am the trustee of the trust. Can I practice veterinary medicine?

My "beliefs" can harm no one. I would hope that all reading this board see and understand that. I am merely trying to give you some information where there seems to be quite a bit of misinformation. Anyone who thinks that BATFE is blind to what I have raised as an issue is naive.

To answer your question - Yes, my CLEO will sign off on machineguns but not silencers. If I want a silencer, I'd have to go the trust, corp, llc route. And, with a silencer(s) I wouldn't mind doing that since they are relatively cheap NFA toys.

Last edited by Skans; February 22, 2011 at 01:57 PM.
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