Seeking advice on SBR, Form1 and trust...ui

[Torino70GT]

Hello everyone,

I recently acquired an AKS-74U that I would like to SBR... I do have a general understanding on how the process works but I am unsure of the details...

Someone recently told me that they were doing away with the Trust to obtain an SBR.. Is this true? What would be my first course of action to start? Do I need to establish a Trust first, or do I submit my Form 1 to the ATF? Would an LLC work the same as a Trust or do I need a Trust and where would be the best place to go to establish a Trust?

Any other information regarding this would be greatly appreciated...

Thank you

 

[LaBelle]

If you plan to keep the gun and pass it along to an heir, a trust is the way to go. I don't know the particulars of an LLC - talk to an attorney well-versed in both such as the BS member Mouthpiece. He did my trust.

Two great benefits of a trust;
1. The gun will, upon terms of the trust, be transferred to the heir without having to pay any additional taxes.
2. A trust is also very useful if you have, say a spouse or other family member who would also like to use any NFA items you may buy/make in the future and when you might not be physically present to "be in possession" of the item(s). Just make sure they are listed as a trustee.

As to the trust option going away, if you want to have one made....DO IT NOW! The implementation has been reportedly pushed back to 2015, but you never know. Get the paperwork in the pipeline ASAP for possible grandfathering purposes.

If you do not plan to keep for heirs or share with other family members, going the individual route may be better for you.

 

[Torino70GT]

Great info... Yes I do plan on keeping it for life and passing it on one day... Also, the collecting/shooting is something my wife and I share so, it's really important she is legally in possession of it also...

I'm glad you said 2015, the guy at gun store said July of this year.... So that is "some" breathing room....

Thank you

 

[Papercutninja]

They had to open the regulation changing the trust requirements for a comment period and some sharpshooters rounded up 12,000 folks to file comments. BATFE has to answer all of those individually and in writing so it likely pushed the regulation back several months. I've been telling my trust clients to get the ball rolling now to avoid getting caught up in the last minute buying frenzy that is sure to erupt.