 HarryWild 
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Posted: 8/8/2012 11:06:11 PM
THE IMAGE ABOVE IS A PAID ADVERTISEMENT I did not yet open a NFA Gun Trust Checking account. I have the trust papers and filled them out today. Do I just do a Bill Of Sale to the trust or something else? |
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Circuits
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Posted: 8/8/2012 11:10:13 PM
Just place the serial-numbered receiver into the trust.
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Posted: 8/8/2012 11:12:35 PM
I would assume you just reimburse yourself from the trust. As long as your form 4 is filled out with the correct info it should be gtg.
I'd keep copy's of all the transactions for your return. |
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Posted: 8/8/2012 11:32:43 PM
[Last Edit: 8/8/2012 11:34:15 PM by azarby]
Normally you would create a document called an assignment of property. This just says you assign all of your legal rights to the item to the trust. The item is identified by name, make S/N and any other identifying marks if it does not have a s/n. My trust S/W from NOLO has this as one of the forms you would attach to the trust just like the appendixes.
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Posted: 8/8/2012 11:35:48 PM
Originally Posted By jwb211:
I would assume you just reimburse yourself from the trust. As long as your form 4 is filled out with the correct info it should be gtg. I'd keep copy's of all the transactions for your return. Okay, so I just write myself a check from the trust checking account and then do the form 4. No bill of sale into the trust? How about a revised schedule A? |
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Posted: 8/8/2012 11:45:28 PM
Originally Posted By Circuits:
Just place the serial-numbered receiver into the trust. How do I go about placing the serial number of SBR into the trust? What do I use in terms of paperwork is my question? Revise schedule A; Bill Of Sale from me to the trust? Anyone know? |
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Posted: 8/9/2012 12:00:03 AM
[Last Edit: 8/9/2012 12:08:59 AM by jwb211]
Originally Posted By HarryWild:
Originally Posted By jwb211:
I would assume you just reimburse yourself from the trust. As long as your form 4 is filled out with the correct info it should be gtg. I'd keep copy's of all the transactions for your return. Okay, so I just write myself a check from the trust checking account and then do the form 4. No bill of sale into the trust? How about a revised schedule A? That's what I would do. How are you planning on funding your trust account? Probably from your personal accounts, I can't see how this would be much different. As long as your ATF forms are filled out with correct ownership the other stuff your CPA or tax preparer should be able to sort out. If you are worried about not having a receipt for your asset then maybe you can call and have the info changed or added to the receipts. Maybe ABC gun trust with your name. You will be a member of the trust and have control of the assets so your name on the documents should be no issue in my eyes. Eta: When you reimburse yourself from the trust accout I would put in memo of the check "reimbursement for purchase of MFG serial#123" or "reimbursement of receipt 123" and keep copy's of the checks and receipts with my personal and trust returns. All of this is just my opinion and please don't take it as the law. |
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Chesh97
si vis pacem, para bellum
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Posted: 8/9/2012 12:30:40 AM
 Do you already have a valid trust? If you already submitted your forms to ATF for a Individual transfer, you would have to do another transfer and pay the $200 again to transfer it from individual to trust. |
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maggiethecat
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Posted: 8/9/2012 12:57:24 AM
Sounds like you asked for the item to be transferred to YOU, since you filled out the trust papers today.
So for the trust to own the item, new $200 fee, new transfer. It doesnt matter who pays the transfer fee, it matters who was put as transferree |
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n3awalk3r
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Posted: 8/9/2012 1:07:25 AM
Originally Posted By maggiethecat:
It doesnt matter who pays the transfer fee, it matters who was put as transferree This. You can pay for it with your debit, credit, cash, whatever... All that matters is what is listed on the form submitted to the ATF. When the ATF approves the form, it is now owned by the trust. At least that's how I understand it. |
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gjg
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Posted: 8/9/2012 1:15:05 AM
Originally Posted By n3awalk3r:
Originally Posted By maggiethecat:
It doesnt matter who pays the transfer fee, it matters who was put as transferree This. You can pay for it with your debit, credit, cash, whatever... All that matters is what is listed on the form submitted to the ATF. When the ATF approves the form, it is now owned by the trust. At least that's how I understand it. This |
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Circuits
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Posted: 8/9/2012 2:28:46 AM
[Last Edit: 8/9/2012 2:30:45 AM by Circuits]
Originally Posted By HarryWild:
Originally Posted By Circuits:
Just place the serial-numbered receiver into the trust. How do I go about placing the serial number of SBR into the trust? What do I use in terms of paperwork is my question? Revise schedule A; Bill Of Sale from me to the trust? Anyone know? Put it on your schedule a - no money has to change hands, no bills of sale are necessary. Or are you going to reimburse yourself from the trust's checking account for the money you used to start the trust's checking account, too? It all comes from you, basically, and you're giving it to the trust by creating the trust and listing the property you're placing into it on your schedule a and other trust documents. Given the way you seem to have gone about it, there's already something in the trust, but not the SBR you ordered, since neither you nor the trust owns it right now. The SBR will go on your schedule a/assignment of property when you take possession of it. |
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Posted: 8/9/2012 7:57:58 AM
If your BATFE paperwork lists the trust as the owner, you don't really have to do anything.
As grantor/settlor, the whole point of the trust allows you to provide for your beneficiary. In other words, it's there to pass your stuff to your beneficiary. So you would be expected to pay for it. Having the trust buy and sell things would only be helpful if you were dealing with highly valuable estate items like millions of dollars of real estate or something. And even then, it's mostly just for income tax purposes. And the BATFE doesn't care who paid for anything, whether it's the item, the tax stamp, the trust, or whatever. Az |
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Posted: 8/9/2012 5:29:53 PM
[Last Edit: 8/9/2012 6:13:56 PM by HarryWild]
Originally Posted By Circuits:
Originally Posted By HarryWild:
Originally Posted By Circuits:
Just place the serial-numbered receiver into the trust. How do I go about placing the serial number of SBR into the trust? What do I use in terms of paperwork is my question? Revise schedule A; Bill Of Sale from me to the trust? Anyone know? Put it on your schedule a - no money has to change hands, no bills of sale are necessary. Or are you going to reimburse yourself from the trust's checking account for the money you used to start the trust's checking account, too? It all comes from you, basically, and you're giving it to the trust by creating the trust and listing the property you're placing into it on your schedule a and other trust documents. Given the way you seem to have gone about it, there's already something in the trust, but not the SBR you ordered, since neither you nor the trust owns it right now. The SBR will go on your schedule a/assignment of property when you take possession of it. The SBR will go on your schedule a/assignment of property when you take possession of it.
Okay just when do I assume possession of the SBR or when does the trust assume posssession of the SBR? When it is shipped to my local FFL dealer or when I paided for it when the check clears or when I physically take possession of it from my local FFL dealer when the ATF form 1,4 are approved and sent to my local FFL dealer and then I place it on schedule A? Not clear about this time of taking possession of the rifle! Can somebody explain when possession happens and provide a in detail what I need to do step by step to complete the trust schedules/paperwork to show the SBR? Just to get everybody on the same page here is what happen this week. 1. Monday sent a check to a dealer out of state from my personal check. 2. Wednesday got the trust kit in the mail 3. ?????? here I am! Did not open a trust checking account yet because of the confusion. Please give me like above a step by step answer to complete my NFA gun trust paper work for the SBR. Thanks. Update: Okay I found some of the answers in another previous posting that was done by a lawyer. Here is what is happening. The item is alway "in transfer" mode until the ATF approvals the form 4. Nothing is listed on your schedule "A" accept $$$$. After the approval of form 4; the trust then has possession of the SBR and at that time it is part of the trust. Otherwise; it is just in "limbo"! Now I have to get help with form 1! This is maddening. |
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Posted: 8/9/2012 7:43:57 PM
It doesn't matter "who" paid for it. You don't need a trust bank account. Pay for it yourself, write a personal check for the ATF, wait six months, be happy.
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gjg
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Posted: 8/9/2012 8:48:10 PM
[Last Edit: 8/9/2012 8:49:57 PM by gjg]
Originally Posted By Circuits:
Originally Posted By HarryWild:
Originally Posted By Circuits:
Just place the serial-numbered receiver into the trust. How do I go about placing the serial number of SBR into the trust? What do I use in terms of paperwork is my question? Revise schedule A; Bill Of Sale from me to the trust? Anyone know? Put it on your schedule a - no money has to change hands, no bills of sale are necessary. Or are you going to reimburse yourself from the trust's checking account for the money you used to start the trust's checking account, too? It all comes from you, basically, and you're giving it to the trust by creating the trust and listing the property you're placing into it on your schedule a and other trust documents. Given the way you seem to have gone about it, there's already something in the trust, but not the SBR you ordered, since neither you nor the trust owns it right now. The SBR will go on your schedule a/assignment of property when you take possession of it. the Schedule A IS NOT AN INVENTORY...... your trust operates just like a corporation.....start an inventory or capital assets list and paper clip it to the trust.....your Form 1 or 4 is like the title....it is registered to the Trust.... you own it when you pay the dealer....you can take possession as a trustee of the trust when the ATF issues a stamp to the trust and mails it to you or your dealer..... |
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Posted: 8/9/2012 11:18:57 PM
In my trust kit they have Schedule "A" for the checking account and Revised Schedule "A" to add your guns to the trust and Bill Of Sale to show that you or someone has transfer all rights of the gun to the trust. Okay, for now I will research it further if any of these appendixes are need for my trust setup and form 4.
Anymore feedback would be appreciated. I just need to get more assuranace on this I guess. But for now; no checking account for the trust and no schedule "A" showing the deposit to start the Trust? Is all this correct? By the way; this is my first Class III firearm so I know nothing about the paperwork needed to satisfy the ATF other then form 4. |
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gjg
Ignore me.....I'm just increasing my post count...
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Posts: 3257 Feedback: 100% (22) Link To This Post |
Posted: 8/9/2012 11:31:40 PM
[Last Edit: 8/9/2012 11:32:25 PM by gjg]
Originally Posted By HarryWild:
In my trust kit they have Schedule "A" for the checking account and Revised Schedule "A" to add your guns to the trust and Bill Of Sale to show that you or someone has transfer all rights of the gun to the trust. Okay, for now I will research it further if any of these appendixes are need for my trust setup and form 4. Anymore feedback would be appreciated. I just need to get more assuranace on this I guess. But for now; no checking account for the trust and no schedule "A" showing the deposit to start the Trust? Is all this correct? By the way; this is my first Class III firearm so I know nothing about the paperwork needed to satisfy the ATF other then form 4. did a lawyer draw up your trust? i think you just need a tangible asset listed on the "A" also.....i guess each state may differ but in Tx my lawyer used the "A" to list a $1 USD with serial # to initiate the trust. He (my lawyer) is the one who explained to me that the "A" is not an inventory sheet.......YMMV....... my Holiday Inn Express advice is to list a dollar bill on your "A" and no need for a checking acct....again YMMV |
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Posted: 8/10/2012 2:48:14 AM
Originally Posted By gjg:
Originally Posted By HarryWild:
In my trust kit they have Schedule "A" for the checking account and Revised Schedule "A" to add your guns to the trust and Bill Of Sale to show that you or someone has transfer all rights of the gun to the trust. Okay, for now I will research it further if any of these appendixes are need for my trust setup and form 4. Anymore feedback would be appreciated. I just need to get more assuranace on this I guess. But for now; no checking account for the trust and no schedule "A" showing the deposit to start the Trust? Is all this correct? By the way; this is my first Class III firearm so I know nothing about the paperwork needed to satisfy the ATF other then form 4. did a lawyer draw up your trust? i think you just need a tangible asset listed on the "A" also.....i guess each state may differ but in Tx my lawyer used the "A" to list a $1 USD with serial # to initiate the trust. He (my lawyer) is the one who explained to me that the "A" is not an inventory sheet.......YMMV....... my Holiday Inn Express advice is to list a dollar bill on your "A" and no need for a checking acct....again YMMV Thanks. I will list a $10 bill with a serial number on it in my schedule "A". No checking account for me; I guess! |
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Posted: 8/10/2012 3:02:54 AM
Just pay for everything with a money order . and like someone said trusts vary from state to state. Where I live you dont need any $ in the trust .
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Posted: 8/10/2012 10:09:07 AM
Originally Posted By PolishX:
Just pay for everything with a money order . and like someone said trusts vary from state to state. Where I live you dont need any $ in the trust . But the BATFE now require your trust to be funded in order to get approval. I'm not sure if it's ignorance, or if it's just laziness. Either they don't understand how trusts work, or it's just easier for them to make everyone follow the same standard. Az |
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