Armory Sponsor
Posted: 2/10/2008 6:01:30 PM EDT
| I am using quicken willmaker to set up a trust for a suppressor I am getting. It is asking if the item does or does not have a title; is the form 4 considered a title since the trusts name will be on the form? |
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In Oregon creating a trust is very easy and cheap. You simply produce the trust document and have the trustee(s) sign it in the presence of a notary public. That’s all there is to it. Once the trust exists legally, you can transfer possessions in and out of it as you wish. There are two types of items that can be placed in the trust, non-documented items (such as cash, your AR15 etc.) and documented items (such as your car, your house or NFA items). To transfer documented items you have to change the legal owner on the documentation to be the trust. So for existing NFA items you would have to do a transfer on a Form 4 and pay the $200 tax.WillMaker lists items covered by the trust on a separate sheet (or sheets) of paper, entitled "Schedule A". When you transfer something into the trust, you add it to the list in Schedule A, print out the new Schedule A, destroy the old one, and put the new with the rest of the trust documents. This is how it is stated in another thread about trusts. Form 1 and form 4 items are documented items. You will add them to the schedule A after you get the item in hand. You can not add items YOU own as a person. ONLY the items that were tranferred to the trust. BIGFOOT |
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An NFA item IS NOT a titled item. And you absolutely CAN add items you own as a person. That is the entire point. As grantor and trustee you add possessions to the trust. You transfer ownership from yourself to the trust. When you buy an NFA item, the trust does so, not you personally. If you own an NFA item as an individual meaning you went through CLEO sign off, fingerprints etc, you can transfer the item to the trust, however, that transfer requires the $200 tax to be paid and tax stamp paperwork approved. But that is not a title. It is a tax document. |
Armory Sponsor