More than one NFA Trust

[Sugar Land]

Do any of you have more than one trust? If so what would be the pros and cons of having them?

 

[wakal]

Having several...no particular reason, unless you don't want Uncle Bob to have access to more than a few items.

I have my own trust for NFA items. Another for land.

I am on a bunch of "other people's" trusts so I can borrow their toys.

Trusts can, with a simple "add" letter, become a tangled web. Good. Play silly NFA games with the 2nd Amendment, win silly prizes.

The current "trust game" that, while legal, is giving the marginally-superior-to-the-TSA types at BATFE fits is the "single item" trust. One trust, one item. Sell the item on the approved "trust" Form 4, add the buyer to the trust (and change the beneficiary), and the seller resigns as a trustee. Done.

 

[Sugar Land]

I am talking about 2 trusts just for NFA items. I have been using the same trust for over 10 years. I won one from a lawyer (a $350 value) as a raffle prize and wondering if I should even bother using it.

 

[ZX9RCAM]

Just to muddle things up a bit, can an NFA item be moved from one trust to another?

 

[Sugar Land]

That's a good question.

 

[ZX9RCAM]

That's a good question.

I only asked it due to a line in Wakal's post.

 

[Shady]

Sure it can be moved from one trust to another by paying 200 and waiting for an approval

I am fairly sure you can amend or change your current trust that has a nfa item in it I dont think you can move it from one to another unless its a remake of the one its on,

The big gain from multiple trusts now a days is you can get your NFA item you want on a trust with only 1 persons prints and pictures and after approval you can add more people to the trust without them having to be printed and photoed.But if you ad another item to that same trust then everyone on it has to send in prints and photo's.

Silencer shop now offers a one shot trust for 25ish bucks to cover this very thing or you can get unlimited for a higher fee. I think it was 150 is bucks.

The other up side of having an individual trust aka the one silencer shop is selling seems to be able to let you sell the trust to a new buyer and there is no new stamp or approval and you can take the trust and nfa item that same day.

Now before you bite my head off I have no clue if that's true but its inferred or at least some people on the net think so. Do I personaly think its true I have no clue I have no interest in selling my NFA toys so its moot to me. I would defiantly get some legal advice before I tried to sell one though.

 

[ZX9RCAM]

So, are older trusts "Grandfathered".
Mine does not include prints for the other person on it.
Or would they now be needed if I added another item to it?

 

[Shady]

From my understanding the old trusts are fine until you add a new item then all people eligible to use the NFA items on the trust must submit photo's and prints.

So if you want a new toy and don't want to involve everyone on the trust getting printed/photo's you will need to get the next item on a separate trust or remove everyone from the trust.

So, are older trusts "Grandfathered".
Mine does not include prints for the other person on it.
Or would they now be needed if I added another item to it?

 

[SC-Texas]

I am talking about 2 trusts just for NFA items. I have been using the same trust for over 10 years. I won one from a lawyer (a $350 value) as a raffle prize and wondering if I should even bother using it.

Yes. You should. Who was the lawyer?

The real question is what are your future plans?


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[SC-Texas]

Older trusts do not require prints or photos until you try to use one.

This new trust can be used to purchase new items with prints and photos for one person.

As far as transferring between trusts, that would happen on a form 4.


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[ZX9RCAM]

Older trusts do not require prints or photos until you try to use one.

This new trust can be used to purchase new items with prints and photos for one person.

As far as transferring between trusts, that would happen on a form 4.


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By "using" the trust, you mean adding to it?
No problem if the original passes, and it goes to the other on the trust?

 

[wakal]

My current recommendation to my customers is making a trust for each item...just use the original trust as a template, each trust uses the item serial number as the trust name (with no silly "trust" or "NFA" or "PDQ" or anything other than the item serial number), one person per trust until the Form 4 is approved. Then add hundreds, thousands, millions of people per "single item" trust (after Form 4 approval). Easy, if messy.

You just end up with a pile of trusts...but a trust shouldn't cost $350. A trust should cost...well, what it takes you to type one out from a good template and have it notarized at your friendly bank or credit union. I know lawyers gotta...lawyer...but really...no...

 

[ZX9RCAM]

But you still need pics and finger prints for each on the trust, correct?

 

[orbitup]

But you still need pics and finger prints for each on the trust, correct?

Just when you submit it for approval. It should just be you at that point. Add whoever you want after that without the red tape.

 

[Shady]

If you have a current trust with mulitiple people on it at the time you add a new item then everyone able to posses the NFA must be printed and photoed if you never add another item then nothing needs to be changed.


If you get a new trust with a new NFA item and only you are on it then only you need to be printed and photoed and after approval you can whomever you want to it BUT if you then add another item to the trust everyone listed must submit new photos and prints if the ones on file are over a certain again <I think its one year>.

If you get a new trust or copy your old trust and just change the name of the trust correctly for each new item then you only have to ever send in your photos/prints and just wait for approval to add anyone else.

That is the point of always getting a new trust you dont have to bother with everyone getting printed and send in photo's

But you still need pics and finger prints for each on the trust, correct?

 

[ZX9RCAM]

Thanks for the "blow by blow", sometimes it takes me a while.

 

[SC-Texas]

My current recommendation to my customers is making a trust for each item...just use the original trust as a template, each trust uses the item serial number as the trust name (with no silly "trust" or "NFA" or "PDQ" or anything other than the item serial number), one person per trust until the Form 4 is approved. Then add hundreds, thousands, millions of people per "single item" trust (after Form 4 approval). Easy, if messy.

You just end up with a pile of trusts...but a trust shouldn't cost $350. A trust should cost...well, what it takes you to type one out from a good template and have it notarized at your friendly bank or credit union. I know lawyers gotta...lawyer...but really...no...

And an ar15 should cost 350.00 so if you are charging more for a dreadnaught AR then come on.

I charge what I charge for my trust because it is worth it and because my support comes with it.

You could simply use the same name for multiple trusts.

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[rman]

Not knowing how this all works, especially after the recent change in law, is there somewhere I can go to read more? I don't want to thread jack...

Basically the easiest way to set up a trust(s), have multiple items, and events have my wife/4 kids on there.

/secret thread jack

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[SC-Texas]

Give me a call. 281.451.4175

Www.TexasGunTrust.com

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