General Categories > General Firearm Discussion
Living Trust
RobertH:
personally, i would keep the trust as a family or personal thing. i think it makes it simpler, but YMMV and i don't like to share. :P
and you can use LLC or Corps, but isn't there a yearly fee? with a trust, there is no yearly fee or tax.
Hardwood83:
--- Quote from: RobertH on October 27, 2011, 09:43:22 PM ---another thing to go along with living trusts.... since it bypasses, the CLEO sign off, you can start the process (aka wait) sooner. it is quicker (and cheaper) because you won't have to wait (or pay) for the local CLEO to do a background check and charge for fingerprints or get a picture taken all of which needs to be included with the forms went you send it off to the ATF. its just better.
ETA: make sure you name it something than mine. mine is First Last Revocable Living Trust. name it something like Last Name Family Trust. shorter and easier to engrave. :)
--- End quote ---
True- and FYI it can be even more simple. I simply used my 3 initials and trust like this: "XYZ Trust"
Much easier to engrave and type.
CitizenClark:
--- Quote from: Husker_Fan on October 30, 2011, 08:29:42 AM ---I just got an idea. Could a gun club set up a trust for holding class 3 items? The "club" could be the beneficiary and the individual members would be the trustees. This way, any member could use the weapons at the club, but the weapons would be held for the benefit of the organization. I think this would be a neat way for a small group (I'm thinking 3-5 max) of like-minded folks to have access to and shoot class 3 weapons while minimizing the hassle.
--- End quote ---
I would want to think more about whether such an arrangement could potentially get tripped up by the merger doctrine (See http://en.wikipedia.org/wiki/Merger_doctrine_(trust_law)).
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