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Old July 14, 2015, 07:49 AM   #26
TMD
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Where I live in Texas the cheapest attorney wanted $400. I'm sure there are some in bigger cities but all are several hours away. Not worth the drive to me.
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Old July 14, 2015, 09:04 AM   #27
zukiphile
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Quote:
Originally Posted by Bart
Zukiphile, I'm guessing you formed a PLLC or PC? That's a $750 fee. The fee for an LLC, C-Corp or S-Corp is $300 still (unless you filed as a foreign entity).
Indeed, you are correct.
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Old July 14, 2015, 01:11 PM   #28
CowTowner
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Just to add to the pile of those offering to setup trusts:
http://www.lawshieldtrust.com/
The only do this for a limited number of states currently.
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Old July 15, 2015, 01:29 AM   #29
CodeSection
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Just quickly read about the lawshieldtrust terms. It appears there are many items of this "plan". For me, their agreement or "contract" is confusing.

However, paragraph IV Legal Services and Benefits, paragraph E is very clear.....

"The Legal Service Contract Holder may obtain future legal services for the purpose of obtaining BATFE approval for the procurement of additional N.F.A. Items, after the rendering of the initial legal services provided for herein, for an additional fee."

So, their $299 charge appears to be just the "base charge" if you have anymore NFA items or possibly if you have a more complex situation like setting up an irrevocable trust, etc.

IMO, you get what you pay for. You may not realize it now until something occurs....maybe your death....maybe a family member delivering your NFA item to you that you failed to include as a beneficiary or trustee of your trust gets stopped by a LEO.....maybe when/if you become incapacitated....maybe there might be a need to remove or add a trustee...etc.

Don't be fooled, be informed. Bart has written great information. Some will accept and learn from the information presented, some will not accept it and will lean toward what is the initial cheapest process. That is the beauty of choice and accountability of one's own action.

I believe when people are recommending on using an attorney, they are doing so to help, not trying to support a profession. I believe they recognize the serious legal consequences that could occur with a poorly written trust.

But what do I know.......
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Old July 15, 2015, 05:51 AM   #30
TMD
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Can't speak for other low cost trusts but the one I got from the silencer shop has provisions for a benificary and the attachment to add additional trustees. As far as being stopped by LE, you only need a copy of the tax stamp not the trust for proof that the nfa item is legal. In all honesty the only and I mean only reason I got a trust in the first place is because of the reduced wait times for approval. When I'm dead and buried my nfa items are the least of my problems. They could be used for tire irons for all I care.
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Old July 15, 2015, 07:46 AM   #31
sfwusc
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In sc they don't charge annual filing fees. 110$ period.


So basically it seems to me that in sc, an LLC is cheaper and better.
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Old July 15, 2015, 10:32 AM   #32
Bartholomew Roberts
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Quote:
Originally Posted by TMD
Can't speak for other low cost trusts but the one I got from the silencer shop has provisions for a benificary and the attachment to add additional trustees.
Just FYI: All trusts have beneficiaries and trustees. If a trust is going to have multiple trustees, it should also have some way to resolve disagreements between trustees without going to court written into it.

Quote:
In all honesty the only and I mean only reason I got a trust in the first place is because of the reduced wait times for approval.
And with those goals, if you are single and the sole trustee, a form trust can work just fine for you as well as save you money. You might even get by with a generic $30 Quicken trust that says nothing about guns or NFA if you know enough to fill it out correctly.

Quote:
Originally Posted by sfwusc
In sc they don't charge annual filing fees. 110$ period.
So basically it seems to me that in sc, an LLC is cheaper and better.
I'm not aware of any state that charges annual filing fees. The annual charges I mentioned were to hire a Registered Agent. This person acts as your public representative. Some people prefer to do that rather than have their name and home address on a publicly available document.

I'm not up on my South Carolina state law; but in most states you don't need to file or register a trust, so the fee is $0. The fees being discussed here are the fees paid to a lawyer to draft a legally binding trust document. Since you would need to do the same thing with an LLC (or write your own Articles of Incorporation or buy a legal form book and use that form), the $110 is in addition to the legal fees - not in place of.

Also, in most states, a trust isn't a matter of public record, which can be nice when dealing with items that are popular with thieves like firearms and accessories. And you don't have to fill out all the business-related forms and additional tax paperwork with a trust.

Again, I don't practice in South Carolina and know nothing about South Carolina law; but I'd be surprised if an LLC was either a better or cheaper option there.

Last edited by Bartholomew Roberts; July 15, 2015 at 10:46 AM.
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Old July 15, 2015, 12:41 PM   #33
zukiphile
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Quote:
Originally Posted by Bart
Since you would need to do the same thing with an LLC (or write your own Articles of Incorporation or buy a legal form book and use that form), the $110 is in addition to the legal fees - not in place of.
Something I see routinely are laymen who submit the articles for an LLC (the application or in some states the charter) that gives the state basic information about the LLC, like the address for the statutory agent, but who never sign an operating agreement.

I've spoken with clients who would purport to own an LLC but who are completely unaware of what an operating agreement is.

Last edited by zukiphile; July 15, 2015 at 01:12 PM.
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