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Rifles, Reloading, Optics, Equipment
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Suppressor purchasing process advice
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<blockquote data-quote="Munch" data-source="post: 2745475" data-attributes="member: 36823"><p>I'm not exactly sure what you would like more information regarding...</p><p></p><p>I am not interested in sharing my NFA devices in my absence, hence I have no responsible persons listed in my trust.</p><p></p><p>Yet, if I am present at the square range, training, or hunting with a partner, anyone who can legally possess firearms can borrow/use my NFA devices as long as I remain nearby.</p><p></p><p> I am far more interested in the beneficiary aspects of the trust. Absent a trust, it becomes problematic for who or what entity holds the devices until your Last Will and Testament has been fully executed by the Executor of your estate. And the Executor's duties will not be completed until the NFA devices have been transferred by NFA Branch according to your wishes. Execution of estate documents may vary from state to state; I don't know. But that is how it was explained to me by my attorney in SC. No Last Will and Testament (or NFA Trust with named beneficiaries), your NFA devices become a nasty can of worms for your executor and an attorney to deal with.</p><p></p><p>Most of us have a decent life expectancy, or we wouldn't be willing to wait 9+ months for an approved Form 4. But accidents happen. An NFA Trust takes such into consideration by naming a beneficiary (beneficiaries).</p><p></p><p>The USMC had us do our Last Will and Testament before deploying the first time. I have had up-to-date estate documents in place ever since. The NFA trust supplements your Last Will and Testament. A well written NFA Trust by an experienced attorney, knowledgeable in the estate and firearm laws of your state, can prepare a very well thought out NFA trust. And there in lies the kicker. There are not that many estate attorneys highly knowledgeable in firearm laws and in particular the NFA.</p><p></p><p>As for your second highlighted paragraph...</p><p>When I lived in NC, individuals were expressly prohibited from owning NFA devices <a href="https://ncsheriffs.org/wp-content/uploads/Master-Firearms-Publication-September-2016.pdf" target="_blank">by state law (and I think they still are; note IV.B.8/9/10)</a>. However, there are exemptions. My LLC was exempt becuase I was a Type 07 FFL and Class 3 SOT holder "in business". To get around this very restrictive law, trusts were set up in NC to hold NFA devices for trustees. Trusts were allowed because a trust is not a "person". Only "persons" are specifically prohibited by the NC law.</p><p></p><p>During the Obama Administration, the regulations were amended requiring trusts holding NFA devices to be approved by NFA Branch. Also, applicants had to start submitting passport photographs. There were many other changes as well.</p><p></p><p>I hope this answers your questions.</p><p></p><p>Always best to seek out good legal advice when it comes to estate planning and creating legal documents.</p></blockquote><p></p>
[QUOTE="Munch, post: 2745475, member: 36823"] I'm not exactly sure what you would like more information regarding... I am not interested in sharing my NFA devices in my absence, hence I have no responsible persons listed in my trust. Yet, if I am present at the square range, training, or hunting with a partner, anyone who can legally possess firearms can borrow/use my NFA devices as long as I remain nearby. I am far more interested in the beneficiary aspects of the trust. Absent a trust, it becomes problematic for who or what entity holds the devices until your Last Will and Testament has been fully executed by the Executor of your estate. And the Executor's duties will not be completed until the NFA devices have been transferred by NFA Branch according to your wishes. Execution of estate documents may vary from state to state; I don't know. But that is how it was explained to me by my attorney in SC. No Last Will and Testament (or NFA Trust with named beneficiaries), your NFA devices become a nasty can of worms for your executor and an attorney to deal with. Most of us have a decent life expectancy, or we wouldn't be willing to wait 9+ months for an approved Form 4. But accidents happen. An NFA Trust takes such into consideration by naming a beneficiary (beneficiaries). The USMC had us do our Last Will and Testament before deploying the first time. I have had up-to-date estate documents in place ever since. The NFA trust supplements your Last Will and Testament. A well written NFA Trust by an experienced attorney, knowledgeable in the estate and firearm laws of your state, can prepare a very well thought out NFA trust. And there in lies the kicker. There are not that many estate attorneys highly knowledgeable in firearm laws and in particular the NFA. As for your second highlighted paragraph... When I lived in NC, individuals were expressly prohibited from owning NFA devices [URL='https://ncsheriffs.org/wp-content/uploads/Master-Firearms-Publication-September-2016.pdf']by state law (and I think they still are; note IV.B.8/9/10)[/URL]. However, there are exemptions. My LLC was exempt becuase I was a Type 07 FFL and Class 3 SOT holder "in business". To get around this very restrictive law, trusts were set up in NC to hold NFA devices for trustees. Trusts were allowed because a trust is not a "person". Only "persons" are specifically prohibited by the NC law. During the Obama Administration, the regulations were amended requiring trusts holding NFA devices to be approved by NFA Branch. Also, applicants had to start submitting passport photographs. There were many other changes as well. I hope this answers your questions. Always best to seek out good legal advice when it comes to estate planning and creating legal documents. [/QUOTE]
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