You're not buying a gun for a trust. The trust is buying the gun. You are simply acting as an agent thereof by filling out the paperwork.
It's kind of like a corporate executive who decides the company needs a new copy machine. He signs a bunch of forms, but the company is buying the copier, not him.
Exactly. It is a separate legal entity that the individual is merely acting on behalf of.
At the same time those assets don't belong to you, so you cannot count them as assets, qualify for loans (go into debt) based on them or all the similar things typical assets like a home or car give.
Just as you cannot be sued as an individual and lose them either, they are not yours they are the trust's assets.
You could go bankrupt and the trust would not be bankrupt, they could seize or require the liquidation of most of your stuff, put liens on it etc, yet those guns owned by the trust would be untouched.
The trust is a separate legal entity and would have to be sued itself.
You could have a divorce, and that $100,000 machinegun collection would still belong to the trust, not be an asset owned and hence divided or sold by the two people splitting up (though if they are a executor or trustee....which is normally one of the benefits of a trust, multiple legal users of what would otherwise only be legal for one person.)
The elite have been using trusts to get around a lot of things for centuries for the same reason, often well crafted by teams of lawyers.
That is why the whole so named "anti-trust" laws were created to make it more difficult to accomplish certain things.
Previously several different legal entities could avoid laws against a monopoly for example even though they were controlled by the same people because they were all different legal entities and so no one entity was technically forming a monopoly.
You lose all the benefits of owning an asset by having it belong to a trust, but you also lose the liabilities as well.
Trusts are all unique however, some are much better than others, and obviously if you can afford teams of high quality lawyers you can create the best.
What this would do is reduce some of the freedom trusts have regarding firearms, while requiring notifying a CLEO of ownership (and hence being known or in a database of local LEO as the owner of dangerous NFA items. You can be certain they will serve a warrant on someone known to own such items quite differently for example. Instead of a knock at the door, or minimal presence you might find your home subject to a tactical raid and death of your dogs by heavily armed men because of the increased perceived risk.)
Trusts are currently one of the ways to acquire the greatest amount of freedom with firearms.
Multiple people can also create a trust. You could make the Highroad trust, we could all donate $100 to it and be named trustees, and the trust could buy all types of NFA firearms we as trustees could then use.
I imagine that is one of the things they want to change. Thousands of us could have essentially mutual ownership (though legally the trust would own it) and afford things many of the individuals never could.
I know of aircraft, jets, yachts, and other things owned by trusts in similar fashion.
They are nobody's assets (except the trust's), but are available for use to all those acting on behalf of the trust.
It is like a corporation.
Of course adding too many executors or trustees can result in legal battles within the trust.
Likewise the entire trust could find itself in trouble because of someone acting on on its behalf.
So it shields the individual from some legal liabilities but opens up the assets to shared liabilities of those acting on behalf of the trust. On the same token a team of people bring together a more extensive legal defense of a trust than any long individual could.