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Thread: two NFA trusts, same name?

  1. #1
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    two NFA trusts, same name?

    I think I remember seeing that one grantor can start two separate trusts with the same trust name? Is this true? For example, say a grantor wanted to switch NFA items to a new trust and didn't want to engrave another name on Form 1 lowers and other items, the same name can be reused? I'm not sure if the example I just listed is the best example, but I thought I'd check. Or, in my case, one form 1 lower was rejected in the e-file system the last day before the rule change in July 2016, and my lower was already engraved. I don't want to submit like 14 sets of prints for all the trustees, and when I make any new purchases going forward, I'll use a new trust.

    thanks,
    Scott

  2. #2
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    In Texas, unlike a corporation, multiple trust may have the same name.

    Sent from my SM-N920V using Tapatalk
    Providing NFA Trust Services to Texas Citizens

    www.AtomicLabRat.com

  3. #3
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    When you say in Texas, multiple trusts, you mean same grantor, and multiple trusts? that makes sense, I'm in PA, and we don't first check to see if a name is taken, whereas with a corporation, you'd probably have to check.

    Thanks,
    Scott

  4. #4
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    Corps are a different animal

    There is no law that says you can't have several trust with the same settlor and beneficiaries and trustees in the same names with different born on dates

    Sent from my SM-N920V using Tapatalk
    Providing NFA Trust Services to Texas Citizens

    www.AtomicLabRat.com

  5. #5
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    I am www.texasguntrust.com. I figured out the "one shot trust" as did every other gun trust lawyer the day we read the rule. Using a trust in this manner has always been an option. 41f created the need in a limited set of cicumstances for using your trust in this manner.

    This is the important thing to remember: ANY trust, including my trust, can be used as a "one shot Trust" or as I like to put it a single-use trust.

    There isn't anything special or magical about the "one shot trust". There's nothing particularly creative or Innovative about using a trust in this manner.

    It always has been and continues to be an option with any trust. You just reprint the trust out and execute it on the new date.

    There's really no need to give the trust a new name. Because the execution date of your trust entity is going to correspond with the submission date of your form one or your form 4. Not that hard or innovative.

    For most of my clients, it is easier to add and remove trustees than to go and execute multiple Trusts.

    I have clients whose situation requires the use of a Texas gun trust as a single use Trust. And they have several trusts operating with the same name with different birth dates.

    When is the use of the trust in a single use mode beneficial?

    1. Trustees are in possession of NFA items on a permanent or regular basis.
    2. You have trust issues that are in possession of NFA items and cannot return them to the settlor.

    You should definitely have your trust drawn up by a lawyer, a lawyer that you can trust and that's been doing this for a long time and is available anytime you have questions.
    Last edited by SC-Texas; 04-27-18 at 18:12.
    Providing NFA Trust Services to Texas Citizens

    www.AtomicLabRat.com

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