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Trust questions

Discussion in 'NFA & Class III Discussion' started by shooterdave, Jun 26, 2009.

  1. shooterdave

    shooterdave Sharpshooter

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    Hey Guys, I am interested in forming a trust for the purchase of NFA items. Bryon G. mentioned this when I purchased my .22 can, and I didn't do it or really pay much attention.
    1. What are the advantages to doing this?

    2. What are the disadvantages?

    3. How does a person go about doing this?

    Thanks for your opinions/help and forgive my ignorance on this matter.
     
  2. davecaris

    davecaris Sharpshooter

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  3. carready

    carready Sharpshooter

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    I did a trust with my last 2 and it was sooooo much easier and faster. The advantages I liked was no prints, no CLEO sign off, can be changed anytime you want to add or subtract an item or add a person that can be in possession of the item.
     
  4. Dr. Tad Hussein Winslow

    Dr. Tad Hussein Winslow Sharpshooter

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    --Continuity (if you die, your successor trustee - wife, etc. - can retain possession and keep or sell - or distribute to heirs - instead of them immediately being surrendered back to BATFE)
    --No local CLEO sig required (IIRC)
    --Probably others

    --Cost & having to execute trust with notary/witnesses

    Call David Goldman at the Apple Law Firm - he'll do a great job for $600, and he does all 50 states (he teams with local counsel in OK)!

    http://www.jacksonvillelawyer.pro/lawyer-attorney-1303298.html

    and BTW, there ARE significant advantages to having a real lawyer draw it up and tailor it to YOUR situation, rather than just pigeonholing everything into the standard free form offered by Maj. Malfunction, etc. That's not to say that Maj. Malf's trust forms won't WORK or are not a good idea for a basic trust for a single person with 1 or 2 NFA items, who is a bit of a risk-taker (it'd be fine for that); It's just that if you have a spouse and/or kids, and you want some continuity in the event of death, then the money spent on having it tailored is well worth it, particularly with a LOT of NFA items.
     
  5. KOPBET

    KOPBET Sharpshooter

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    If you are the trust grantor (and trustee) and you die, the beneficiary of the trust will assume ownership not the successor trustee.
     
  6. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

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    NFA items owned by individuals are not "immediately surrendered to BATFE" when the owner dies. The NFA items will transfer on a tax free Form 5 to the rightful heir.

    http://www.atf.gov/press/breakingnews/fy01/bn_aug0999b.htm
     
  7. BobAsh

    BobAsh Sharpshooter

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    Most people do it to bypass the CLEO signoff. Personally I prefer a Form 4.
     
  8. 338Shooter

    338Shooter Sharpshooter

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    I'm confused Bob, what do you prefer a form 4 over? Thanks in advance.:friday:
     
  9. okie shooter

    okie shooter Marksman

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    Question if any one knows, I believe you have to have a seperate trust for each item, or am I mistaken? Can more than one item be in a single trust?
     
  10. 338Shooter

    338Shooter Sharpshooter

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    As many items as you want can be in a single trust.
     

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