This.

 

With NFA trust you don't need CLEO sign off, and no finger prints. It also speeds things up for future purchases.


With NFA trust right now the wait times on E-File are 30-45 days for SBR and 3-5 months for suppressors.

The other advantage of an NFA trust is security of possession, and versatility of possession.  If, for whatever reason, in the future you get sued, and somebody tries to 'take you for all you've got,' those Trust possessions are NOT legally "Yours" to take - they are owned by the trust.  Protecting them from seizure in lawsuits.

As far as versatility of possession, I'm now a ND resident, and I can (and do) have a Minnesota Resident listed on my NFA Trust as a co-trustee.  My NFA trust is setup so that any 'Contributors' or 'Purchasers' of items transferred into the trust are able to contribute whatever they want - and compensation is also disbursed in the same manner.  SO, a Minnesota resident that desperately wants NFA goodies they cannot possess in Minnesota, are listed as Co-trustee on my NFA Trust, and can purchase any legal NFA items they so choose, but the non-MN friendly ones have to be kept in ND.

As such, I can purchase a couple SBR's, a few Suppressors, and then I can go in 60/40 on a MAC11-9mm.  The MN resident can then pay 100% of a full auto rated 9mm suppressor for the MAC11.  They all go into the same trust, and it is recorded who paid whatever percentage of the NFA item.  I can use the NFA goodies on my private 300yd range, or I can put a can on a Savage 10 FCP-K, and myself and the MN Resident can head to western ND, or file transporation paperwork ahead of time, and take a trip to SD for some long range prairie dog shooting with suppressors...  Or possibly a trip down to TX for some hog hunting from a helo....  Whatever.

This way I do not need to be present if the MN resident wants to go on a P-dogging trip to western ND - he's just got a copy of the NFA trust, and a copy of the stamp paperwork for that suppressor and/or MAC11, or whatever with him.

IF, in the future that MAC11 and the 9mm suppressor get sold to an NFA Dealer, the funds will get split up 60/40 for the MAC11, and 100% for the suppressor based upon who contributed what to the NFA Trust.

Similarly, I can Form 1 an SBR, and designate ND as the Trust location, and I can designate a MN address for the storage location of the SBR.  Then the MN Resident storing the SBR needs to have us file transport paperwork if he's going to cross state border into ND, but that's not likely an issue since I don't plan on ever really transporting any NFA items out of the state in which it is listed for storage.

That said, I DO have  a MN resident listed on my NFA trust.  He CAN purchase suppressors, and non-C&R pre-86 NFA toys, but they have to be stored in ND.  He CAN Form1 an SBR, and that CAN be stored in MN.

Edited to add:  It DID take me a number of months of talking back & forth with ATF, and an attourney to get a multi-state capable NFA trust document set created and verified as "Acceptable" by ATF standards, but it's finished finally, and my first can will be arriving in the not-too distant future.  Later this summer there will be a couple SBR's done around July too.  Then later in the fall there will likely be another can going on the trust (likely a 45 Ti-Rant, or 45 Osprey and three pistons to adapt it to a few different 45acp and 9mm pistols.

I just think the versatility of an NFA trust is worth the time and money to do the paperwork...

Those are all very good points about the down side to NFA trusts & corporate filings.

Thankfully, the guy I listed on my trust has a pretty high security clearance, doesn't drink at all, and I trust him with my life.

The trust also lists the very specific procedure involved with removal of co-trustees in the event of that person losing their right to own firearms, etc., but that could always get messy, but I don't think I'll likely have to deal with that in the future.

Bearcat, just remember - EVIL ED lives up to his EVIL name!

You keep listening to his advice, you're going to wind up just like me - spending LOTS OF MONEY on pretty cool stuff!  

They don't call him EVIL for nothing.  There were a couple things I just had to have after seeing his toys.

 

I've always trusted him, but it also means our defense industry also considers him a highly trustworthy guy...

 

Excellent. While setting up my trut I was talking with a lawyer, a dealer, and the ATF, and since I was pretty clueless about many NFA regulations, I asked a lot of questions.  I thought they meant all NFA items need transport papers. If it's just firearms and not suppressors, then that's even better.

 

It sucks, I know, but at least I know all three people on my trust are able to pass the background checks.

At least there will still be no need for CLEO sign-off, and I still have versatility of possession & asset protection...  The ability to pool funds within co-trustees to purchase more expensive NFA goodies, so not one person needs to fork over $10,000+ for fun toys.