Armory Sponsor
Posted: 3/8/2012 10:42:07 AM EDT
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So I have a trust that has been written by a lawyer. Can I use that for my suppressor trust? I get why you would want to have a new one drawn up, but I'd like to keep it on the same trust if I could.
What things are different from a regular trust compared to one used for suppressors? I would specifically like to hear from people who have both types of trusts and the differences in their two trusts, or someone specializing in firearms trusts. Also, how much is the going rate to have one of these firearm lawyers review my trust? |
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here are some differences I've noticed in my "NFA" trust:
- wording to prevent trustees from borrowing/using assets without permission of the grantor - wording to prevent trustees from holding the estate liable for depreciation and use of assets - standard disclaimer about local/state/federal law upon inheritance of the assets - assignment of property sheet is tailored to firearms (make, model, serial number, etc) |
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The major difference is going to be for tax and income purposes since most "regular" trusts involve assets that may make considerable amounts of money over time, like real estate, stocks, or bearer bonds. If the trust is worth substantially more when the beneficiary takes ownership, this needs to be addressed to eliminate issues from the passing of the trust articles. No point in having this in an NFA trust that contains a couple suppressors and an SBR. While they might be worth a few more dollars down the road, it's not going to be an enormous amount of money.
Most anything else is simply for convenience or security of the grantor, like compensation and limiting the trustees from possession, etc. For example, I add wording to mine that states that it's agreed that there's no compensation for trustees. This just closes a backdoor for a disgruntled trustee to sue me for compensation 20 years from now. Probably not needed, but adding a couple sentences is cheap insurance against batshit crazy wives and friends. Az |
Armory Sponsor