09-28-2012, 12:22 PM
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#24
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V.I.P. Member
Join Date: Sep 2012
Location: Maine
Posts: 329
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Re: How to I get a full auto?
Quote:
Originally Posted by CampingJosh
There is no such thing as an "NFA trust"! It's just a trust that holds happens NFA items! It's not a magical, different type of legal instrument. You don't need a separate trust to hold NFA items if you're already the trustee for your own trust.
The part of a trust that can't be changed is the grantor/settlor, the person who funds it initially. When that person dies, the trust become irrevocable (if not already) and the stuff in the trust does whatever the trust says, often moving on to the named beneficiary (in the case of NFA items, on a tax-free Form 4).
But the person who is responsible for holding the property of the trust, the trustee, can be changed.
And a trust can be sold, sort of. The beneficiary has a legal stake in the trust that can be sold. But the beneficiary isn't the one who possess the items.
A trustee's position can't be sold by the trustee. It could, I guess, be sold by grantor/settlor, but only an idiot would buy it. The grantor could change the trustee again ten minutes later and keep all the money; the buyer would have no recourse.
I'm asking again, what evidence do you have that trusts holding NFA items act differently than all other legal trusts?
(Note to all Readers: I am not an attorney in any state, and I'm definitely not your attorney. Don't take anything I say as legal or other professional advice.)
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I am not sure I can elaborate further. Also you may want to know there are REVOCABLE and IRREVOCABLE trusts. The former ( what most NFA trust are ) is basically nothing more then a will. If you find a lawyer who tells you he can make a NFA go forever by changing the name or a way to sell the trust with all it's contents please let me know there is a fortune to be made doing so.
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