Apologies for raising this thread from the dead, but I'm attempting to get some answers on this subject and, this thread aside, have not found a lot of information on it in preliminary searches.
I work for a small gun shop in south Texas. We're an NFA dealer, and have several customers interested in purchasing NFA items; they are looking at a trust as opposed to an LLC, primarilly due to the price difference. So, my boss has delegated to me the task of finding what I can about these trusts. My boss has spoken to a lawyer and will likely contact a few others, so I'm trying to persue other avenues.
So, if you all could be so kind as to assist me, I'd much appreciate it. I just have a few questions.
1) Irrevocable vs. Living trust.
- The customer who brought these trusts to our attention as substitutes for the LLC stated that an irrevocable trust was what we should look at for NFA purchases, over living/revocable trusts. I've done some research on each; can anyone confirm which is generally better for our customers?
2) Setting up the trusts.
- Best case senario would be that we, as a company, can do as much of the paperwork involved in setting up the trust as possible, and have our customers simply come in and sign things. Will this be possible? I have not yet purchased any of the software that would walk me through the process; can anyone give me a ballpark on how much of a headache the setup is, whether using the Quicken program or another?
Thanks in advance.
~DV.