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Trust still worth it?

Discussion in 'NFA Firearms and Accessories' started by Armymutt, Nov 19, 2019.

  1. Armymutt

    Armymutt Member

    Joined:
    Dec 19, 2012
    Messages:
    265
    I have 5 stamps on my trust. My biggest reason for the trust was the ability to share the items with my kids when they are older. Right now, it's become a bit of a hindrance, mostly because my wife would have to go get her fingerprints taken and she would know I was buying expensive toys. The gun shop keeps trying to get me to go the individual route, but that would preclude my kids from using them items when I'm not around, correct? Right now, I'm exploring modifying the trust to make my wife a beneficiary rather than a trustee, and I need to add my daughter as a beneficiary as well. That would probably make things easier. My wife is highly unlikely to grab one of these and go off by herself anyway.
     
  2. ddc

    ddc Member

    Joined:
    Dec 24, 2002
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    490
    Location:
    PNW
    At one point I was told that it was legal to add trustees to an NFA trust without going through the "Responsible Person" process.
    I wonder if that is: 1. still true or 2. was never true or 3. It was true but is no longer due to some change at ATF.
     
  3. Englishmn
    • Contributing Member

    Englishmn Member

    Joined:
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    You can add after stamp recieved, if you add while waiting then you are supposed to contact atf.
     
  4. dogtown tom

    dogtown tom Member

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    Thats the idea behind a trust.



    She doesn't need to "go"......perfectly legal to roll your own prints.
    If you had purchased from one of Silencer Shops "Powered By Dealer" you could have scanned fingerprints there and never need to worry about prints again.

    Roll her prints while she's asleep.



    Why?
    It's really none of their business how you apply for and possess your firearms.
    For the FFL/SOT it matters not one bit.


    If your children are listed as RP's on the trust they have the same rights as any other RP. If listed as beneficiaries (typically those under age 18) then no, one of the RP needs to be with them.

    If you have kids that like to shoot, a trust is the way to go.
    You pass away, the trust remains valid. Each of your children has equal opportunity to possess and use any NFA firearm possessed by the trust.

    But, if your tax stamps were issued to you as an individual:
    -NFA firearms would transfer according to your will via a tax free Form 5. The executor of your estate would decide which kid gets what. Those transfers could be to each beneficiary as an individual or to a trust. If John gets the machine gun transferred to him as an individual, he has to be present when others want to shoot it.

    Bet your gun shop didn't mention that did they?
     
  5. dogtown tom

    dogtown tom Member

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    Valid and the basis of Silencer Shop's "Single Shot Trust". They submit the Form 4 with only one name. After the stamp comes in, add as many eligible RP's as you wish.
     
  6. Hoser

    Hoser Moderator Staff Member

    Joined:
    Dec 29, 2002
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    Location:
    Colorado
    Trusts are still the way to go in my opinion.
     
  7. pjeski

    pjeski Member

    Joined:
    Feb 14, 2013
    Messages:
    433
    Location:
    SE Michigan
    I always like to add that a well named trust enables you to engrave something cool, and in particular not your name, on any form 1 items.
     
    Theohazard likes this.
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