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The Range
NFA & Class III Discussion
So What Exactly Is Changing For NFA Trusts In July
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<blockquote data-quote="henschman" data-source="post: 2870486" data-attributes="member: 4235"><p>After July, you will have to submit photos/fingerprints/LEO notification for yourself and every other Trustee on your trust with every application. Applications sent in before July will still be under the current rules, which don't require any of this. So I encourage everyone to submit the applications on any NFA items you may be thinking about getting before July.</p><p></p><p>After July, you will want a trust that is set up to allow for easy addition and removal of trustees, so you can remove all your trustees before sending off an application... that way you are the only one who has to submit all the required info... and then easily add your trustees back later. </p><p></p><p>My trusts are designed to make all this as easy as possible. They also come with everything you need to add non-NFA items to the trust on a separate schedule that is not reported to the ATF, in case you want them in the trust too for estate planning purposes. I also include documents for setting up a bank account in the trust's name, in case you get serious about buying/selling NFA items and want to keep those funds separate. </p><p></p><p>A lot of trusts out there are generic forms copied from estate planning trusts, and aren't the best suited for NFA items. One thing I've seen in every other NFA trust template I've looked at is that your co-Trustees are allowed to buy, sell, and dispose of trust assets. Most guys with a few cans and SBRs want their buddies to be able to use them, but not sell them! Mine are set up so that your co-trustees only have the right to possess and use the items. They are also specifically written with NFA items in mind, and have language preventing you from running into legal trouble as far as allowing prohibited persons from possessing the items, etc.</p></blockquote><p></p>
[QUOTE="henschman, post: 2870486, member: 4235"] After July, you will have to submit photos/fingerprints/LEO notification for yourself and every other Trustee on your trust with every application. Applications sent in before July will still be under the current rules, which don't require any of this. So I encourage everyone to submit the applications on any NFA items you may be thinking about getting before July. After July, you will want a trust that is set up to allow for easy addition and removal of trustees, so you can remove all your trustees before sending off an application... that way you are the only one who has to submit all the required info... and then easily add your trustees back later. My trusts are designed to make all this as easy as possible. They also come with everything you need to add non-NFA items to the trust on a separate schedule that is not reported to the ATF, in case you want them in the trust too for estate planning purposes. I also include documents for setting up a bank account in the trust's name, in case you get serious about buying/selling NFA items and want to keep those funds separate. A lot of trusts out there are generic forms copied from estate planning trusts, and aren't the best suited for NFA items. One thing I've seen in every other NFA trust template I've looked at is that your co-Trustees are allowed to buy, sell, and dispose of trust assets. Most guys with a few cans and SBRs want their buddies to be able to use them, but not sell them! Mine are set up so that your co-trustees only have the right to possess and use the items. They are also specifically written with NFA items in mind, and have language preventing you from running into legal trouble as far as allowing prohibited persons from possessing the items, etc. [/QUOTE]
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So What Exactly Is Changing For NFA Trusts In July
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