NFA Trust

[maine04619]

What are the advantages of a Trust as opposed to just getting individual stamp

Two bog reasons for a trust. One to get around a asshat local LE who is anti gun and will not sign off. Second folks like me who have stepchildren who you can not leave NFA to without them paying another tax. With a trust all the CO trustees can posses the items without you being there. Meaning if you have a individual stamp you must BE CONTROL OF THE NFA ITEM AT ALL TIMES. With a trust all co trustees listed can have the item on there own. Plus as long as ONE co trustee is living you do not have to pay another tax when the last co trustee passes on then the trust goes to the person named with no further tax. Plus when you buy items to add to the trust you need no fingerprint cards, pictures or CLEO sign off. As far as time a trust takes the same amount of time for the process as individual does. You can have a lawyer do the trust or you can use quicken for just under 100 bucks both work fine. The stories of trusts biting people in the ass are bs propagated by high priced lawyers. If there is a problem with your trust then your NFA item will be denied or put into problem status until fixed. Once the item is approved then the ATF has said your trust is fine.

 

[Sheldon]

ONLY SEND COPIES!!! Keep all originals, but send them copies of everything and have it weighed at the post office to be sure you placed sufficient postage!! It took 6 months to the day from the time my check cleared for the tax stamp to arrive at my local gun shop, but it was well worth the wait....
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???You do know you can put future purchases on that same NFA trust don't you???
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Trust advantages are simple, although it will cost (it did me) $350.00 for the trust, plus the $25.00 filing fee (you do this your self at the court house) should anything happen to you, in your trust you have stated who is in it, and they can simply take possession with out going through the check, paperwork, 6 month wait, $200.00 tax stamp, and all the storage hassle associated with this mess. If multiple items are listed and can be done so at a later date, the advantage simply compounds.
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Once your tax stamp arrives you must have (copies recommended) paperwork on you at all times it is in your possession proving this... I went to Staples had it xeroxed in color and in miniature (it only has to be legible) both sides and then had it sealed in plastic for wallet carry.....

 

[maine04619]

Trust advantages are simple, although it will cost (it did me) $350.00 for the trust, plus the $25.00 filing fee (you do this your self at the court house) should anything happen to you, in your trust you have stated who is in it, and they can simply take possession with out going through the check, paperwork, 6 month wait, $200.00 tax stamp, and all the storage hassle associated with this mess. If multiple items are listed and can be done so at a later date, the advantage simply compounds.

I am not sure who told you this but it is WRONG. When you DIE your trustee may hold the item but they still have to file a form 5 ( a tax free form 4 ) they still have pass the same background check you did they juts do not have to pay for another tax stamp. It still takes the same amount of time as any other stamp does at the time it is sent in.

The GRANTOR IE the person at the top of the trust can be multiple IE mine has me and my wife BOTH at grantors so if I go then nothing needs to be done until she passes then my daughter and grand kids will have to do the form 5 and complete a background check and all that involves.

The benefit to the Trust with a family is sharing. A individual with a form 4 must be present and have "control" of the item at all times. While ANYONE listed on the trust may use the item on there own.

 

[Warbirds]

I am not sure who told you this but it is WRONG. When you DIE your trustee may hold the item but they still have to file a form 5 ( a tax free form 4 ) they still have pass the same background check you did they juts do not have to pay for another tax stamp. It still takes the same amount of time as any other stamp does at the time it is sent in.

The GRANTOR IE the person at the top of the trust can be multiple IE mine has me and my wife BOTH at grantors so if I go then nothing needs to be done until she passes then my daughter and grand kids will have to do the form 5 and complete a background check and all that involves.

The benefit to the Trust with a family is sharing. A individual with a form 4 must be present and have "control" of the item at all times. While ANYONE listed on the trust may use the item on there own.

Maine... What would stop your wife from say adding your eldest son as another grantor when heaven forbid you pass?

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[JrFreak]

I just got my trust a couple weeks ago. Just need to get to the notery to make it legit.

 

[maine04619]

I also know somebody that is a Class lll manufacturer and dealer.

No you do not as there is no such thing!

As for a trust they are very easy. Just a simple document. Had mine for about 20 years. You can use quicken for less then 100 bucks or have a high end lawyer do it for up to a grand maybe more. In the end same thing.

 

[maine04619]

Maine... What would stop your wife from say adding your eldest son as another grantor when heaven forbid you pass?

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If you're wife is a grantor nothing. You can add a TRUSTEE but you can not add a GRANTOR.. Once the last grantor DIES the trust is dispersed. NFA trust can NOT run on in perpetuity.

 

[Warbirds]

If you're wife is a grantor nothing. You can add a TRUSTEE but you can not add a GRANTOR.. Once the last grantor DIES the trust is dispersed. NFA trust can NOT run on in perpetuity.

My attorney that set up my trust said something about a multi generational trust, I will have to find out more details on what he was talking about and get back to you.

By the way.... the recommendation you made on getting an MP5 built paid off. I doubt I will ever be able to put a FA trigger pack on it, but I think it had a future as an SBR.

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