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Posted: 4/22/2009 9:39:13 AM EST
I've searched, to my knowledge, no one has ever posted an example of a NFA specific trust online. Why not? I've seen examples of Quicken and other software based generic trusts, but never a specific NFA trust.

Hardwarz
Link Posted: 4/22/2009 12:22:22 PM EST
Because everyone is entitled to be paid for their time and expertise. Moreover, it is illegal to give legal advice without a license to practice law. Lastly, every person's needs and desires are different and no two trusts are identical. Moreover, every state's laws are different, and thus you cannot use a trust from another state.
Link Posted: 4/22/2009 1:15:46 PM EST
There's also no such thing as an "NFA-specific Trust".
Link Posted: 4/22/2009 3:17:09 PM EST
Originally Posted By Homeinvader:
There's also no such thing as an "NFA-specific Trust".


Really? Man, I better let all our attorneys know that...to think that we have been drafting them for over a year and there is no such thing!
Link Posted: 4/22/2009 4:50:01 PM EST
[Last Edit: 4/22/2009 4:53:59 PM EST by Homeinvader]
Originally Posted By joshuap:
Originally Posted By Homeinvader:
There's also no such thing as an "NFA-specific Trust".


Really? Man, I better let all our attorneys know that...to think that we have been drafting them for over a year and there is no such thing!


Unless I'm mistaken, you are drafting Revocable Trusts customized for NFA ownership. Maybe semantical, but the term "NFA-specfic Trust" won't appear in any book about Estate and Trust Law that I'm aware of.

That's my point.
Link Posted: 4/22/2009 5:02:21 PM EST
my Trust is NFA-Specific. It has NFA language throughout the entire trust.
Link Posted: 4/22/2009 5:10:02 PM EST
Originally Posted By Homeinvader:
Unless I'm mistaken, you are drafting Revocable Trusts customized for NFA ownership. Maybe semantical, but the term "NFA-specfic Trust" won't appear in any book about Estate and Trust Law that I'm aware of.

That's my point.


I've been published in the PA Bar Institute and I called it a NFA/Gun Trust. Also, I believe Attorney Howell from Florida called it a NFA Trust in his publication in SAR. While you are correct that it is either based on being revocable or irrevocable, depending on the client's needs, it is similar to a "pet trust." Even though a "pet trust," which does appear in books about estates and trust law, is based on a revocable or irrevocable trust, the name is modified to give significance to the purpose of the trust. I would suspect in the next several year that the books on estates and trusts will pick up on the NFA
Link Posted: 6/17/2009 11:31:36 AM EST
i think most of the time it is the fact that people do not want to give somthing away that they paid for.
Link Posted: 6/17/2009 1:33:15 PM EST
Originally Posted By joshuap:
Originally Posted By Homeinvader:
Unless I'm mistaken, you are drafting Revocable Trusts customized for NFA ownership. Maybe semantical, but the term "NFA-specfic Trust" won't appear in any book about Estate and Trust Law that I'm aware of.

That's my point.


I've been published in the PA Bar Institute and I called it a NFA/Gun Trust. Also, I believe Attorney Howell from Florida called it a NFA Trust in his publication in SAR. While you are correct that it is either based on being revocable or irrevocable, depending on the client's needs, it is similar to a "pet trust." Even though a "pet trust," which does appear in books about estates and trust law, is based on a revocable or irrevocable trust, the name is modified to give significance to the purpose of the trust. I would suspect in the next several year that the books on estates and trusts will pick up on the NFA


Can you cite how an irrevocable trust would be used with NFA? Buy but never sell ? Can you even transfer in ? How is disposition handled ?

(Just my own curiosity here)
Link Posted: 6/17/2009 3:44:50 PM EST
[Last Edit: 6/17/2009 3:45:53 PM EST by joshuap]
Irrevocablability/Revocability only relates to whether the settlor can modify/revoke the trust after enactment. Modifying a trust relates to changing the provisions of the trust or completely revoking it, not a change in the assets owned by the trust. Hence, an irrevocable trust cannot be amended or revoked, but new assets can be placed into it and assets within it can be sold. If a firearm is placed in an irrevocable trust and later sold, all the sale proceeds must be put into the trust and, typically unless there is a provision stating otherwise, the trustee has a duty to invest those funds into another asset (firearm or otherwise) that will yield a good return for the beneficiary. The real benefit to a irrevocable trust is that the settlor's creditors (or soon to be X spouse) cannot attach to the assets of the trust. With a revocable trust, any creditor (including a soon to be X spouse) can attach to the assets in the trust because the settlor still has the power to revoke the trust.
Link Posted: 6/17/2009 4:14:17 PM EST
Originally Posted By joshuap:
Irrevocablability/Revocability only relates to whether the settlor can modify/revoke the trust after enactment. Modifying a trust relates to changing the provisions of the trust or completely revoking it, not a change in the assets owned by the trust. Hence, an irrevocable trust cannot be amended or revoked, but new assets can be placed into it and assets within it can be sold. If a firearm is placed in an irrevocable trust and later sold, all the sale proceeds must be put into the trust and, typically unless there is a provision stating otherwise, the trustee has a duty to invest those funds into another asset (firearm or otherwise) that will yield a good return for the beneficiary. The real benefit to a irrevocable trust is that the settlor's creditors (or soon to be X spouse) cannot attach to the assets of the trust. With a revocable trust, any creditor (including a soon to be X spouse) can attach to the assets in the trust because the settlor still has the power to revoke the trust.


Ah, thank you. I was under the impression that irrevocable applied to the terms of the trust and the assets, not just the terms. That makes a whole lot of sense now.
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