Armory Sponsor
Posted: 1/31/2009 3:07:34 PM EDT
| This might be a stupid question but do I add the firearm I am going to SBR to the trust prior to sending it in with the Form 1 or after it is approved? |
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Quoted:
This might be a stupid question but do I add the firearm I am going to SBR to the trust prior to sending it in with the Form 1 or after it is approved? Ref suppressors: I add the item to my schedule A prior to sending a copy to the NFA branch. My logic is that I certainly own the item, or more accurately my trust owns it, but I don't have approval to take possession. Example would be that the form 4 was turned down I could still sell the item through my dealer. Make sense? I do the same for my SBRs and It's worked for me x 6. Good luck. |
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Go here for your answer: http://blog.princelaw.com/blog
"1. When must a trustee record a new asset on the Assignment of Property or Schedule A? A trustee must record any and all firearms that are transferred to the trust on the day that they are transferred. Since the firearm is not “transferred” until the BATFE approves the transfer, upon receipt of the approved Form 1 or Form 4, the trustee should immediately add the newly transferred firearm to the Assignment of Property or Schedule A and include the serial number of the weapon. The trustee should copy the approved Form and keep a copy of the Form with the Gun (NFA) Trust and always keeps a separate copy with the firearm at all times. However, this is assuming that the settlor/grantor has given the firearm to the trust. If the settlor/grantor gave money to the trust and the trust used that money to purchase the firearm, then the firearm purchased with the money would not be place on the Assignment of Property/Schedule A. While the trust code does not mandate that the trustee keep a list of these assets, I would highly recommend that a list be kept of all firearms purchased with trust funds. If we have prepared your trust and you bring the original approved form our Bechtelsville office, we will be happy to scan the Form and keep an electronic copy with the trust’s file." As pdm mentioned, transfers currently go through either way. I personally agree with pdm that the asset has already been transfered to the trust regardless of when the form 1 or form 4 is approved so it makes sense to me that it should be placed on the schedule A as soon as the grantor transfers "ownership" of the item. However, the general consensus of the Internet, Joshua at the link above, and the attorney who did my NFA trust, the item should be added when the form 1 or form 4 is approved. Therefore that is what I did (or really did not do until the form clears). |
Armory Sponsor