Trust issue

[DukeConnor]

Suppose someone built a form 1 supressor and put it in a family members trust. Now the person in possession of the suppressor and the trust starter are no longer on speaking terms. What options does the possessor of the suppressor have. Can he have it removed ?

 

[dogtown tom]

Suppose someone built a form 1 supressor and put it in a family members trust. Now the person in possession of the suppressor and the trust starter are no longer on speaking terms. What options does the possessor of the suppressor have. Can he have it removed ?

As the silencer was "made" by the trust, it remains in the trust shown on the Form 1.
A Form 4 with $200 tax would be required to transfer to an individual or to another trust/LLC/Corp.

 

[DukeConnor]

As the silencer was "made" by the trust, it remains in the trust shown on the Form 1.
A Form 4 with $200 tax would be required to transfer to an individual or to another trust/LLC/Corp.

Thanks.

 

[Plano11]

As the silencer was "made" by the trust, it remains in the trust shown on the Form 1.
A Form 4 with $200 tax would be required to transfer to an individual or to another trust/LLC/Corp.

Thanks for the clarity I was I also waiting on some answers.

 

[giggitygiggity]

Trusts generally have one person designated as the principle trustee, who has the authority to amend the trust (add/remove trustees). If you were that principle person and had a trust with 5 trustees and the trust owns 20 items, you could theoretically remove the trustee that was causing issues. The remaining 4 trustees would have access to the items as they remain trustees within the trust. The removed (now former trustee) no longer has any right to any of the items held in the trust. It doesn’t matter from whose pocket the money came to purchase any of the items held in trust or anything else. Those items are owned by the trust until transferred to another trust/individual/legal entity (if an NFA item, this would require form4 and approved tax stamp).

 

[AlexanderA]

This is one of the reasons why, IMO, trusts are over-hyped. Fallings-out, even among close family members, are more common than you might think.