Question about Trust transfers

[TheBluePatrician]

Hello everyone,

I was wondering if someone can point me in the right direction as I'm having some trouble finding the answer on my own.

I am listed in a trust with my father, and he is looking to sell me one of his SBRs that is in the trust. I am new to the paperwork side of NFAs and he does not know the process, and we are wondering how you would go about transferring an NFA item from one member of a trust to another. As far as I understood it, the trust would be enacted and transfer if something were to happen to him, but we don't know how it would work since we are both still alive and well.

Thank you for your time, I'm looking to grow my understanding and hope this thread could help someone else out in the future.

 

[jagee]

The trust is a "living being" it owns the gun(s). Arrange sale. Take money. Buyer does their paperwork, pays $200, does not pass go and waits on stamp. When buyer has stamp, give them the gun.

 

[2tonic]

There's no reason for him to "sell" you the gun. You're both on the trust, so either of you can be in possession of the firearm.
The Trust owns all the items in it. Control of the trust can be handed off.

 

[Hop]

^ not correct since he's on the trust. The father would be the "Settlor". TBP should be at least a "Trustee/Co-Trustee".

You (TBP) do not need to pay for a tax stamp to "transfer" the SBR. You are part of the trust and can already legally posses it. Just make sure you are at the correct level (not just a benefitiary). If you want to work out a deal of who pays for what item and it's listed on the Schedule A, then go for it.

There are a few different kinds of NFA trusts & ianal so you might want to consult with the person who drafted the trust or a real NFA lawyer like Marc Halata.

[edit - 2tonic "tree'd" me as I was writing my longer post]

 

[jagee]

The trust is a "living being" it owns the gun(s). Arrange sale. Take money. Buyer does their paperwork, pays $200, does not pass go and waits on stamp. When buyer has stamp, give them the gun.

Yeah my reading comprehension skills are lacking...didn't realize he was selling you the gun. I thought he was selling it to someone not on the trust. Don't mind me. Carry on.

 

[TheBluePatrician]

Thanks for the replies guys. I'll have to talk and see what our trust structure looks like!

 

[Rookie]

Contact Marc Halata. He can look over the trust (for a reasonable fee) and give you your options.