Setting up new trust

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  • Lilboog82

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    when I set up a trust in the near future, do I have to pay the $200 tax again on each of the items I currently have a stamp for to add those items to the trust?
     

    Lilboog82

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    So how would I then have one of my family member be able to take possession of them if something were to happen to me?
     

    MontereyC6

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    Will it to them.

    Or add them on as a trustee. You need to talk to your attorney that did the trust. They should be able to help you. I do have 2 trusts. Some in one, the newer stuff in the other. I wont get into the reasons here, but for me it was the easiest thing to do.
     

    mcapo

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    I am in the same boat. Thought that I would just have one stamp - ended up with, well...more.

    While not fully researched yet, what Jagee says is correct. They will pass to your spouse and/or by the decree of your will just like any other property that is in a trust.

    Don't take my word for it...someone will be along shortly with name of the INGO member that is a lawyer and has experience with Trusts...
     

    MontereyC6

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    I am in the same boat. Thought that I would just have one stamp - ended up with, well...more.

    While not fully researched yet, what Jagee says is correct. They will pass to your spouse and/or by the decree of your will just like any other property that is in a trust.

    Don't take my word for it...someone will be along shortly with name of the INGO member that is a lawyer and has experience with Trusts...

    Guy Relford is who I use. He is well known around here, and is a very 2A attorney.
     

    Lilboog82

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    It's probably worth talking to an attorney with NFA trust expertise. Guy Relford is the first name everyone always mentions. I set mine up through Marc Halata.

    marc halatais in greenfield isn’t he? That would be very handy as I’m right on Marion and Hancock county line. Prices pretty reasonable?
     

    MCgrease08

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    Yes, he's in Greenfield, but I did everything over the phone and email. Never had to meet in person. I would say the cost is reasonable and he has been willing to answer all of my follow-up questions with no extra charge.
     

    STFU

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    Yes, he's in Greenfield, but I did everything over the phone and email. Never had to meet in person. I would say the cost is reasonable and he has been willing to answer all of my follow-up questions with no extra charge.

    Concur. Marc is great. He will be able to clarify all.

    My understanding from what Marc and I discussed previously is the following:
    If the NFA items are registered to you as an individual, moving them into a trust is considered a transfer. The trust is essentially the "new owner." You will have to complete a new Form 4 and pay the $200.00 tax stamp again for each item you transfer to a new owner (trust in this case).
    The same would apply if moving items from one trust to another trust.

    Now the good news is: if the original Form 4s were approved and you currently have possession of the items, the items stay in your possession until the new Form 4 approvals (for the Trust) come back.
     

    Waldojr

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    May 22, 2020
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    Concur. Marc is great. He will be able to clarify all.

    My understanding from what Marc and I discussed previously is the following:
    If the NFA items are registered to you as an individual, moving them into a trust is considered a transfer. The trust is essentially the "new owner." You will have to complete a new Form 4 and pay the $200.00 tax stamp again for each item you transfer to a new owner (trust in this case).
    The same would apply if moving items from one trust to another trust.

    Now the good news is: if the original Form 4s were approved and you currently have possession of the items, the items stay in your possession until the new Form 4 approvals (for the Trust) come back.

    Marc did mine years ago, Was great and even talked to him about another legal thing. I have two cans I need to move to the trust by at $200 each I'll wait. My first can is in a trust from a Form 1 and took forever from ATF to be approved.
     
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