Trust Advantage?

[Devildawg2531]

If your trust is set up as such, then it would definitely be advisable to keep it updated. Understanding mis-matched paperwork, especially after the person who knows everything about it has died, would just be an obstacle that doesn't need to happen. However, if the Form 1/4 says "ndmiller trust", and the trust lists the people who are on the trust, then that should close the loop on who has access for legal purposes. As an example, my trust doesn't have a schedule because it isn't structured that way. I prefer that structure, because I don't have to coordinate documents. The Form 1/4 is the end of the story on who has legal access.



Thanks for the clarification, I see what you mean. I was reading the regulation you cited, so the double-tax thing wasn't making sense.

The more I'm reading I'm leaning towards buying the 1st one without a trust to avoid having to get finger prints for my kids who are minors. I understand that I can add my silencer to a trust at a later time if I choose to? Any disadvantage to this route?

[GeneralPurpose]

The more I'm reading I'm leaning towards buying the 1st one without a trust to avoid having to get finger prints for my kids who are minors. I understand that I can add my silencer to a trust at a later time if I choose to? Any disadvantage to this route?

You could, but you'll have to pay the $200 transfer tax to transfer it to the trust so I wouldn't recommend it.

[ndmiller]

Make a trust without your kids buy all you want, then add them to the trust.

To clarify the trust maker should provide you with templates to add to your trust in order to:
-Add or remove assets
-Add or remove trustees

Essentially word templates you add your information as needed print, sign and add to the back of your trust. Scan as well for online version.

Noah

[jpmuscle]

Make a trust without your kids buy all you want, then add them to the trust.

This. If no one is listed under schedule B you don’t need to do anything as far responsible persons go.


Or just submit a blank schedule B because nobody is going to know the damn difference.


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[Eurodriver]

This. If no one is listed under schedule B you don’t need to do anything as far responsible persons go.


Or just submit a blank schedule B because nobody is going to know the damn difference.


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I thought everyone does this?

You mean people submit trusts with more than 1 RP to the BATFE?

LOL

[Devildawg2531]

This. If no one is listed under schedule B you don’t need to do anything as far responsible persons go.


Or just submit a blank schedule B because nobody is going to know the damn difference.


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That's why this site ,, is awesome! Great approach. Open the trust with just myself and add the kids later. When I add the minor kids to the trust down the road then they do the fingerprint and background stuff or is it irrelevant since the trust will already exist?

[Eurodriver]

That's why this site ,, is awesome! Great approach. Open the trust with just myself and add the kids later. When I add the minor kids to the trust down the road then they do the fingerprint and background stuff or is it irrelevant since the trust will already exist?

It’s irrelevant. Just amend the trust in accordance with state law and you’re Gucci (assuming there is no change to ATF regs in the meantime)

[Devildawg2531]

When I open the trust does the ATF approval time start at that point or when I buy the suppressor? Do you get charged for the suppressor at the time you "buy" it or at the time you can possess it after ATF approval.

Thanks for all of the help with this process.

BTW the suppressor approval process seems the equivalent of making people apply to put a muffler on their car and then having them wait 6 plus months to get approved for the muffler. No logic in this to me

[Wake27]

When I open the trust does the ATF approval time start at that point or when I buy the suppressor? Do you get charged for the suppressor at the time you "buy" it or at the time you can possess it after ATF approval.

Thanks for all of the help with this process.

BTW the suppressor approval process seems the equivalent of making people apply to put a muffler on their car and then having them wait 6 plus months to get approved for the muffler. No logic in this to me

Nothing happens when you establish the trust as far as the ATF is concerned, that won’t start the clock for anything. You’ll pay for the can up front, the dealer will perform a transfer and then they’ll hold it while it goes through all of the ATF bullshit.


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[Devildawg2531]

Nothing happens when you establish the trust as far as the ATF is concerned, that won’t start the clock for anything. You’ll pay for the can up front, the dealer will perform a transfer and then they’ll hold it while it goes through all of the ATF bullshit.


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Thanks Wake. So I could open the trust online now and "buy" the suppressor online today as well. They bill my card and then it transfers to a a local FFL after ATF approval?