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The Range
NFA & Class III Discussion
Trust with trustee question
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<blockquote data-quote="aestus" data-source="post: 2894376" data-attributes="member: 2989"><p>Also to answer your question. Based on what I've read on the changes, there is a slight "loophole" where If you had already formed the trust with the NFA item in the trust's posession, then you could simply add more people to the trust without the fingerprinting. However, if the item wasn't already in the trust's possession and you wanted to add the item to the trust, that WOULD REQUIRE everyone on the trust to be fingerprinted. Fingerprints are required from everyone in the trust everytime the trust gains possession of a NFA item. Fingerprints are not required if you are simply adding more trustees to a trust that already has existing NFA items. </p><p></p><p>The fingerprints are needed when a new NFA item is being transferred to the trust. Since you did a Form 3, which is a dealer to dealer transfer, that means that a Form 4 transfer from the dealer to you needs to happen. Unfortunately, that means you and another trustee has to be printed. You need 1 other person to serve as another trustee and you 1 person to be a beneficiary, so that at least 3 people. Plus, you'll want to get it notarized and that requires 2 people who are not the beneficiaries or a trustee to serve as witnesses. So, you're probably talking a total of 5 people who need to be involved plus a notary.</p><p></p><p>The compromise is that once everyone has been fingerprinted, and if you don't go more than 1 or 2 years between NFA purchases and there has been no changes to the trust (in terms of adding or removing of trustees) you can simply tell the ATF that there has been no changes since the last fingerprints and you can purchase the NFA item without the need of finger prints again. However, once you change your trustees and/or you go for more than 2 years of a NFA purchase, you are required to get the prints again for everyone.</p><p></p><p>If you didn't beat the deadline, it's probably not worth it for you to do the trust, unless you really do want something to pass down the line in your family. Which if so, you'll definitely want to go the lawyer route to make sure you aren't jeopardizing your beneficiaries into potential legal trouble, or because you want to share your NFA items with family / friends and let these people gain posession for the items for use without your presence.</p></blockquote><p></p>
[QUOTE="aestus, post: 2894376, member: 2989"] Also to answer your question. Based on what I've read on the changes, there is a slight "loophole" where If you had already formed the trust with the NFA item in the trust's posession, then you could simply add more people to the trust without the fingerprinting. However, if the item wasn't already in the trust's possession and you wanted to add the item to the trust, that WOULD REQUIRE everyone on the trust to be fingerprinted. Fingerprints are required from everyone in the trust everytime the trust gains possession of a NFA item. Fingerprints are not required if you are simply adding more trustees to a trust that already has existing NFA items. The fingerprints are needed when a new NFA item is being transferred to the trust. Since you did a Form 3, which is a dealer to dealer transfer, that means that a Form 4 transfer from the dealer to you needs to happen. Unfortunately, that means you and another trustee has to be printed. You need 1 other person to serve as another trustee and you 1 person to be a beneficiary, so that at least 3 people. Plus, you'll want to get it notarized and that requires 2 people who are not the beneficiaries or a trustee to serve as witnesses. So, you're probably talking a total of 5 people who need to be involved plus a notary. The compromise is that once everyone has been fingerprinted, and if you don't go more than 1 or 2 years between NFA purchases and there has been no changes to the trust (in terms of adding or removing of trustees) you can simply tell the ATF that there has been no changes since the last fingerprints and you can purchase the NFA item without the need of finger prints again. However, once you change your trustees and/or you go for more than 2 years of a NFA purchase, you are required to get the prints again for everyone. If you didn't beat the deadline, it's probably not worth it for you to do the trust, unless you really do want something to pass down the line in your family. Which if so, you'll definitely want to go the lawyer route to make sure you aren't jeopardizing your beneficiaries into potential legal trouble, or because you want to share your NFA items with family / friends and let these people gain posession for the items for use without your presence. [/QUOTE]
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