Quote:
Originally Posted by CampingJosh
An NFA trust is just a trust that holds NFA items. The trust is the owner. But it's still just a trust. It can own a silencer, a machine gun, 500 acres of farmland, and a cruise ship. Still just a trust.
The trust is created, and all the terms of the trust defined, before the trust owns any NFA items. The stuff the trust owns can't change the terms of the trust.
Indiana law specifies that the settlor has the authority to amend or revoke a trust unless that trust expressly provides that the trust is irrevocable. The naming of trustee(s) is part of the trust, and therefore the trustee(s) can be amended. ( IC 30-4-3-1.5)
So please, if you have an ATF ruling that states differently, share it. Otherwise I'm going to have to believe the law of my state. |
Again your trying to use logic. The links you give do not mention a NFA trust. ALL and I mean EVERY legal NFA item must be registered and sale approved by the ATF. If we where to apply your logic then person gets a NFA trust buys 10 NFA items. That person dies we just add a new name to the NFA trust before death then he/ she gets the items as the trust in your mind is still valid. So this would mean there would be way of knowing who had the items. Does this sound like something the ATF is going to allow? Following your thinking one could keep a NFA trust going forever by just changing the name at the top. Never doing a transfer of any type? Or what if they SELL the NFA trust. You can sell a irrevocable or revocable trust to another person. If this was allowed with a NFA trust the ATF would loose track of every NFA item and every dealer would place every item in a trust as doing so would negate the sale all further tax stamps on already existing NFA items especially big ticket MG's. You feel free to try any of this let me know how far you get.