NFA Trust

[barrybrice]

Just received my NFA Trust from my attorney today! I'm getting very excited. Now to find a gun or two to sell to support the new Class 3 habit.

[JIMinPHX]

Please pardon my ignorance. What is an NFA Trust?

[MtGun44]

If I may. It turns out that a corporation can own NFA guns and "stuff", and by creating
a trust with you as the person in charge, you can have the trust (a corporate 'person') own the
guns. So what is the immediate thought, right? The cool part is that corporations do not need a
CLEO signoff for each NFA purchase, a nuisance at best, and a barrier if your CLEO is unwilling
to sign off. I hope I got this right - it was explained to me by a Class 3 dealer friend.

Bill

[gray wolf]

No habla BLA,BLA,BLA

[HATCH]

And the trust can be more then one person ( i believe)
So you can have trustees.

[spqrzilla]

The main purpose is to avoid the requirement of chief law enforcement signing your application for firearms controlled by the National Firearms Act of 1934 e.g., silencers, short barreled rifles, full auto ...

[FISH4BUGS]

If I may. It turns out that a corporation can own NFA guns and "stuff", and by creating
a trust with you as the person in charge, you can have the trust (a corporate 'person') own the
guns. So what is the immediate thought, right? The cool part is that corporations do not need a
CLEO signoff for each NFA purchase, a nuisance at best, and a barrier if your CLEO is unwilling
to sign off. I hope I got this right - it was explained to me by a Class 3 dealer friend.
Bill
I own NFA goodies and never have had a problem with the CLEO signoff. That is the good thing about being in a smallish town and being very involved in the community. The Chief is someone I know, as have been the last five we have had.
There ARE places where the Chief will simply NOT sign off. Period. End of discussion. People CAN go to others, like the county sheriff, county attorney, district attorney, a judge, etc. but they typically defer to the local Chief.
Owners of NFA items are the single most investigated gun owners in the country. You must be squeaky clean to own NFA stuff.
The general opinion that there has been TWO instances of crimes committed with legally registered and possessed NFA items: one was a casino holdup by some deranged doctor with a Schmeisser and the other was an off duty cop that killed a drug dealer with is personal MAC (see Searcy v. City of Dayton Ohio).
Sometimes the cops are NOT your friends....in different ways. I think CLEO signoff should be mandatory unless you are a prohibited person. All the signoff does is certify they have no knowledge that you are a prohibited person. Some take it as an endorsement for NFA ownership, which it is not. Thus the need for forming a trust....to get around the CLEO signoff.

[FISH4BUGS]

Just received my NFA Trust from my attorney today! I'm getting very excited. Now to find a gun or two to sell to support the new Class 3 habit.

As someone that paid $700 for my Colt M16, $700 for the MACs, $800 for the S&W 76, etc. (all around 1986-1990) you have better be ready to clean out your collection to pay todays prices...unless you get AOW's, SBR's, SBS, supressors, etc.
Full auto is now a rich man's sport!