Outstanding NFA items and Trust Question....

[tmwtrfwler]

I have 4 items in NFA jail and per tracking them based on reports on this site the last one should be back in January/February.

Just hit me that I have a scenario I may want to avoid. Those items were submitted with my existing trust with 5 of us on it. I had that trust amended to leave my wife and father (as noted in a previous thread).

I now have the scorpion to Form 1 (discussed on another thread) but don't think it would be wise to submit with the amended trust until I get the rest back. I think it would be rejected.

What do you guys think?

Option 1 - wing it and see what happens
Option 2 - get a new trust and submit
Option 3 - wait until all in review items are in and submit

[BigWaylon]

I think it doesn't matter. They look at each submission independently. Nothing wrong with filing, amending the trust, then filing again...even if the first ones aren't yet approved.

[tmwtrfwler]

I think it doesn't matter. They look at each submission independently. Nothing wrong with filing, amending the trust, then filing again...even if the first ones aren't yet approved.

Good to know. The way they're backed up I'm pretty sure the ones submitted now will get approved well before this new one will ever get looked at but didn't want to risk it.

[jpmuscle]

Idk. Hopefully the time burden drops significantly over the next 6 months considering how the election went.

[tb-av]

I'm not going to hunt for links you are not posting but if you have something in "Jail"... it is not in your Trust. Your Trust is "asking permission" to possess it and if granted permission agrees to be taxed. Kinda like the old days with Britain.

As such, the principals of your Trust pre 7/13 should have no impact as the items simply are not a part of the Trust because permission has not yet been granted.

Not sure how that plays into your other threads. Some don't seem to understand that things in "Jail" are not in "Trust". When they get out of "Jail" then they are immediately in "Trust".

Also, I am not aware of a law or regulation within NFA that states a Trust can't change. Items are not in Trust, Trust can change. Items are in Trust, Trust can change.

I'm not a lawyer. That was not legal advice. I could be wrong and you should assume I am. The above was provided as a thought process exercise.

[tmwtrfwler]

I'm not going to hunt for links you are not posting but if you have something in "Jail"... it is not in your Trust. Your Trust is "asking permission" to possess it and if granted permission agrees to be taxed. Kinda like the old days with Britain.

As such, the principals of your Trust pre 7/13 should have no impact as the items simply are not a part of the Trust because permission has not yet been granted.

Not sure how that plays into your other threads. Some don't seem to understand that things in "Jail" are not in "Trust". When they get out of "Jail" then they are immediately in "Trust".

Also, I am not aware of a law or regulation within NFA that states a Trust can't change. Items are not in Trust, Trust can change. Items are in Trust, Trust can change.

I'm not a lawyer. That was not legal advice. I could be wrong and you should assume I am. The above was provided as a thought process exercise.

I'm following you and agree with that thought process. I think it follows what Big Waylon said as well. They're all looked at independently.

Thanks guys.