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Thread: Question on Form 1's and Trusts

  1. #21
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    Quote Originally Posted by SuicideHz View Post

    What is the B and C?

    SHZ, sorry for the assumption on my part. Based on my limited understanding, with a shared trust (i.e. husband and wife) you can actually specify which property each party owns individually, which upon that persons death, can be distributed per the trust document. Schedule B and C list any individually owned property.

    However, for most amicable relationships, everything is owned together and it is these items that are listed under Schedule A. In my case, my wife has access to the safe and since my SBR resides there, I thought it prudent to use a trust to allow co-ownership, even if she didn't want anything to do with it.

    Then again, there are some states that basically say 50/50 once you enter into a relationship, no matter what each party came into the relationship with. If you live in one of these states, don't get a divorce, it could be costly

  2. #22
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    Dave-

    I understand. Yeah, I made assumptions on my part too.

    I made the trust simply to forego the signoff and background check.

    I only have/had a Schedule A to deal with.

    Good luck in your endeavors!

    By the way- what was your break into the NFA world?

    ARin- What are you doing around these parts? Not satisfied with TOS anymore?

    I was JosephR there. Nice to see you here (I think )

  3. #23
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    Quote Originally Posted by SuicideHz View Post
    You don't need to put the rifle in the Schedule A right now unless it is owned by the trust. YOU bought the rifle yourself, with your name on the 4473. How would it be in the trust? You'd have to have Willmaker spit out the forms for transferring it in and sign them to include it.
    I can put it in the trust exactly how I would put the finished SBR in the trust or a set of golf clubs, write it on the Schedule A and sign it. Then it is owned by the trust. I don't really see that it would matter either way.

    FWIW there is no 4473 for it. I purchased the lower directly from the manufacturer as an Individual Officer purchase. Doesn't require a 4473.

  4. #24
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    You will soon have to remove that rifle from the trust. It won't exist anymore.

  5. #25
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    I don't understand how it won't exist anymore. The wording on the Schedule A would be the same. It is still a rifle, it was still made by the same original manufacturer, it is still the same model, and it still has the same serial number. All that is needed on the Schedule A is the information to identify it. I could probably just write "Rifle, ser. # xxxxx". The ATF doesn't have regulations on what my trust says. I still don't see how it would make any difference at all.

  6. #26
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    This is simply how I was originally told how this works-

    You can't add something to the schedule that does not exist- your SBR does not exist.

    You added a rifle that will be converted into an SBR and the new SBR will be added to the list.

    That new SBR is a different animal and is now an NFA weapon- the old lower was not.

    You can't have them both in the trust. The old one will have to be removed.

    That's my reasoning on why you don't add the rifle until after it's SBR'd as I was originally told a long time ago.

  7. #27
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    It's a funny deal. I mean.... I added my M4-1000 to my sch A and sent it in before I even had approval to take possetion of it.

    For my pending SBR F1s, I listed the make, model, and serial #s, and listed them as Short Barreled Rifles in the Sch A.
    "You people have too much time on your hands." - scottryan

  8. #28
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    That's funny because logic would tell me that they shouldn't be in the Schedule A since it is supposed to list items owned by the trust. Until the form is returned, the SBR doesn't even exist.

    But nice to hear they didn't complain about this and return a form to you!

  9. #29
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    We'll see what happens on my SBRs. But the dealer actually did the trust for me on my can. And they are who listed the Silencer in sch A. It's doesn't make sense on one hand, but I can see that the ATF would need to see that the trust is indeed updated correctly. I know I've read several accounts on another site where people had not updated the trust. They just sent in the declaration and got away with it.
    "You people have too much time on your hands." - scottryan

  10. #30
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    Quote Originally Posted by demigod View Post
    We'll see what happens on my SBRs. But the dealer actually did the trust for me on my can. And they are who listed the Silencer in sch A. It's doesn't make sense on one hand, but I can see that the ATF would need to see that the trust is indeed updated correctly. I know I've read several accounts on another site where people had not updated the trust. They just sent in the declaration and got away with it.
    Supposedly the declaration doesn't cut it anymore and an updated Schedule A with all items is required as well as a full Trust document.

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