I was in a class 3 dealers shop the other day dropping off the paperwork for my first aow. I asked the guy working there if he has anyone buy under a trust and he said "yes every once in a while but I don't recommend it". I asked why and he said "it is not as good long term". He was in the middle of helping other customers and I didn't push the issue because I knew I was going to be back down there later.
The positives that I have read about is not needing fingerprinted, no Cleo signature, and no photo, not that I am concerned but these are just things that can cause delays. You can put a wife or family member on it so they can legally posses it. Besides cost of setting up a trust I haven't heard of many negatives.
Does anyone know what he was talking about??? Any negatives???
I am planning on building some Sbr's and buying some silencers and didn't want to do this until a trust was set up because I don't want to pay the $200 tax to transfer to me and then the $200 tax to transfer to the trust. Can I pay the $200 tax now and set up the trust and if I die can a form 5 be done to transfer into the trust tax free?
The positives that I have read about is not needing fingerprinted, no Cleo signature, and no photo, not that I am concerned but these are just things that can cause delays. You can put a wife or family member on it so they can legally posses it. Besides cost of setting up a trust I haven't heard of many negatives.
Does anyone know what he was talking about??? Any negatives???
I am planning on building some Sbr's and buying some silencers and didn't want to do this until a trust was set up because I don't want to pay the $200 tax to transfer to me and then the $200 tax to transfer to the trust. Can I pay the $200 tax now and set up the trust and if I die can a form 5 be done to transfer into the trust tax free?