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Durkin Tactical Franklin Armory
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Posted: 8/7/2012 4:58:51 PM EDT
Okay finally took the leap and got a NFA trust. Got it notorized. All I have to do to make it official is open a checking account in its name and place some coin in it for asset holdings. My question pertains to the payment of the dealer. Is it really necessary to pay the dealer for the NFA item using a check from the trust? The reason I ask is I have 0% intereest on my credit card through April and thought why not finance my purchase.
Link Posted: 8/7/2012 5:02:31 PM EDT
[#1]
"Is it really necessary to pay the dealer for the NFA item using a check from the trust"


Nope, you can pay with your credit card.

Also, I didn't even open a checking account in the Trusts name.
I just added a current handgun I had into the trust to make it active.

Once the Form 4 is approved you would then add the firearm to your Trust's assets.
Link Posted: 8/7/2012 5:49:43 PM EDT
[#2]
Okay I'll just add my pos lee enfield smle. That'll make it easy enough. Thanks
Link Posted: 8/7/2012 5:52:11 PM EDT
[#3]
Since i know how it works for Tx skip the whole checking deal
Just list a $20 dollar bill in your schedule a with the serial number and year
Put the bill in your safe add a gun on to on your schedule a
and your good to go

I only used a $2 dollar bill and it has worked many times.. a few buddies say a 20 is better
But either way you can skip the checking
Link Posted: 8/7/2012 7:28:24 PM EDT
[#4]
Quoted:
Since i know how it works for Tx skip the whole checking deal
Just list a $20 dollar bill in your schedule a with the serial number and year
Put the bill in your safe add a gun on to on your schedule a
and your good to go

I only used a $2 dollar bill and it has worked many times.. a few buddies say a 20 is better
But either way you can skip the checking


Any amount of currency will do.
Just as long as it has a serial number.

Link Posted: 8/8/2012 4:31:38 AM EDT
[#5]
Quoted:
Quoted:
Since i know how it works for Tx skip the whole checking deal
Just list a $20 dollar bill in your schedule a with the serial number and year
Put the bill in your safe add a gun on to on your schedule a
and your good to go

I only used a $2 dollar bill and it has worked many times.. a few buddies say a 20 is better
But either way you can skip the checking


Any amount of currency will do.
Just as long as it has a serial number.



This is what i have told people but some still say $20 or more for some reason
Link Posted: 8/8/2012 10:58:28 AM EDT
[#6]
Mine had a whoooole $1 bill when I got it written up.
Link Posted: 8/8/2012 2:47:44 PM EDT
[#7]
Quoted:
Mine had a whoooole $1 bill when I got it written up.


Likewise
Link Posted: 8/8/2012 3:54:21 PM EDT
[#8]
Put a 10 I out of my wallet added it to the schedule and tossed in my old Ithaca .22 from when I was a kid. Also got a email that my dealer ordered my stuff. So in a few weeks I'll be filling out paperwork to send off for the long wait.
Link Posted: 8/8/2012 4:58:42 PM EDT
[#9]
Quoted:
Put a 10 I out of my wallet added it to the schedule and tossed in my old Ithaca .22 from when I was a kid. Also got a email that my dealer ordered my stuff. So in a few weeks I'll be filling out paperwork to send off for the long wait.


Make sure you include your schedule with the trust.
Aside from that it sounds like you're good to go.

Now brace yourself for the 5-6 month wait.
That's the worst part.
Link Posted: 8/8/2012 5:54:52 PM EDT
[#10]
No need to pay from that checking account.  Honestly...there is no reason to even open a checking account in the trusts name unless you want to.
Link Posted: 8/8/2012 5:55:00 PM EDT
[#11]
Quoted:
Put a 10 I out of my wallet added it to the schedule and tossed in my old Ithaca .22 from when I was a kid. Also got a email that my dealer ordered my stuff. So in a few weeks I'll be filling out paperwork to send off for the long wait.


No need to even put any money in it.  If the trust has assets, and it does in your .22, it's fine.

Make a new schedule and take your $10 back.
Link Posted: 8/9/2012 7:46:06 PM EDT
[#12]
I put a Maglite in my schedule A, it was the nearest thing to me with a serial number.



If your a trustee your given the power to make investments in the trust, NFA toys just happens to be one of them.


 
Link Posted: 8/9/2012 8:01:17 PM EDT
[#13]
I was told by my lawyer to put $1 inside the schedule A.  I do not need to list any firearms on a schedule A.  My trust states that only items that are not required to have a recorded title, registration, or other document showing ownership shall be transfered to the trust by means of an attached schedule A.  Firearm is still my firearm til I get the approved stamp.  Then it becomes trust property.  Does not need to be attached to schedule A because it has a registration with a form 4.
Link Posted: 8/10/2012 10:45:30 AM EDT
[#14]
I put my first suppressor in the trust when I bought it.  The only things in my trust are NFA items...
Link Posted: 8/10/2012 2:53:31 PM EDT
[#15]
Quoted:
Since i know how it works for Tx skip the whole checking deal
Just list a $20 dollar bill in your schedule a with the serial number and year
Put the bill in your safe add a gun on to on your schedule a
and your good to go

I only used a $2 dollar bill and it has worked many times.. a few buddies say a 20 is better
But either way you can skip the checking


Yup. I used a crisp new $1 bill, listed by serial number. This was the advice of several attorneys who do estate planning and are familiar with trusts.
Link Posted: 9/28/2012 1:36:49 PM EDT
[#16]
So for the schedule A, I see you guys are listing dollar bills, since they have serial numbers, and this is to make the trust have assets, correct?

My dealer(SilencerShop) is awaiting notification from the ATF to send my items to my local FFL.  While waiting, I had a Revocable Living Trust drafted.

In the Schedule A, do I put in the suppressors with serial numbers?  Or do I only list the dollar bill in the schedule A, because legally I don't own the suppressors yet, as the ATF has not approved them yet.

I guess I am confused how the suppressors get registered to the trust.

EDIT:  I think I got it.  The items will be registered to the trust itself.......then once the ATF approves the registration of said items to the trust, it is your OWN responsibility to add said items to the trust, via a schedule A form.
Sounds logical, can somebody please confirm?

Link Posted: 10/2/2012 2:56:41 AM EDT
[#17]
I guess this is aimed at the lawyers out there.

Is it legal to own, in a trust or otherwise, U.S. legal tender? Or is the word hold more relevant?


Backlash,

I'm not a lawyer nor giving advice. Therefore, you can take this as just what worked for me and what was required of me by state law.

My (old) state doesn't/didn't require a trust to be funded for it to be valid so any mention of schedules or exhibits was left out of it. Therefore, when I submitted my past ATF form 1, I never sent in any attachments with the declaration of trust because (1) nothing was in it and (2) it was never amended or changed. However, I have since changed a few things and added some real property. So, I do keep track of what is in the trust when I add more firearms, stocks, property, etc. with a "Schedule of Trust Assets". When I submit an application for a new silencer I plan on purchasing, I will include an amendment and the new schedule. It doesn't need to be called a schedule A, it can be called whatever is referenced in the trust documentation itself. However many people use Schedule A but in reality it doesn't mean a damn thing.

Your mileage may vary. It is all very dependent on what the state where it was created has in its laws/statutes.

Good Luck.
Link Posted: 10/8/2012 7:04:05 AM EDT
[#18]
How do you handle update the Schedule A (list of assets)? Do you just hand write in additional ones and cross out things your removing? Put initials next to changes?
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