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NFA Trust - My Experience

NFA Trust

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#1 SacRyan

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Posted 16 February 2014 - 01:42 PM

Legal mumbo jumbo - I'm not an attorney and this is only my understanding and experience in the process.

 

I recently finished up my NFA Trust and am researching my first suppressor purchase.  One contributor asked for my experience in building the trust and as such this post was born.

 

My first step in building the trust was to run down an attorney local to me who had experience in building NFA Trusts.  After surfing around local shooter's boards and a few dealers one name kept coming up and I gave the guy a call.  He sent me over an initial agreement for me to sign if I was interested and a questionnaire that a normal human could read and fill out.  

 

My trust was easy enough given it was just me and my wife on it and I left successor trustee as another family member.  The successor doesn't really matter so long as they are over 21 and can legally own the weapons should everyone else on the trust die.  Where this can get more difficult is if the trustees (the idiots that can be in possession of the items on the trust and are responsible for them) need to sign the trust in front of a notary separately.  Then you have to have some additional paperwork to deal with multiple notary acknowledgements. Not a huge issue, just something to be aware of.

 

Then you take your whole trust down to a notary (or likely the attorney's office but I couldn't make it during business hours) and get your acknowledgements signed.  You have now created another legal entity that can purchase your weapons.  

 

When Filling Out Your Form 1:

http://princelaw.fil...rm-1-copy-2.pdf

 

When Filling Out Your Form 4:

http://princelaw.fil...rm-4-copy-2.pdf

 

Those two links helped me out about what your form 1 and 4 are going to look like. Those are example forms filled out using a trust.

 

When you submit your form 1 and 4 with purchase you'll need to submit a copy of the ENTIRE trust with it.  You'll need a ton of copies of the damn thing.

 

My recommendation: put the original 'wet signed' copy of the trust in a very safe place (safe, safe deposit box, mattress) and make about 20 copies of the original.  (Copies of copies of copies never work out real well so having a bunch off the original is nice).  Then I'd keep a copy of all relevant paperwork in your range bag and one in the case you transport the weapon in, because you really can't have too much paperwork to burry a LEO in and prove you're supposed to have that full auto SBR with the bad ass suppressor.

 

That's it.

 

So far I haven't made my first purchase and if you have recommendations on suppressors I'm all ears over on my other post:

http://itstactical.c...hat-suppressor/

 

Hope this helps someone decide to 'pull the trigger' on their trust and if you have questions I'll do my best to answer them. Also, as soon as I pick my suppressor I'll let everyone know how the purchase went.


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#2 Probablytaken

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Posted 16 February 2014 - 02:20 PM

Forgive the uninformed, but the purpose of the trust is to allow the NFA Stamp to pass on with the gun, in succession?


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#3 Davis

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Posted 16 February 2014 - 04:23 PM

SacRyan, thanks for taking the time to but this together man, I really appreciate it. I'm going to starting looking into this and looking around for any local attorneys that have experience in this. I live in a very pro gun place, so I'm sure there must be a few.  

 

With the Trust, are you able to add people to it after the fact? Also, if you are willing can you say roughy how much the entire process cost you?


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#4 SteveSOS

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Posted 17 February 2014 - 03:53 AM

Trusts allow a couple things. One it allows the NFA item to be seamlessly shared between members of the trust, also it ensure that your items will be passed to a next of kin or another person in the trust. Shit part is if you have people in the trust that you had a falling out with... they can keep the stuff and you have nothing you can say about it. 


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#5 Superman

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Posted 17 February 2014 - 09:49 AM

SacRyan, thanks for taking the time to but this together man, I really appreciate it. I'm going to starting looking into this and looking around for any local attorneys that have experience in this. I live in a very pro gun place, so I'm sure there must be a few.  

 

With the Trust, are you able to add people to it after the fact? Also, if you are willing can you say roughy how much the entire process cost you?

 

Yes, you can add people and items to the trust after you initially create it.  Mine cost me $300 and it was pretty much idiot proof to get it done.


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#6 Superman

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Posted 17 February 2014 - 09:55 AM

Forgive the uninformed, but the purpose of the trust is to allow the NFA Stamp to pass on with the gun, in succession?

 

Here are the pro's of the trust that I know of:

- Anyone on the trust can legally possess the NFA items that are in the trust.

- You can pass on the items in the trust to your beneficiaries (children or whoever).

- You do not have to submit fingerprints / photos

- You do not have to get your local chief of police or sheriff sign paperwork for you (which is pretty hard to get apparently, because they can refuse).

 

The ones in bold are the main selling points for a trust.  Pretty much everything else is the same either route you take.


Edited by Superman, 17 February 2014 - 11:09 PM.

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#7 SacRyan

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Posted 17 February 2014 - 11:54 AM

Gents,

 

Rather than quote everyone here are the answers so far:

 

Main benefits: See Superman's Post.  He covered it well.

 

My Cost: $250 to get the trust done.

 

Yes you can add people - If you are adding people that are not Married to you (a civil contract of its own), I would recommend drawing up a civil contract with the individuals you are adding as trustees as SteveSOS is right, they can make off with the trust items and you have no real say so long as they can 'prove by preponderance of evidence' (civil contract term) they were acting in the interest of the trust.  An addition contract with them that covers the removal of them a trustee (I'd always remain the 'top dog' on the trust personally and pay it out of pocket solely to be sure I retained it) would help with the falling out scenario.


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#8 SacRyan

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Posted 10 March 2014 - 03:45 PM

UPDATE:

 

So I found a new benefit to the trust - Online submission of your Form 1 or Form 4.  It is rumored that this even speeds up the time for your approval as well.

 

I submitted a Form 1 today for an SBR and will let you all know how it turns out.


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#9 spenceman

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Posted 30 March 2014 - 09:26 AM

 

NFA trusts are the way to go. I've got 2 silencers, an SBR, and an SBS.


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#10 SteveSOS

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Posted 30 March 2014 - 10:17 AM

I use my trust a lot.


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