setting up a trust

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tyromeo55

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anyone out there who has done it themselves?

Yup, It's super easy. Willmaker is what I used and I would venture a guess that is what the dealers would use to make yours. The newer versions of the program do not include trust making. you will need to go online and buy the special trust only version for like 20 something bucks. Do you have any specific questions? PM me if you want
 

jerryr98

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Has anyone that has chosen the dealer trust route had an attorney review it? I really want to do this as an added benfit to my family but I can not help but be fearful of having an invalid trust and face penalties from the rath of the ATF and our government.
 

CAR-AR-M16

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Has anyone that has chosen the dealer trust route had an attorney review it? I really want to do this as an added benfit to my family but I can not help but be fearful of having an invalid trust and face penalties from the rath of the ATF and our government.

Have you checked to see if your CLEO will signoff and skip the trust altogether? I can certainly understand folks going the trust route if they cannot get a signoff, but most folks don't even bother checking with their CLEO.
 

jerryr98

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CLEO signoff is not even an issue as I am affiliated in LE. My interest in a trust keeps coming back to other beneifits such as what happens to the NFA item when I pass. With a trust I can address these issues without surrendering of the item(s).

Jerryr
 

CAR-AR-M16

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CLEO signoff is not even an issue as I am affiliated in LE. My interest in a trust keeps coming back to other beneifits such as what happens to the NFA item when I pass. With a trust I can address these issues without surrendering of the item(s).

Jerryr

If your NFA items are owned individually they would transfer tax free on an ATF Form 5 to your heirs. It is not any kind of hassle and there is no "surrendering of the item(s)".

From the ATF NFA Handbook: (http://www.atf.gov/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-9.pdf)

9.5.3 Distribution of estate firearms. A decedent’s registered NFA firearms may be conveyed taxexempt
to lawful heirs. These distributions are not treated as voluntary “transfers” under the NFA.
Rather, they are considered to be involuntary “transfers by operation of law.” Under this concept, ATF
will honor State court decisions relative to the ownership and right to possess NFA firearms. So, when
State courts authorize the distribution of estate firearms to decedents’ lawful heirs, ATF will approve the
distribution and registration to the heirs if the transactions are otherwise lawful. A lawful heir is anyone
named in the decedent’s will or, in the absence of a will, anyone entitled to inherit under the laws of the
State in which the decedent last resided.

9.5.3.1 Distributions to heirs. Although these distributions are not treated as “transfers” for
purposes of the NFA, Form 5 must be filed by an executor or administrator to register a firearm
to a lawful heir and the form must be approved by ATF prior to distribution to the heir. The
form should be filed as soon as possible. However, ATF will allow a reasonable time to arrange
for the transfer. This generally should be done before probate is closed. When a firearm is being
transferred to an individual heir, his or her fingerprints on FBI Forms FD-258 must accompany
the transfer application. The application will be denied if the heir’s receipt or possession of the
firearm would violate Federal, State, or local law. The law enforcement certification on the form
need not be completed. The form should also be accompanied by documentation showing the
executor’s or administrator’s authority to distribute the firearm as well as the heir’s entitlement
to the firearm. Distributions to heirs should not be made until Forms 5 are approved. Executors
and administrators are not required to have estate firearms registered to them prior to distribution
to lawful heirs.


Another ATF Letter about this is available here: http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html
 

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