I'm looking to do this as well. Here's something I found on subguns or glocktalk (can't remember which, don't know who posted it), and the source seemed reliable (trust attorney). This is a cut & paste of the text:
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In Florida, a trust must not just be witnessed and notarized, it must be executed with the formalities of a Will to be legal.
As for LLC's being liability proof, generally not the case. While you may be protected by the corporate veil, a determined plaintiff can get a judgment and execute on the assets (i.e. your guns - and if they are NFA thats usually alot of $$$). Also, most people don't proprly maintain their corps or LLCs and often do the things that make piercing the corp veil easier. LLCs were not really started for more liability protection, but as a way to get partnership tax treatment (i.e pass through) for corps that did not meet the requirements of an S-Corp.
Also, you do not need to pay an attorney to act as the resident agent for a florida corp. you can be your own resident agent for free. You will have the $150/year corproate annual report fee to pay to Tallahassee. Other states may vary.
The Grantor is the one who establishes the Trust and the Trustee it the person in charge of the operation of the trust. If properly drafted an intervivos revocable trust should ideally have the Grantor and Trustee as the same person, therefore avoiding the need to file a separate tax return (1041) for the Trust itself. Any income or loss is passed through to the Grantor/Trustee and reported on your own return. Also Intervivos does not mean revocable or irrevocable, it means a trust established during your life time as opposed to a testamentary trust (established after your death by your will).
As far as whether the trust needs to be registered, in Florida there eis no such requirement. Again other states may vary so speak to a qualified professional (i.e. trusts and estates attorney). CPA's generally cannot draft trusts as it is the unlicensed practice of law. I like my CPA, but beyond the tax ramifications of a trust, he is clueless as to the legalities.
If you move to another state you will need to have a professional review your trust to make sure it meets the legal requirements of the new state (and possibly domesticate the entity in the new state) as well as notify the ATF by filing the appropriate form that you are moving. Whether Individual, Corporate, LLC, or Trust, if you move you have to be legal in the new state and have to notify the ATF prior to moving the NFA items across state lines. While a foreign entity can do business in another state (subject to certain requirements), you can't move the NFA items back and forth between states at will. They are tied to the state the entity is based out of. If you have a corp or trust in state A and live just across the state line in State B, you can go to State A and play with your toys, but you cannot bring them to State B without first notifying ATF and receiving the form back (I think F5320.20) approving the temporary move. To make a permanent move see above. In short, base the entity in your home state and move it to your new state if you move.
You do not have to modify or re-notarize the trust each time you add an item or sell an item. I fyou are Grantor and Trustee and the trust is properly drafted you can make additions to or sell items at will.
As for transferring NFA held by a corp. by selling the corp. That only works obviously if you are selling all the NFA assets held by the Corp to the Buyer. If you have a Uzi and an MP5 and only want to sell one item, then you can't sell the whole corp. And you can't sell 1/2 the stock and the new shareholder would have rights to all the corp assets (both guns). Also, you have to find a buyer who is willing to buy the corp to get the gun and buying the corp may also involve buying into potential liability for past acts fo the corp. That is which oftentimes small businesses are sold by way of an asset purchase agreement where you only buy the corp assets and goodwill (name) and not the corporation itself to avoid assuming any potential liability.
You can list anyone you want as your beneficiary. They are the ones that get the assets of the trust at your death. If you are bequeathing the NFA items to them the need to be qualified to own them. In the alternative you can provide that the successor trustee liquidate the items and distribute the cash to the beneficary or beneficiaries.
When filling out the Form 4 I advise including a copy of the whole trust. Who cares if ATF knows who your beneficiaries are.
A transfer to a corp or trust does not require Fingerprints or photos (cant fingerprint an entity). I still have the transferree sign the Citizenship form. Fill in the name of the trust or corp and then fill in your name asa trustee and sign.
As far as asset protection, it is hard for a potential plaintiff to know if you have a trust. In FL at least it is not registered. So the only ones who know you have it are you and the ATF. However, I an not an asset protection attorney so I would not be able to say with any certainty if this would give complete protection. If you bought NFA in someone elses name you could not possess the items yourself and woulf have to have them with you to be able to take them out and shoot.
When I do an NFA Trust I set them up specifically for NFA items and advise my clients to not rely on the document for their general estate planning needs. Keeps the whole thing nice and neat.
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