NFA Purchase Process

Machine guns, SBRs, SBSs, suppressors, destructive devices, AOW (any other weapon)
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Waldo1
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Re: NFA Purchase Process

Post by Waldo1 » Sat Feb 25, 2012 9:32 am

tony k wrote:
MAVRIK wrote:Did I read somewhere on a FSN topic that Fl Legislature is considering waiving the step that requires signoff by CLEO ?? Or, am I dreaming! [smilie=011.gif] Thanks in advance. Mav /:f
ATF is in the process of dropping the CLEO requirement everywhere in the U.S.

It's not a done deal yet, but it looks good. It will probably be a few months before they announce it, if and when it does happen.
If the CLEO signature requirement is dropped, is it still more advantageous to form a Trust or Corporation or could an individual simply apply?
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thorazine
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Re: NFA Purchase Process

Post by thorazine » Sun Feb 26, 2012 2:53 pm

If you slip a twenty in with the paper work you'll get bumped up towards the top of the pile. [smilie=011.gif]

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Re: NFA Purchase Process

Post by Sweep » Sun Feb 26, 2012 2:59 pm

waldo i would still go with a trust as there's a lot of benefits to it
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Re: NFA Purchase Process

Post by Pizzim » Sun Feb 26, 2012 3:01 pm

Like not having to worry about passing them down when your times comes for one.
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tony k
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Re: NFA Purchase Process

Post by tony k » Tue Feb 28, 2012 10:48 am

1. Unlike individuals, corps and trusts allow more than one person to possess the NFA items. That's a huge advantage IMHO.

2. When an individual dies, he must have a valid will specifying a recipient of the NFA items for them to be transferred tax-free. Otherwise, there is another $200 tax per item that must be paid.

A trust is primarily an estate-planning legal tool, and that's taken care of. Though the structure and wording of the trust determines what happens after you die.

A corporation is even more simple: The NFA items belong to the corp, and as corporate assets they are owned by the corporation's shareholders. So you just leave the shares in the corp to whomever you want, and they take over the corporation and its assets. There is no requirement that you even notify ATF of the death, because no transfer has occurred. It's pretty seamless. The only time you need to involve ATF is if you or your heirs decide to move to a new state.

The drawback to a corporation is that you must pay the state of Florida $158 every year, to keep the corporation alive. That doesn't bother me -- I look at it the same as my vehicle registration renewals, a PITA that's minor compared to what you get to do.

HTH.

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Re: NFA Purchase Process

Post by bluemonday » Thu Apr 26, 2012 1:01 pm

Question: once you go through this process and take title and possession of the firearm, do you lose any rights? For example, can the BATF come knocking and do a warrantless search just because you legally own this type of firearm?

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Re: NFA Purchase Process

Post by George W » Thu Apr 26, 2012 4:31 pm

bluemonday wrote:Question: once you go through this process and take title and possession of the firearm, do you lose any rights? For example, can the BATF come knocking and do a warrantless search just because you legally own this type of firearm?
No. No.
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Re: NFA Purchase Process

Post by bluemonday » Sun Apr 29, 2012 1:36 pm

George W wrote:
bluemonday wrote:Question: once you go through this process and take title and possession of the firearm, do you lose any rights? For example, can the BATF come knocking and do a warrantless search just because you legally own this type of firearm?
No. No.
Thank you.

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Re: NFA Purchase Process

Post by nickthefish » Sun Sep 15, 2013 8:59 pm

I just recently filled out my form 4 for a suppressor. We noticed that my trust paperwork didn't have a schedule B. is this a problem? :-k

Thanks in advance.
Nick
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