Not using my trust?

[CPblaster]

Great discussion. Been wondering how to proceed with trust amendments now that I have 2 little ones. Wife is a responsible person on my trust, but not sure why. She doesn't care about this stuff and I don't like bothering her just to buy something...

 

[tv1217]

I'll just say I kinda regret not doing my Suppressor and Form 1 SBR on a Trust. I don't have a family right now but if I were to acquire one in the future (or they go to my brother in the case I don't) it's just simpler. Any lawyer should be able to handle a trust, I'm dead, bing, bang boom, they're yours, whereas with individual NFA items they'll have to fill out form 5s and whatnot and probably either track down a lawyer versed in NFA rules or pay a regular one extra to look into it.

 

[dudley0]

I put my first can and my first sbr in my business name instead of a trust. Worked about the same at the time. Now if I want them all in the same place I have to spend another $400 to move them.

Everything else is in the trust. Not that it is a lot of items, but easier to deal with.

Wife doesn't care as much about the items besides where they are and how to use them. I will probably remove her as responsible so when I add to the stamp collection I am the only one that has to jump thru the hoops.

 

[rebase]

Ask your lawyer about single shot trusts. I created unique trusts for each NFA item. They are very similar (just as everyone who buys a trust from an online retailer has a "very similar" trust) in governance and organization, but they are separate legal entities. They have to be maintained separately.

But the benefits of this separation are the ability to add a responsible person in the future, if I desire, and the ATF does not need extra forms filled out. I just need a piece of paper signed by me, the new responsible person, and a notary. (1 trip to the bank, 3 signatures per trust). This trust amendment is now part of the trust itself, and I will need to do a little bit of bookkeeping to make sure this document always follows the item whenever its in my possession or in the possession of one of responsible persons on the trust to which the item belongs.

Ideas I've used to help with the bookkeeping on this when you are the founder of multiple trusts with multiple items:

- Unique folder/binder for each trust/item combo containing every document belonging to the trust.
- The originals live in the safe
- Every document is scanned into a PDF (stamps, purchase receipts, original ATF submission paperwork, trust amendments, etc)
- These pdfs are put in multiple encrypted cloud backups, and copied onto a usb drive
- The USB drive lives in the transport cases for the items
- I print copies on these pdfs to keep in a small folder behind the foam in the transport cases
- These copies are double-sided, printed on ink-conversation mode on the thinnest/cheapest paper possible
- I also include a scratched, plastic child's magnifying glass in case an RO decides they need to read the paperwork
- They are also accessible with an internet connection and 2-factor-auth due to the cloud storage

Hope this helps!