Posted: 1/29/2013 1:20:00 PM EDT
| Have any of you had any experience with setting up a Trust here in Tennesse for your NFA firearms, suppressors, etc. And if so, would you mind providing any tips, etc? I know there is information on the Armory side, but wanted information for experiences in our State. Thanks |
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I had mine done by Chip Cain of Cain Law Firm in Nashville. Did a great job (all comm via phone and e-mail), fair price, nice guy, knows NFA. He apparently uses the base document from Goldman at guntrustlawyer.com, modded for TN and for the individual. There aren't really a lot of state-specific questions to answer, the best way to learn more might be to visit http://www.ar15.com/forums/f_6/50_Class_3_Legal_Issues_And_Questions.html |
| I used Patrick Stegall out of Memphis. Everything was handled over the phone and via email. He charged a 1 time fee, and every amendment to the trust or questions about the trust are covered by that fee. Here's the link |
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Quoted: This probably isn't worth posting since I can't recall the guy's name...but there's a Knoxville attorney who sets up at gunshows, offering a prepaid legal plan for gun owners in case you're involved in a shoot. I'm pretty sure he offered NFA trusts as well. Perhaps someone here has his flyer from a show?Anyone near Knoxville? That said- I'm much closer to Knoxville, and still had no probs using the Nashville atty Cain via phone and email. I didn't feel this particular project lost anything by not having FTF meeting, probably went quicker. |
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Quoted:
What benefit is there to using a trust in TN? Legally, when you buy an NFA item as an individual, only you can have access to it. I have a trust with my wife and children on it, so that my children can use my NFA items when they're old enough to. If they were all my individual items, I would have to be present, & in control of them. With a trust, I can store mine and my son's firearms in the same safe. |
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Quoted:
Quoted:
What benefit is there to using a trust in TN? Legally, when you buy an NFA item as an individual, only you can have access to it. I have a trust with my wife and children on it, so that my children can use my NFA items when they're old enough to. If they were all my individual items, I would have to be present, & in control of them. With a trust, I can store mine and my son's firearms in the same safe. And in addition, your beneficiaries won't have to pay for a tax stamp after your death to retain the items. Trusts are a no brainer. |
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Quoted:
Quoted:
What benefit is there to using a trust in TN? Legally, when you buy an NFA item as an individual, only you can have access to it. I have a trust with my wife and children on it, so that my children can use my NFA items when they're old enough to. If they were all my individual items, I would have to be present, & in control of them. With a trust, I can store mine and my son's firearms in the same safe. Interesting. So everyone goes through the fed background check and then gets approved for the same firearm, suppressor, etc? |
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Quoted:
Interesting. So everyone goes through the fed background check and then gets approved for the same firearm, suppressor, etc? No. There is no background check when using a trust. However, the ATF is currently proposing a rule change for trusts, corporations, etc....where a "responsible party" must be designated, and they would have to submit fingerprints for a background check. Quoted:
And in addition, your beneficiaries won't have to pay for a tax stamp after your death to retain the items. Trusts are a no brainer. True. However, NFA transfers to a lawful heirs are tax-exempt anyway, so there would be no tax stamp required even if the NFA item was not in a trust. Transfers to lawful heirs are done on an ATF Form 5. |