Quote Originally Posted by Palmetto Bug View Post
I think the trend for some folks has been a separate trust for each item. That gives you the most flexibility. A trust can be created for free.

I can't think of any good reason to bind your NFA items to a business LLC. If a tenant sues your LLC, your NFA items are susceptible to being attached to the settlement.
This.
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Create one trust for NFA purposes. Take all parties off but one responsible party each time you file a new item. As soon as you have filed put everyone back on.

They just want to make sure all items are tied to some one and that someone isn't a felon. If that 1 person lets felon use the NFA stuff then they are liable.

They went and changed 41f, and then reinterpreted their own rule.

Apparently the change was just for that one reason.

Because technically a felon could be a trustee on a trust and could obtain machine guns and suppressors. Now if the responsible party allows the felon to posses the items they are on the hook.

Originally under 41f everyone on the trust had to get finger printed and photos sent in for a background check.

Then the ATF came back and said but its ok if you drop everyone from the trust except one person, and then add them back....

Why they are creating the trust for each item is really to circumvent a notary.

As long as you have it written in to the the trust that the beneficiaries have instant access to the inventory as soon as they are added, and the Trustee named has the power to add or subtract beneficiaries at will. All you need then is to be motorized. It really comes down to how you write the trust.

The only issue I have with 20 different Trusts is yo have to keep up with 20 different trusts.

What if suppressors become like MG's? I know the push is to take them off the NFA list, but currently they are not off the list. So what happens if they go the other way? Then you will have a nightmare tracking down all the trust papers to sell a item. Or God forbid the item be used in a crime. You are gonna have enough on your hands other than trying to track down a single trust you did in 2019 and it is 2029.

Its too simple to have one written to allow for folks to be taken on and off and then you just have one document.