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Posted: 2/28/2006 11:54:11 AM EDT
Anyone start a Trust for NFAs? I was talking to Robb from VA Arms last night about it. Did some reading up on it here.Anyone know the nitty gritty for VA?
Link Posted: 2/28/2006 1:06:22 PM EDT
Link Posted: 2/28/2006 6:33:12 PM EDT
Well the ATF has talked about changing the way they handle trusts so that was enough to cause me to start a Va nonstock corp. Basically, this is a nonprofit organization and only costs $25 a year to maintain. You get all the other benifits of a trust like lack of sign off, fingerprints, and photo but without the legal lembo that might come into play.
Link Posted: 2/28/2006 6:57:10 PM EDT
Can you share with us how you set that up?
Link Posted: 2/28/2006 6:57:12 PM EDT
Link Posted: 3/1/2006 4:27:56 AM EDT

Originally Posted By VA-gunnut:

Originally Posted By KogaShuko:
Well the ATF has talked about changing the way they handle trusts so that was enough to cause me to start a Va nonstock corp. Basically, this is a nonprofit organization and only costs $25 a year to maintain. You get all the other benifits of a trust like lack of sign off, fingerprints, and photo but without the legal lembo that might come into play.



Do you think they would remove anything that has been registered via a trust if the ATF changes their mind?



I imagine that any NFA item that had a paid for stamp would be grandfathered if they rule that Trusts are no longer recognized.

I believe that the ATF 'to do away' with Trust transfers would be very difficult legally, as the ATF would virtually be saying that Trusts are not legal entities (like LLCs, S-Corps' etc) and are not recognized by the Federal Gov't. I don't think they would want to dabble it that water. YMMV.
Link Posted: 3/1/2006 5:32:39 AM EDT

Originally Posted By KogaShuko:
Well the ATF has talked about changing the way they handle trusts so that was enough to cause me to start a Va nonstock corp. Basically, this is a nonprofit organization and only costs $25 a year to maintain. You get all the other benifits of a trust like lack of sign off, fingerprints, and photo but without the legal lembo that might come into play.



What are the tax implications if you sell your trust assets? Also, if the trust is "non-profit" would that prohibit you from profitting from the sale of trust assets?

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