Living Trust

[Roper]

What is the reason why people place their firearms in a living trust?

[FarmerRick]

For class 3 weapons: it's a way to obtain them without getting the local LEO to sign off on the purchase.  Needed in some locations with anti-gun sheriffs such as Lancaster county(from what I hear).  I'm pretty sure there are at least a couple guys here that have had to go that route.

[justsomeguy]

It also gives specific instructions on how to deal with those items in the event of your death and allows other people to possses them in your absence.

[bkoenig]

Both, for me.  The COP in Lincoln refuses to sign off on NFA items, so a trust was my only option.  It also specifies what will happen with my items in the event of my wife or's I's death.  I don't have my non-NFA items in the trust but I've considered it for that reason.

Another advantage if you have NFA items is that it allows all trustees to have physical possession of the items.  My wife can take the SBR out shooting without me, since she's a trustee - if I had a stamp only in my name she couldn't.

[RobertH]

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. 

[Roper]

Thank you all for the information, gives me some things to think about.

[Husker_Fan]

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.

[dark 45]

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.

i was thinking the same thing, but doesn't have to be a LLC. or a CORP, something along those lines? it would be grate to do so otherwise.

[RobertH]

i would ask a laywer.  they would know for sure.

[Husker_Fan]

I am a lawyer, I just don't know the ins and outs of all the class 3 laws.  I know there are requirements for the trusts that the BATFE has, I've just never researched them.

[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.   


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]

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. 

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]

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.

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)).