Trust Advantage?

[GeneralPurpose]

While I'm sure your Trust is rock solid from Gun Trust Guru, my Trust's Schedule A lists all my Trusts assets, some NFA, some not and is neither funny or meaningless. It's like a bank statement or asset schedule on a P&L.

Trusts are set up a myriad of ways. Title II weapons are a different animal compared to Title I weapons. Whether a Title II weapon is on your Schedule A or not has absolutely no bearing on what entity that weapon is registered to.

[ndmiller]

Trusts are set up a myriad of ways. Title II weapons are a different animal compared to Title I weapons. Whether a Title II weapon is on your Schedule A or not has absolutely no bearing on what entity that weapon is registered to.

Thanks for sharing. As I said my Trust has assets listed on it's Schedule A, critically important legal document to showing what Trustees have legal access to for legal purposes.

[thei3ug]

What do you mean by double tax?

I bring it up because OP seemed to seek info for the first time, and because for years people falsely claimed that the trust was a separate legal entity, and when assets were transferred out, the beneficiaries would have to pay a second $200 tax. The ATF gave verbals but faith was lacking. It is now explicitly part of the regulation (see above). I mention it here are still old pages that claim otherwise.

also, as a person who makes a living in this industry, keeping the schedule A current is a property concern, not an ATF enforcement one.

The materials posted on this web site are for informational purposes only and not for the purpose of providing legal advice.

[Devildawg2531]

Mine is from Gun Trust Guru, I like the way the trust is set up. He runs specials regularly.

Adding an item to the trust is as simple as the trust being the transferee. I think the trusts with schedules are a little funny, the Form 1/4 designates the entity the item is registered to; that Schedule A doesn't mean jack.

I tried to order several times from Gun Trust guru as they have a July 4 sale of $79 but the website errored out every time. I emailed him but have't heard back. I then found the trust shop website which is $49 and seems reputable .. does anyone have feedback from using this site?

[Bret]

Unless you’re intent on letting other have access to your NFA items when you’re not around, I don’t see the point. If it wasn’t for the history of being able to get around a CLEO that wouldn’t sign off, I think trusts would rarely be mentioned.

[Devildawg2531]

Unless you’re intent on letting other have access to your NFA items when you’re not around, I don’t see the point. If it wasn’t for the history of being able to get around a CLEO that wouldn’t sign off, I think trusts would rarely be mentioned.

Hey Bret.. I'm Brett. I have children that I would like to pass these on to.. isn't the process much easier by having them listed on the trust?

[ndmiller]

Hey Bret.. I'm Brett. I have children that I would like to pass these on to.. isn't the process much easier by having them listed on the trust?

Definitely speak to an NFA lawyer before you set up a trust as I did. I had many questions about Will/Probate and NFA complicates things a bit for your surviving relatives.

In my case, none of my surviving relatives are aware of, use, have a freaking clue about guns, NFA or anything. A trust in my case makes it simple, family is automatically added upon my death. They are legal owners of property that they can sell off like anything else and my NFA law firm will help if they need it. Or they can keep them and shoot them, whatever they want. They won't have to know, learn, study or be faced with decisions before they want to make them, so time is of no consequence. And they won't be prayed upon by authorities making demands or other nonsense. In the event they live in a non-NFA state, the law firm will keep them on-site and all them off and provide proceeds through the trust as assets

I'm not a lawyer, but if you have questions, find a good one familiar with NFA. Cost was about 1/2 a Glock to set everything up.

[Bret]

Hey Bret.. I'm Brett. I have children that I would like to pass these on to.. isn't the process much easier by having them listed on the trust?

I don’t think so. There’s an ATF form for transfer of ownership to heirs. There is no fee for the transfers. The issue with a trust is that everyone in the trust has to go through the background check process each time an NFA item is added. That seems like more work to me then just dealing with it in the end. Also consider that your children could end up in multiple locations. It may not really be feasible for everyone to have access. Some of your children may not like guns as much as others.

[GeneralPurpose]

Thanks for sharing. As I said my Trust has assets listed on it's Schedule A, critically important legal document to showing what Trustees have legal access to for legal purposes.

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.

I bring it up because OP seemed to seek info for the first time, and because for years people falsely claimed that the trust was a separate legal entity, and when assets were transferred out, the beneficiaries would have to pay a second $200 tax. The ATF gave verbals but faith was lacking. It is now explicitly part of the regulation (see above). I mention it here are still old pages that claim otherwise.

also, as a person who makes a living in this industry, keeping the schedule A current is a property concern, not an ATF enforcement one.

The materials posted on this web site are for informational purposes only and not for the purpose of providing legal advice.

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.

[lonestardiver]

I have several items that are on their own separate trusts so it is easier to direct access and where it goes upon my passing. The single shot trusts through SilencerShop make it very easy to do that.