wlcharm
05-08-2007, 08:52 PM
Toying with the idea of getting a trust. Which one is the beat for NFA stuff a revocable or irrevocable trust?
Just started looking into it!!!!
Just started looking into it!!!!
View Full Version : Revocable or Irrevocable Trust?
DrBaker
05-08-2007, 08:57 PM
Not sure what is best for others, but mine is revocable. Both me and MrsDrBaker are trustees.
MarkV
05-08-2007, 10:40 PM
What's the deal with having a trust and a full auto? In case you die you just can't leave it to anyone? Does the next person already have to have a file or something?
MAS GunWorks
05-08-2007, 11:39 PM
Revocable living trust. Any NFA item can be transferred as long as the person the item is transferred to meets the requirements. If you die the item or items go to whoever you have listed next in line and so on down the list. I am not sure what happens if they are under 21.
It takes about 5 minutes to setup a trust. Very easy and you don't have to have photos, chief law enforcement officer sign off or fingerprint cards done. A lot easier and all you have to do is add the item to your property list when you receive it.
It takes about 5 minutes to setup a trust. Very easy and you don't have to have photos, chief law enforcement officer sign off or fingerprint cards done. A lot easier and all you have to do is add the item to your property list when you receive it.
wlcharm
05-09-2007, 06:32 AM
What's the deal with having a trust and a full auto? In case you die you just can't leave it to anyone? Does the next person already have to have a file or something?
The big thing is no CLEO sign-off!!!!!
The big thing is no CLEO sign-off!!!!!
Scott_In_OKC
05-16-2007, 08:44 AM
How did you guys setup your Trust? I'm feeling an SBR coming on. :)
MAS GunWorks
05-16-2007, 09:27 AM
Quicken will maker. You can find it online or on ebay. Should cost around $30. Buy the latest version.
Takes about 5 minutes to setup a trust. Once you have all of it filled out have a notary sign it and make copies. Keep the original in a safe place and mail the NFA a copy and your form 1. All there is to it. No photos, finger prints or CLEO sign off.
Once you get your stamp from the NFA go back into quicken and update your property list.
Takes about 5 minutes to setup a trust. Once you have all of it filled out have a notary sign it and make copies. Keep the original in a safe place and mail the NFA a copy and your form 1. All there is to it. No photos, finger prints or CLEO sign off.
Once you get your stamp from the NFA go back into quicken and update your property list.
Scott_In_OKC
05-16-2007, 09:43 AM
Thank you, kind sir!
MAS GunWorks
05-16-2007, 09:50 AM
If you need help with it let me know. I can also notarize it for you if you don't have someone.
Scott_In_OKC
05-16-2007, 11:28 AM
I assume this method works for a Form 4 as well?
CAR-AR-M16
05-16-2007, 11:45 AM
I assume this method works for a Form 4 as well?
You are correct.
You are correct.
Scott_In_OKC
05-16-2007, 11:47 AM
I can see lots of $200 checks to the ATF in my near future :thumb:
You are correct.
You are correct.
MAS GunWorks
05-16-2007, 12:09 PM
I can see lots of $200 checks to the ATF in my near future :thumb:
I know what you mean.
I know what you mean.
Scott_In_OKC
05-25-2007, 04:40 PM
I bought my copy of Quicken Willmaker online (http://www.nolo.com), downloaded and installed it, and had my trust created in just a few minutes. Thanks for all the help, guys. :thumb:
Quicken will maker. You can find it online or on ebay. Should cost around $30. Buy the latest version.
Takes about 5 minutes to setup a trust. Once you have all of it filled out have a notary sign it and make copies. Keep the original in a safe place and mail the NFA a copy and your form 1. All there is to it. No photos, finger prints or CLEO sign off.
Once you get your stamp from the NFA go back into quicken and update your property list.
Quicken will maker. You can find it online or on ebay. Should cost around $30. Buy the latest version.
Takes about 5 minutes to setup a trust. Once you have all of it filled out have a notary sign it and make copies. Keep the original in a safe place and mail the NFA a copy and your form 1. All there is to it. No photos, finger prints or CLEO sign off.
Once you get your stamp from the NFA go back into quicken and update your property list.
MAS GunWorks
05-25-2007, 08:43 PM
Glad to hear it worked out and didn't take you very long.
Gun Trust Lawyer
05-28-2008, 10:43 AM
Either type of trust will work, The revocable living trust has the advantage that there are usually no additional fees associated with its creation.
An irrevocable trust requires an EIN number and yearly tax reporting. This can become costly. In addition, it is more difficult to change an irrevocable trust so if you need to change trustees it can be difficult.
Quicken can be used, if filled out properly. Purchasing the items should be the least of your concerns. Most people use an attorney to create a trust, because there is never a chance to make changes once you die. (At least not by you)
The potential for putting your family and friends at risk of criminal and civil liability is huge with a generic trust because the safeguards are not built in to the trust like with a NFA specific trust.
In addition most people after creating a trust with Quicken go out an compete the transaction wrong. They make the purchase personally and fill out the paperwork in the name of the Trust. This creates an invalid transfer and if the ATF wants to make a case of it, you could go to jail.
An irrevocable trust requires an EIN number and yearly tax reporting. This can become costly. In addition, it is more difficult to change an irrevocable trust so if you need to change trustees it can be difficult.
Quicken can be used, if filled out properly. Purchasing the items should be the least of your concerns. Most people use an attorney to create a trust, because there is never a chance to make changes once you die. (At least not by you)
The potential for putting your family and friends at risk of criminal and civil liability is huge with a generic trust because the safeguards are not built in to the trust like with a NFA specific trust.
In addition most people after creating a trust with Quicken go out an compete the transaction wrong. They make the purchase personally and fill out the paperwork in the name of the Trust. This creates an invalid transfer and if the ATF wants to make a case of it, you could go to jail.
1911user
05-28-2008, 02:19 PM
In addition most people after creating a trust with Quicken go out an compete the transaction wrong. They make the purchase personally and fill out the paperwork in the name of the Trust. This creates an invalid transfer and if the ATF wants to make a case of it, you could go to jail.
How should this be done?
How should this be done?
Josh-L
05-28-2008, 05:07 PM
How is that invalid? I would think if it was illegal, the ATF wouldn't approve so many of them that get sent in that way. I would also argue that since we have to send in our trust paperwork and they look at it and the form 4/form 1 then and if they approve it how could they then later come back and try and arrest me for it AFTER they approved it?
Josh-L
05-28-2008, 05:14 PM
Back to the original question.... revocable vs. irrevocable.
Does the title or name of the trust have to have those words in it?
My dealer originally made my trust and named it... "The (my name) Revocable Living Trust". Since I plan on form 1 some more AR lowers or doing an SBS in the future and didn't want to engrave all that we named it simply.... "The (my initials) Trust". Anyone see this as a problem? I was going to mail it off tomorrow.
Does the title or name of the trust have to have those words in it?
My dealer originally made my trust and named it... "The (my name) Revocable Living Trust". Since I plan on form 1 some more AR lowers or doing an SBS in the future and didn't want to engrave all that we named it simply.... "The (my initials) Trust". Anyone see this as a problem? I was going to mail it off tomorrow.
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