Now that Michigan is suppressor friendly, I have been looking at my options. I've been looking at developing a revokable trust for the purpose of holding tax stamps for NFA items. Does anyone have experience with these? I've done lots of googling, but I'm having a hard time grasping the practicality of it all. Ideally, I would like to have a trust set up and share it with my brother. I'd like to put two suppressors in there. However, I am also interested in making some investments in loaded ammo and basic firearms. This is literally an investment for us, not just an excuse for toys! I don't want the ammo and gun purchases on my name, I'd like the transaction to take place in name of the trust. How do day-to-day transactions work with a trust? Anyone know? How about the practicality of NFA purchases through the trust, versus as an individual? Is it really as easy as it seems? A checkbook or debit card in the name of a trust account? Any experience is greatly appreciated.
Enough, Are you on the Michigan gun owners board? There are a few lawyers that have setup NFA Trusts for MI residents. Just check their forums.
The big advantage of going Trust or LLC for NFA is the liability protection that Trust and LLC offer. Trust and LLC are also nice because you avoid CLEO signoff along with finger prints and photos.
This was a major reason we went with a NFA trust when we was living in Kalifornia. Our local LEA was not 2A friendly in any way, shape, or form. So we basically went with the trust, and this way we bypassed them all together. I even offered this to the Sheriff, if he signs off, then at least he knows what I have, if I have to go the NFA Trust route, theres no way he will ever know. Didnt work, so apparently he didnt care enough to sign off, or to know what I was purchasing.
Looks like ATF isn't going to require CLEO signoff, since ATF does not want use to go Trust/LLC route. But as I stated earlier the Trust/LLC protects you from liability as well as those other benefits.
NFA Trusts - or otherwise legal entity gun ownership ... Re Am I reading this right? Are you saying that ATF is going to stop requiring CLEO signoff? Yes, I bounce around on there from time to time. Mainly for purchases though. I've tried to find the specific info posted but I've struggled to lay my hands on it. I figured one of the next steps was simply to contact one of the lawyers. Thanks for the heads up.
