Posted: 2/20/2015 12:06:12 AM EDT
Anyone want to try and explain these to me in laymen terms? I feel like I've seen more about them lately, and would probably sell my first born to own some FA armadillo helmet style boom sticks
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Would it be of any benefit to put all guns into a trust? NFA or not. In case I died before my daughter was 18. Thinking what would happen to my pistols if I were to pass before she was of age. that is a good question. i wrote an article for the iowa sportsman not long ago and it should come out in a few months regarding options for your passing, etc. trusts can work. right of survivorship, corporations, etc. lots of ways to do this all with different attributes and ramifications... |
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that is a good question. i wrote an article for the iowa sportsman not long ago and it should come out in a few months regarding options for your passing, etc. trusts can work. right of survivorship, corporations, etc. lots of ways to do this all with different attributes and ramifications... You'll have to let me know when it comes out, I would like to read it. |
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Pretty simple concept (atty. here). A Trust is a separate legal entity (legally treated like a separate person).Trust owns NFA toys, not you. You die, Trust still owns them, just need a new Trustee.
All well and good, except Iowa doesn't allow NFA toys, Trust or no Trust. Under our present laws, it's a moot point. |
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Pretty simple concept (atty. here). A Trust is a separate legal entity (legally treated like a separate person).Trust owns NFA toys, not you. You die, Trust still owns them, just need a new Trustee. All well and good, except Iowa doesn't allow NFA toys, Trust or no Trust. Under our present laws, it's a moot point. Is there any reason a person couldn't set up a trust before NFA items are legal just to have that out of the way and ready to go? Can a trustee be a family member or can beneficiaries not also be the trustee? What is the difference between a trust and a will? I'm getting older (40) so what happens to my possessions after I die is starting to be a consideration for me. I have my beneficiary listed with my employer for my retirement account, but that is the only thing set in stone. Can the trust for NFA items also be used for other things to determine who gets your stuff when you die? Sorry for all the questions I'm just really curious about how this stuff works. |
For more information on trusts go to the General Class 3 Forum of the Armory section of ARFcom, there are a couple of tacked topics dealing with trust FAQ that will answer a lot of your questions. Also a search of "trusts" in that forum will yield a ton of information that would help you and anyone else interested in trusts. 
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Pretty simple concept (atty. here). A Trust is a separate legal entity (legally treated like a separate person).Trust owns NFA toys, not you. You die, Trust still owns them, just need a new Trustee. All well and good, except Iowa doesn't allow NFA toys, Trust or no Trust. Under our present laws, it's a moot point. there you go. my article is containing options and information for this stuff and will include some iowa attorneys you can visit with. i'm also including some thoughts about future planning, since 3/4 of you don't have it planned out. i can assure you that you'll die. so you might as well get the particulars and your wishes down on paper. i'll alert you all when it is published. rbb2, give me a holler. |
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Couldn't one form a legal entity in a neighboring friendly state, own said item through the entity in the friendly state, and keep said items in that state, and store them there in a lockbox or safe also owned by the entity?
Then you are all ready to move them when your home state stops classifying you as a second-class citizen undeserving of rights. |
| You don't need a trust to do that as "dual-state residency" is allowed but there are qualifications as far as how it works...own property in another state, proof of ownership of said property, purchase NFA while on vacation at or living at said property (ie. snow bird), store all NFA items at said property or at place where only you have locked access to (band safety deposit box, safe at family or friends place where only you have the lock access). This option is not overly publicized but if I had known about it I would not have sold my Mac-11/9 back to the dealer for $600 in 1999 when I got out of the Air Force and moved back to Iowa as it would have been stored by me in Idaho, Arizona Texas, or Florida. A person could do a search on "NFA dual-state residency ownership" or something and possibly obtain more information if you want to learn more. |
down side to that kevin is iowa, today, doesn't allow legally owned NFA weapons from other states within iowa. so your buddy that lives in omaha with his belt fed transferable M2, can't come across the river with it and play in iowa. thus, if you held NFA goodies elsewhere that weren't legal here, even though you were in the 'trust' you couldn't bring them here...
sux |
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You're correct Septic but my comment was in response to the post by amaixner...
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Couldn't one form a legal entity in a neighboring friendly state, own said item through the entity in the friendly state, and keep said items in that state, and store them there in a lockbox or safe also owned by the entity? Then you are all ready to move them when your home state stops classifying you as a second-class citizen undeserving of rights. You would not be able to bring in to Iowa (under current laws) if bought/stored in another state but you would have the opportunity to use them when you stayed in that state that they're located. With prices of NFA items going up all the time it's never too early to get in on the action if a person has the legal means to do so. |
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You're correct Septic but my comment was in response to the post by amaixner... You would not be able to bring in to Iowa (under current laws) if bought/stored in another state but you would have the opportunity to use them when you stayed in that state that they're located. With prices of NFA items going up all the time it's never too early to get in on the action if a person has the legal means to do so. Quoted:
You're correct Septic but my comment was in response to the post by amaixner... Quoted:
Couldn't one form a legal entity in a neighboring friendly state, own said item through the entity in the friendly state, and keep said items in that state, and store them there in a lockbox or safe also owned by the entity? Then you are all ready to move them when your home state stops classifying you as a second-class citizen undeserving of rights. You would not be able to bring in to Iowa (under current laws) if bought/stored in another state but you would have the opportunity to use them when you stayed in that state that they're located. With prices of NFA items going up all the time it's never too early to get in on the action if a person has the legal means to do so. You sold your MAC for $600!!!! |
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article on "gun trusts" published so i can share it with you all now:
Michael's "Gun Trust" article in the Iowa Sporstman Magazine |
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article on "gun trusts" published so i can share it with you all now: Michael's "Gun Trust" article in the Iowa Sporstman Magazine Maybe I'm an idiot, but I can't get that link to work for me. |
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Maybe I'm an idiot, but I can't get that link to work for me. Quoted:
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article on "gun trusts" published so i can share it with you all now: Michael's "Gun Trust" article in the Iowa Sporstman Magazine Maybe I'm an idiot, but I can't get that link to work for me. What browser are you using? |
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Maybe I'm an idiot, but I can't get that link to work for me. Quoted:
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article on "gun trusts" published so i can share it with you all now: Michael's "Gun Trust" article in the Iowa Sporstman Magazine Maybe I'm an idiot, but I can't get that link to work for me. works for me. if you want, just email me through my site and i can reply you back with a pdf copy. no problem. |
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works for me. if you want, just email me through my site and i can reply you back with a pdf copy. no problem. Quoted:
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article on "gun trusts" published so i can share it with you all now: Michael's "Gun Trust" article in the Iowa Sporstman Magazine Maybe I'm an idiot, but I can't get that link to work for me. works for me. if you want, just email me through my site and i can reply you back with a pdf copy. no problem. ya, it was on my end I got it working now. Thank you. |