The Value of Trust's (the legal entity) given potential political BS... [Archive] - Glock Talk

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TED
01-09-2013, 12:47
One of the things that the anti-constitution people are trying to get passed is that the transefer of ownership of guns and mags would be restricted.

There is a legal entity known as a "trust". A trust is a property holding entity in which property is held in "trust" for a certain purpose, group, individual, etc. Many people in the firearms community are familiar with trusts as they relate to NFA weapons.

I am a trustee of a trust. The property belonging to that trust (the property belongs to the trust, not to me) includes several rifles, numerous magazines, and a couple NFA guns. My fiance is also a trustee of the trust, and my best friend is the successor trustee. So, right now, either me or my fiance can posess any of the trust property, including NFA items. When I and my fiance kick the bucket, my best friend will take over as trustee.

Here is the key, at no point described above does ownership of the property change or any transfer take place. The trust maintains legal ownership throughout.

Food for thought...

Kurly
01-09-2013, 13:34
While I don't have a personal trust set-up for myself, I have extensive knowledge of them due to an estate battle with my Mom's husband when she died.

IMO, a trust is simply a different entity. If any AWB law was passed and guns had to be registered the trustee of that trust would be responsible in doing so if they so chose. There could arguably be a failure of 'fiduciary duty' as the trustee if one did not. Anyway, my opinion FWIW....

390ish
01-09-2013, 18:33
I write NFA trusts. Don't you think that the forces that be will have the regulations that apply to persons also apply to trusts? It is not like trusts are under the radar or anything. I don't think there are going to be any tricks to escape what is likely coming.

TED
01-09-2013, 20:27
You're missing the point.

I'm not talking about to register the trust or not or to register the guns or not.
The point is that if transfer of ownership is restricted, the fact that it is the trust that owns the guns and taht the trust can have more than one trsuee and that the trust can exist beyond the death of the granot, may allow my children or wife to access them after I kick the bucket, while the trust maintains ownership. The point is the ownership doesn't cahnge, so there is no "transfer".

390ish
01-10-2013, 06:48
No, I am not missing the point. The feds can pass a law requiring that all firearms be registered to and owned by an individual as opposed to a trust and that every trust has 120 days to comply. That is what I would envision -- closing the "gun trust loophole." Wait until that hits the news. There are not going to be any "tricks" around the real laws, if they ever hit.