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Posted: 7/13/2010 8:36:46 AM EDT
When you send in all of your forms and trust do you still need to send in a picture of yourself? The other topic here about assigning property to the trust before it is valid, can I add my new suppressor before I send my paperwork away for it?, thats what all of my forms are for this time(first time) or can I add something else? Im hoping for a quick anwser so I can mail my forms away today and start my looong wait . Thanks guys.
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| If your doing a Form 1 the item can be in your trust prior to you receive the stamp. Makes sense to keep it off for a form 4 till it has transfered to you because who or what ever is transferring it to you owns it even though your trust most likely already paid for it. |
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So what should I add to make the trust valid, or can I just leave it? i started my trust with Form 1's so i just listed the title I firearms. i have heard people listing a dollar bill with serial # in their assignment of property, then taking said dollar bill and putting it in a sealed envelope and storing it with the notarized trust. |
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If your doing a Form 1 the item can be in your trust prior to you receive the stamp. Makes sense to keep it off for a form 4 till it has transfered to you because who or what ever is transferring it to you owns it even though your trust most likely already paid for it. Thats what I thougt too. As a matter of fact, I have had a few approved while the serial number was in the trust. But that was my buddy's form1 which was rejected because it was in there. That letter was sent to him in May of this year. Just put anything you want into your trust. I have most of my other weapons, optics, etc.. in there. |
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If your doing a Form 1 the item can be in your trust prior to you receive the stamp. Makes sense to keep it off for a form 4 till it has transfered to you because who or what ever is transferring it to you owns it even though your trust most likely already paid for it. Thats what I thougt too. As a matter of fact, I have had a few approved while the serial number was in the trust. But that was my buddy's form1 which was rejected because it was in there. That letter was sent to him in May of this year. Just put anything you want into your trust. I have most of my other weapons, optics, etc.. in there. did your buddy list the rifle in question as an "SBR"? why did the paragraph state that the item was transferred and delivered to the trust? who made his trust? in the past week there has been a lot of WTF with regards to trusts. |
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So I can just put any of my existing firearms in the trust, or even that dollar lol? yep. you can put your lawnmower in the trust if you wanted to the only difference between a regular trust and one for NFA items is some additional wording about the legality of the NFA and some stuff about usage of assets by trustees. titling your schedule A "NFA ITEMS OWNED BY XYZ TRUST" is a bad idea and completely unnecessary. ETA: i don't have a schedule A, i have an "Assignment of Property to Trust" which lists property that has legally changed ownership from me to the trust |
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First off....IANAL.
Listing an item on the Schedule A does not by itself transfer the item into the trust. As far as I know the Schedule A isn't even a legally required document, it's simply a list to assist the successor Trustees (or estate) in determining what assets the Trust owns. From speaking with estate attorneys on the topic, the Schedule A's they encounter are frequently wrong because although something may be listed there the Grantor never had the title or ownership legally/properly transferred into the Trust. With the Trust route, all I've ever done is complete an Assignment of Property transferring the item from "me" the person to the Trust, this establishes that the Trust now owns the item. This will then be reflected in the approved NFA paperwork that is returned to you. I did have an estate attorney draft the trust specifically for NFA (primarily to ensure that the multiple trustees were properly included as well as for cheap insurance) and I made it a point to ask about the Schedule A requirements. The result of that conversation is what I have relayed to you above. YLAMV (your legal advice may vary) |
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If your doing a Form 1 the item can be in your trust prior to you receive the stamp. Makes sense to keep it off for a form 4 till it has transfered to you because who or what ever is transferring it to you owns it even though your trust most likely already paid for it. Thats what I thougt too. As a matter of fact, I have had a few approved while the serial number was in the trust. But that was my buddy's form1 which was rejected because it was in there. That letter was sent to him in May of this year. Just put anything you want into your trust. I have most of my other weapons, optics, etc.. in there. did your buddy list the rifle in question as an "SBR"?Nope, simply as "Novekse Lower, serial # XXXX why did the paragraph state that the item was transferred and delivered to the trust?3rd paragraph in the trust says anything in Schedule A is property of the trust who made his trust?I did  , and he had an Attorney review it
in the past week there has been a lot of WTF with regards to trusts. |
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