Hello Everyone. I just read an article on Firearms trusts in American Handgunner May/June 2020. He made some good points but I want to hear some other opinions. What do you think? Do you have one? What are the advantages/disadvantages? Are they necessary? Thank you for your input? Ray

Lots of factors involved. You need a lawyer.

Depends on what state you're in, marital status, income, your wants and other things.

Did I mention you need a lawyer?

What problem is it supposed to solve?

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Common sense isn't so common.

I only lend guns to friends I trust.
Not just any guy's because they might not return it.
Why chance it?

I have a gun trust that was mainly for my suppressors. This way the NFA stamps are in the name of the trust and therefore my suppressors are transferable to either or both of my sons who are listed in the trust. I’ve not listed any firearms in the trust yet, mainly because I see no legal advantage in doing so.

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Not only get a lawyer, but get a lawyer who has experience in firearms law. It is getting to be a specialty that not every lawyer deals in. My honorary nephew (I'm a friend of the family) has developed a practice in firearms law, which pretty much occupies his time, and gun trusts are part of his practice. Paying more up front for help from an attorney experienced in these matters is a lot cheaper than trying to deal with BATFE later.

...it may be necessary LATER! I think it would be a good idea to get under the wire before they make some crummy law and you'll be 'grandfathered in', unless they make even more crummy laws.

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"He was kinda funny lookin'"

In the world of machine guns, the signature of the chief a law enforcement official was needed on the BATF forms for the acquisition of a machine gun. In many locations, the chief a law enforcement official would NOT sign the forms and without the signature, the forms couldn't be submitted the BATF. The Trust was a way to circumvent the requirement of the signature of the chief a law enforcement official. Since the Trust and not an individual was obtaining the machine gun, the signature of the chief a law enforcement official was not required. Recently the rules concerning the BATF transfer of machine guns have changed and the signature of the chief a law enforcement official is no longer required. The process of obtaining machine gun via a trust is now a moot point.

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Bill

Sounds like a CNN/MSNBC explanation.

Having ownership in trust eases transfers within the trust.

See Faulkner's post.

I SBR’d an AR lower and did Individual. With it are instructions for my wife on how to change it back to a non registered AR lower when I go home.

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I’m your Boogie Man, uh huh.

Years back I looked into seeing about a Firearms trust.

Asked a general attorney( a shooter) I knew to recommend me a specialty lawyer that did that kind of work. As I live in the peoples republic of NY, at least I gave him a good laugh.

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14 S&W Revs none with locks!

Tell your wife to file a tax exempt form 5, and she can keep any class 3 stuff you have. She doesn't have to change anything.

Yes, and my understanding is the NFA items will transfer tax exempt as long as they can assume ownership legally (no felonies, etc)???
ETA:
After re-reading your post, I see where you already mentioned "tax exempt". Oops...

This is true.

I was kicking myself for not setting up a trust.

Told my daughter to put long barrels on my 2 SBR AR's and to destroy my silencer before turning it in, but leave the serial number intact.

Then I found out about the form 5 on the Silencer Talk forum.

All my guns are willed to her, so all she needs is the form 5 and a death certificate.

I dont have any NFA items, so I never thought a gun trust would be necessary. I have a few guns but nothing in the way of an NFA item. Would a gun trust be necessary?

Since I dont have any suppressors or fully auto guns or any class III items, would BATFE become involved?

No. Not until you have a gun collection of significant value would I consider a gun trust.

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