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NEW Single Shot Trust

5K views 10 replies 5 participants last post by  Silencer Shop 
#1 ·
New and convenient Silencer Shop Single Shot Trust available exclusively through our Powered By network of dealers. A versatile alternative to the traditional NFA Gun Trust, this option simplifies the suppressor purchase process even more and takes the headache out of the ownership experience.

Removing several of the cumbersome steps involved with the typical NFA trust setup (e.g., notary, state filing, etc.), our Single Shot Trust arrangement streamlines the process in many ways. Essentially, Silencer Shop is turning the traditional trust on its head! Instead of buying a [more expensive] trust and adding silencers to it as you go, the Single Shot Trust is meant to go along with your silencer purchase and be used only for that single item.

No more gathering up all your trustees, taking a trip to the notary, scanning everyone's prints, emailing/faxing the trust back to us, and so forth… All you need to do is digitally sign the document and we will send it to the ATF on your behalf. This simple setup allows you to add trustees and responsible parties after you receive approval, to take advantage of the long-term benefits offered by registering as a trust without the hassles of initial set up.




RUNDOWN

Some of the benefits to this trust include:

•Priced at $24.95, the Single Shot Trust is less burdensome on your bank account
•Offered for $129.95, the Single Shot Unlimited Trust option is designed for devoted users.
•One-time purchase brings completion to suppressor ownership process
Elimination of time-consuming steps streamlines processing (no notary, state filing, etc.)
•Ability for responsible persons/trustees to be added down the road affords flexibility
•Automated system allows for quick purchase/submission of trust
•Trust conveniently named for each NFA item purchased (e.g., “Q El Camino SN:0187 Trust”)
◦The trust will only ever contain that one serial number
Digitally sign (i.e., DocuSign) Form 4 and be done in less than 30 seconds
•Form 4 reviewed and submitted to ATF by Silencer Shop’s expert staff
•The purchaser (you) will be the initial "Trust Maker" and sole "Trustee" at the time of signing
•Listing a beneficiary is not necessary, it will be the heir named in your will, or, if you don't have a will, the beneficiary will be the person(s) who would inherit from you under state law
 
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#2 ·
Seems like a brilliant idea. When it comes to "easily transfer ownership" (one of the items in your comparison matrix) are you envisioning that if one wants to sell the single NFA item that the trust owns that one simply sells control of the trust and transfers the item (without the need to do a Form 4)?

This would be similar to the idea of having a separate corporation for each NFA item and if you want to sell the NFA item you just sell the stock in the corporation to the buyer and hand over the NFA item (the sole assets of the corporation). No form 4 needed, no transfer tax (because no transfer has occurred, the same entity owns the item), etc. In theory you could set up a table at a gun show with 100 machineguns on it, each of which is the sole asset of a single corporation, and sell those corporations cash and carry to anybody who wants to buy it. Hold a meeting of the board of directors right then and there, transfer the stock, elect a new president, here's your stock certificate and the assets of the corporation. Have a good day. No transfer of a firearm has occurred.
 
#3 ·
Interesting. :popcorn
 
#4 ·
In case he doesn't get a chance to reply here, I PM'd Jeremy and he confirmed that they do indeed mean what I indicated above when they say "easily transfer ownership" in their comparison matrix.
 
#5 ·
^^^^
:thumsup
 
#7 ·
So, assume for a moment that the HPA crashes and burns.

A well capitalized FFL/SOT could transfer a dozen popular cans into quicky single items trusts, and hold them in inventory, so to speak. When a purchaser wanted to buy the can, the transferee would simply buy the trust and walk out the door. Of course the purchase price of the trust would include the dealer price of the can, the markup, the cost of the original stamp, but would not require the payment of sales tax.

I see some heads spinning in Martinsburg.

The rule of unintended consequences.
 
#10 ·
This is a revocable living trust created by a lawyer. Yes the trust can be transferred. As for the kiosk we are sending out more every month.
So basically you've figured out a way to subvert the NFA and no $200 or 9 month wait is needed?
Simply sell trust to buyer and they cash and carry that day? $200 for original stamp I guess is added to sale price to recover it but the wait and form 4 is gone?

I still see heads spinning, including mine?
 
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