My NFA trust experience

[Jon17]

Can my children be added to the trust later or what is the age limit to allow being included in it?

list them as beneficiaries or amend the trust later. It's easy.


Trusts are a no brainer right now. They are by far the best way to go with NFA. I put everyone I care about on my trust to avoid accidental felonies (e.g. constructive x-fer). Unfortunately Obama is pushing stricter rules. There are even a couple of "pro-gun" groups that are bartering away NFA rights to get what they want. So if you are going to act. Act now before the new rules go through. This will hopefully grandfather you in on all your current possessions.

 

[Exodus]

I guess I should do a little research before asking but can I get a trust even though I don't yet have any NFA items?

 

[1911ly]

I guess I should do a little research before asking but can I get a trust even though I don't yet have any NFA items?

Yes! And you can put non NFA items in the trust as well. You can use it as a will to give items to your children.

 

[vetteboy73]

So.... IF you do a trust.... AT THIS TIME, you skip all the up front paper work, pictures, etc? If for some "odd" reason you wanted to make a purchase that was NOT in the trust, can you still do that, or would you be required to purchase it through the trust?

I have a couple cans, and my dad just bought one for himself (actually he's been waiting 9 months for it)... It'd be nice if I could loan him a can, without always having to tag along....

The TRUST things sounds interesting.... And at less than half the price of a good can, might be a good idea.... I take it there are no issues with moving "ownership" from an individual to the trust?

 

[MontereyC6]

If you do the trust, as of this time, you send in the form 1/4 with a full copy of your trust and CoC, but you don't need to have prints, pictures, or a CLEO sign off. You can still do a purchase as an individual, it will just be owned by you, and not your trust.

If you want to transfer ownership of your existing cans to your trust, you will do it on a form 4 and $200 for each item.

 

[vetteboy73]

And the "transfer" INTO the trust is what I thought....

So you pay the $400 for the TRUST, and THEN another $200/ item to transfer from myself TO the trust.... Is that right.... so $1000 to do A trust and three (3) cans.... So how long does the "form 4" take? The nine (9) + months it's taking the FEDS to approve a purchase?

 

[1911ly]

And the "transfer" INTO the trust is what I thought....

So you pay the $400 for the TRUST, and THEN another $200/ item to transfer from myself TO the trust.... Is that right.... so $1000 to do A trust and three (3) cans.... So how long does the "form 4" take? The nine (9) + months it's taking the FEDS to approve a purchase?

Yep. If you transfer something in to the trust it's a $200 tax stamp. If you are thinking about a trust just do it! Or it is going to cost you a lot to transfer what you buy in to it.

 

[jim.a]

For my money a trust is not going to work I have 14 full auto

 

[MontereyC6]

For my money a trust is not going to work I have 14 full auto

If I had 14 full auto on form 4's as an individual, I wouldn't hestitate to put them in a trust. At the price/value of even cheap sub guns, the $200 a piece stamp is chump change.

 

[1911ly]

It would mean another $200 tax stamp per item. I guess it would depend on the situation. I would be hard pressed to do it as an after thought. I have the trust, I did it before I bought anything.

 

[-Jake-]

I'm currently renting and will be buying a house within the next 2-3 years. If I set up a trust now and buy a can/build an SBR how big of a deal would it be if my address changes?

 

[MontereyC6]

I'm currently renting and will be buying a house within the next 2-3 years. If I set up a trust now and buy a can/build an SBR how big of a deal would it be if my address changes?

Its not, just amend (or have your attorney) the trust.

Edited to add that you must notify the atf of your address change as well.

 

[dean2182]

What are the wait times for the Trust
what is the wait time to add items

 

[Rookie]

Wait times are the same unless you e-file.

Add what items?

 

[Mancosman]

Does anyone have links or phone numbers for people who can help me set one up?

 

[MontereyC6]

Does anyone have links or phone numbers for people who can help me set one up?

Check back in this very thread for Grant Liston's email address.

 

[11-B]

NFA Weapons Trust