Living trust for class 3 license

[turbohardtop]

I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.

 

[Jorg Nysgerrig]

There are a number of websites that can help you do all the papers yourself for a small fee. I don't know much about using those for a NFA items. Hopefully someone who has explored that route will chime in.

 

[expvideo]

--------------------------------------------------------------------------------

I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.

My class 3 dealer did all of the paperwork for me.

eta: ...for free.

 

[Sam1911]

I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.

Are you trying to get a Class III license? Or do you just want to purchase an NFA regulated firearm or suppressor?

If you want your SOT Class III license I don't believe you need any kind of trust or corporation:

(M11) How does a person qualify to import, manufacture, or deal in NFA firearms?

The person must be licensed under the GCA and pay the required special (occupational) tax imposed by the NFA. After becoming licensed under the GCA, he or she must file ATF Form 5630.7 with the appropriate tax payment in the entire amount with ATF. In addition, an importer (except importers of sporting shotguns and shotgun ammunition) must also be registered with ATF under the Arms Export Control Act of 1976.

[26 U.S.C. 5801, 18 U.S.C. 923, 27 CFR 447.31, 478.41 and 479.34]


(M12) When must firearms special (occupational) taxes be paid and how much are the taxes?
These taxes must be paid in full on first engaging in business and thereafter on or before the first day of July. The current taxes are set out in the following table.

SPECIAL (OCCUPATIONAL) TAX RATES UNDER THE NFA
CLASS OF TAXPAYER

1 Importer of Firearms
(Including "Any Other Weapon")
$1000.00

2 Manufacturer of Firearms
(Including "Any Other Weapon")
$1000.00

3 Dealer of Firearms
(Including "Any Other Weapon")
$500.00

1 Importer of Firearms
(Including "Any Other Weapon")
REDUCED *
$500.00

2 Manufacturer of Firearms
(Including "Any Other Weapon")
REDUCED*
$500.00

REDUCED = Rates which apply to certain taxpayers whose total gross receipts in the last taxable year are less than $500,000

(M13) Does a single special (occupational) tax payment entitle a person or firm to import and manufacture firearms?

No. A separate special (occupational) tax payment must be made for each of these activities. However, Class 1 (importer) and Class 2 (manufacturer) special (occupational) taxpayers are qualified to deal in NFA firearms without also having to pay special (occupational) tax as a Class 3 dealer.

[27 CFR 479.39]

-Sam

 

[TexasRifleman]

Here's a decent article on this. Not written by a lawyer but it explains things fairly well.

http://arizonagunlist.com/How_to_buy_NFA_class3_weapons_with_a_revocable_living_trust_without_a_CLEO_signoff.html

 

[ServiceSoon]

I used Willmaker & then paid a lawyer $500 to proofread & personalize it.

http://blog.princelaw.com/2009/1/12/gun-nfa-trust-frequently-asked-questions

 

[si vis pacem]

If you go the DIY law route, I cannot more emphatically recommend that you have an attorney look over your work. Sometimes the slightest mistake or ambiguity can turn into a legal disaster.

 

[Sebastian the Ibis]

If you go the DIY law route, I cannot more emphatically recommend that you have an attorney look over your work. Sometimes the slightest mistake or ambiguity can turn into a legal disaster.

+1

$500 to have a lawyer review it is inconsequential on a $15,000 purchase. You probably will pay twice as much in Credit Card Fees, FFL SOT transfer fees and tax stamps anyway.

I know a guy that just lost his house, retirement funds and business because he thought he'd save money and do a deal without a lawyer.

There are hundreds of ways to screw up a trust, which you or your heirs, assigns and designees will pay thousands of dollars to correct later on.

 

[redneckrepairs]

I wont say dont do it , but i will say that a heck of a lot of the " self made " trusts are not standing up legally . So far BATFE has looked at it as a good faith effort and just seized the gunh/supressor /ect.. How this will change and even if it will i dont know . I will say tho if you want to " trust " a nfa item well have an attny who knows both trust law and nfa law set it up for you . You may build your nfa item at home , it takes a different skillset to build your leagal permissions to own the same .