Copying a NFA trust?

[Gun Trust Lawyer]

Most professionally prepared NFA trusts run around $600. Just because the trust costs more than others does not mean that it is similar. I have seen trusts that cost Nothing, $50, $100 $350, $500, $600, $750, & 900 in Texas. Many are just typical estate planning trusts and do not consider the unique aspects of firearms ownership, possession, or transfer. A living trust or revocable living trust with nfa or atf thrown in a few times will allow the acquisition of the items, but will not deal with the real issues many of us will face upon our death or disability.

The cost should include creating a trust for your needs and desires as well as teaching you how to use the trust, what it means, how to properly purchase items on Form 4's as well as on a Form 1. Describe the common procedural violations of the NFA as well as how to avoid them. The trust should be created to allow for future generations to use the items.

Generally you get what you pay for, but in this case you have to know what you are looking for also.

[rodnocker1]

I've been thinking about whether to set up a trust or to incorporate. While your information has been most helpful, I have a couple of questions I will email you with. Thanks once again.

[Gun Trust Lawyer]

Rodnocker1 I would be happy to answer your individual questions. dgoldman @ guntrustlawyer.com

[SC-Texas]

David is correct about the costs of the trust in Texas and he is absolutely correct on the other points.

When you pay a lawyer to prepare a trust, you should get some explanation and counseling on how the trust operates, how the NFA paperwork should be completed and submitted and the trust should reflect the needs of you and your family.

Sean

[Ataim0002]

Originally Posted by SC-Texas

David is correct about the costs of the trust in Texas and he is absolutely correct on the other points.

When you pay a lawyer to prepare a trust, you should get some explanation and counseling on how the trust operates, how the NFA paperwork should be completed and submitted and the trust should reflect the needs of you and your family.

Sean

This is so on point. I can't tell you how many legal entities, be them trusts, llcs, etc, that are setup by an attorney and the owners/trustee has no clue what to do. Especially when it comes to estate planning, which, in my opinion, should be a huge discussion when setting up a NFA trust.

[Gun Trust Lawyer]

One unique aspect of our trust is that it has been reviewed and modified by more than 40 firearms and estate planning lawyers across the country. Each time a modification is suggested it is evaluated to see if it should be included in the other states trusts as well. The trust keeps getting better and better. There are some people in Texas who have copied earlier versions of our trust which do not have the major modifications and limitations of liability that are now included in the trust.

[SC-Texas]

Originally Posted by Ataim0002

This is so on point. I can't tell you how many legal entities, be them trusts, llcs, etc, that are setup by an attorney and the owners/trustee has no clue what to do. Especially when it comes to estate planning, which, in my opinion, should be a huge discussion when setting up a NFA trust.

This is one of many good reasons to have an attorney prepare your trust.

You will be able to meet with the attorney and discuss the trust and that attorney will be available by phone to discuss any questions that you have with the trust.

Computer programs aren't going to answer the phone when you have a question.

Sean Cody
Attorney
281.451.4175

[Madhouse]

Originally Posted by SC-Texas

Computer programs aren't going to answer the phone when you have a question.

That point was proven to me again today, that's why I'm glad I had Sean draw up my trust.

[Gun Trust Lawyer]

We are happy to answer questions about the trusts, and proposed actions with NFA firearms by email or telephone without cost to our clients.


David Goldman (904) 685-1200 NFA Gun Trust Lawyer Blog :: Published by Florida Gun Trust Lawyer David Goldman

[Gun Trust Lawyer]

While we have written extensively on Quicken and the problems for NFA trusts, I recently reviewed a Legal Zoom Trust. The results were very much the same. Legal Zoom allowed the creation of a trust which facilitates the purchase of a NFA firearm, but had many problems involving the following
1) the Grantor / Settlor was not defined properly
2) problems when property is transferred from decedents will (if they own other NFA firearms)
3) allowed for revocation of trust when the trust has NFA firearms
4) No requirement of trustee to be legally able to possess the items
5) Problems dealing with homestead properly? also why would you place a homestead in a NFA trust?
6 Termination of trust creates problems because Trustee cannot transfer items in time
7) Nothing to warn unknown future trustees about compliance with state or federal law or what actions are necessary.
8) No power for individual to open bank accounts or deal with ATF when there are multiple trustees.
9) Successor Trustee must sell off assets to divide equally among heirs if there are not an equal number of each items for each beneficiary. You cannot preserve the assets for your children.
10) No power to use NFA firearms in the trust - the trustee violates their duty to Beneficiary to preserve and maximize assets in the trust.
11) What about geographic restrictions?
12) what about age restrictions?
13) Legal zoom trust would transfer a machine gun to 5 year old child upon the death of a parent.

All in all the Quicken Trust was a more complete but equally inappropriate trust for the Purchase of NFA firearms.

David Goldman NFA Gun Trust Lawyer Blog :: Published by Florida Gun Trust Lawyer David Goldman