Holland&Holland wrote:Sigfan220 wrote:The way you guys are describing a trust it would see you think it is 1) complicated 2) expensive. It is not either.
Yeah the chances are slim to none of getting into a bind with an NFA item. But if you can prevent it for a little more of your time and no additional cost why not? You guys make it seem like you need to endless hours and countless dollars to get a trust. If you are going to wait 4-6 months(or whatever the wait is now) what is an other hour or two(not even) to create a trust. It's like home owners insurance, do you plan on your house burning down? No!! Do you have homeowners insurance - yes. Why? For that one in a million chance something may happen. Trusts are the same for NFA items. The odds of actually needing them are slim to none. But the day you need a trust you REALLY NEED it.
I have not been in prison to date and plan on keeping it that way as long as I can. You will do jail time for illegal possession of an NFA item. It may only be a night or two but you will be going to jail while they sort everything out. My example of your spouse being in illegal possession is pretty slim. I would think they would just remove the NFA item from the house. In which case you will have to fight to get it back and possibly hire an attorney if they give you trouble. I don't think they would jail a spouse.
I am not saying there are not benefits to a trust. In fact I am considering which is the best way for myself. What I am saying is that I asked for realistic benefits and got craziness back in return.
There are downsides to a trust as well I am sure. I would like to hear honest, true pros AND cons really. Not just your wife will go to jail. That is just crazy. Also, I suspect the "free" trusts are quite limited in what they can accomplish, probably to do what I would look to use a trust for it is going to be a grand. Not that I am saying I am not going to do that, in fact I may, I am just saying I am trying to decide if it makes more sense to do a trust or go personal. One of the first obstacles as I see it is that you do not own it, the trust does. Whomever else is in the trust also owns it. What if you do not trust anybody?
Then get a hold of a lawyer that specializes in trusts and ask them your questions, and not then people on the forum.