Armory Sponsor
Posted: 12/11/2011 11:16:09 AM EDT
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If this is a dupe then i apologize, but i searched and had little to no results. Right now I have my trust that has 3 items on it. Over the next 6-9 months I will be bringing in 4-6 more SBRs. My question is say 2 or 3 come in to my dealer in 6 weeks and I do the form 4s yada yada... Now If another item or 2 or the rest come to my dealer in say 2 months and the other 2 form 4's are pending, do I list them on my inventory page? or list them and put pending as of whatever date they went pending, or leave them off until my form 4s are back in hand? Just like to know other peoples experience on this as i'd rather not have to correct any errors after the forms are submitted and adding anymore time to the transfers |
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Separately, you do not add anything to the Schedule A of an existing trust. The Schedule A is an inventory of the Trust at the time it is executed. Whatever you funded your trust with at the time it was signed and notarized into existence it what belongs on the Schedule A, nothing else. Assets acquired after that are brought into the Trust via Assignment of Property.
As stated, you don't add that which is not (yet) yours. Wait until the Form 4s are approved. |
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Quoted:
majority of dealers here in Phoenix say to add the item even though its not in your possession. one will go so far to hand write it in... maybe its unique to the examiner handling AZ . It's not the examiners business how you add the asset to your trust. They have no legal training in estate planning and they cannot withhold approval based on their preferences of your trust. And more importantly, doing so creates the perception that you have the firearm in your possession despite it not being approved. Imagine a Trustee trying to unravel that if you passed during that time. If an examiner tells you to do this, tell then that's not how it's done and you won't do that until the Form 1 or Form 4 is approved. If they persist, ask to speak to their supervisor. The only exception is if you are Form 1ing a Title I firearm. In this case, that host firearm should be a trust asset prior to submission. Otherwise, the Trust cannot create a Title II unless it owns the Title I to begin with. |
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Quoted: Separately, you do not add anything to the Schedule A of an existing trust. The Schedule A is an inventory of the Trust at the time it is executed. Whatever you funded your trust with at the time it was signed and notarized into existence it what belongs on the Schedule A, nothing else. Assets acquired after that are brought into the Trust via Assignment of Property. As stated, you don't add that which is not (yet) yours. Wait until the Form 4s are approved. Makes sense. I was kind of leaning this way but just didnt feel like creating any additional delays for something that might potentially come up. Thanks all! |
Armory Sponsor