What about trusts generated by shops selling NFA items?

[joe_crash]

I understand the difference between a trust written by an actual Lawyer practicing in your state vs getting a generic trust off of the internet and modifying it to use as a gun trust, but what about this situation?

I am planning on buying my first silencer. I'm probably going to go through the very popular Silencer Shop site that is very popular, and has a very good cross section of inventory - everything from a .22 to a shotgun to a .50 BMG. They also offer a service to basically let them draft a trust for you, all you have to do is sign in the appropriate places, and whatever 41F did to buying NFA items through trusts - I understand it's now required to get fingerprinted, and have photos - but still, you don't have to get a CLEO to sign off on it, which would be a huge stumbling block in the area I live in. They claim their trust has never been challenged or rejected, and the price is $125 - yes, more expensive than the generic one you could download, but still far more inexpensive than having an actual lawyer draft it for you.

Has anyone had any problems using this service?

 

[Acera]

Since the rule change, you no longer have to have CLEO sign off. Both ways now include local LE notification though.

Probably will not use my trust for a while on NFA items, just go the individual route and save a lot of headaches.




Welcome to THR joe crash.
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[dogtown tom]

joe_crash ....but still, you don't have to get a CLEO to sign off on it, which would be a huge stumbling block in the area I live in.

Stumble no more. CLEO sign off disappeared July 13th, now its just CLEO notification....you mail your CLEO a copy of the Form 4.

They claim their trust has never been challenged or rejected, and the price is $125 - yes, more expensive than the generic one you could download, but still far more inexpensive than having an actual lawyer draft it for you.

Who do you think wrote the trust that Silencer Shop sells?
It sure as heck wasn't a plumber.

Has anyone had any problems using this service?

None yet, but then again I've only transferred around 300 cans from Silencer Shop.

 

[MasterSergeantA]

Do you send JUST the Form 4 to the CLEO or do you send a copy of the whole package (fingerprints, photos, etc.)?

 

[Acera]

Do you send JUST the Form 4 to the CLEO or do you send a copy of the whole package (fingerprints, photos, etc.)?

Check out this thread..............

http://www.thehighroad.org/showthread.php?t=807090




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[joe_crash]

Silencer store trust

Yes, I realized a lawyer wrote the thing - I've read their site a fair amount of times, I was just wondering if this would be considered a generic trust off the internet.
And thanks, now I have decided to use them for my trust. Odd though, one of their dealers in my area on their prefered dealers list promotes a local lawyer for making a trust. Just wondered why they would do that if they are so partnered up with the Silencer Shop (not really partnered up, I understand that, but on their dealers list.)

Thanks!

 

[Elkins45]

Do you really need a trust now that CLEO sign off is gone? If you are going to be the only person in the trust then there's really no advantage anymore. I have a trust but if I ever buy a new NFA item I will probably just file as an individual so my wife doesn't have to do prints.

 

[joe_crash]

Trust vs individual

It's my impression the trust would wrk better is because you can hand it down, and register future NFA items on it. Also, if you're married you can put your wife on it, avoiding need to keep it locked up where she doesn't have access to it. I admit I'm not really strong on this - apologies in advance if I'm wrong

 

[pdsmith505]

Your NFA items can be transferred tax free to beneficiaries when you die regardless of whether you use a trust or not. That's what Form 5 is for.

The advantage that trusts maintain now that 41F is in effect is with regards to having multiple people capable of being in possession of the NFA items without violating the law. However, I am unaware of a single instance where a spouse, for example, has been prosecuted for having the combo to a safe with an NFA item not registered to him/her in it.

 

[pjeski]

It's still pretty nice not to have to engrave my name on my SBRs. So yeah, I'm probably sticking with the trust.

 

[dogtown tom]

pjeski It's still pretty nice not to have to engrave my name on my SBRs. So yeah, I'm probably sticking with the trust.

A trust doesn't exempt the maker of an NFA firearm from the engraving requirement.

 

[pdsmith505]

A trust doesn't exempt the maker of an NFA firearm from the engraving requirement.

Yeah, but it's a lot easier to engrave JS Trust instead of Johnathan Schmuckatelli. It's a valid point.

 

[pjeski]

A trust doesn't exempt the maker of an NFA firearm from the engraving requirement.

I didn't even suggest it did. As pdsmith says. My trust name doesn't even have the word trust in it. It's "XX Arsenal". (Ok, not really XX) That looks way better engraved than my name.

 

[Carl N. Brown]

Is a trust still useful to your heirs or estate when you die, to insure orderly transfer of lawful possession?

 

[pdsmith505]

No more useful than a properly done Will that delineates who gets what.

 

[Arizona_Mike]

Yes, I realized a lawyer wrote the thing - I've read their site a fair amount of times, I was just wondering if this would be considered a generic trust off the internet.
And thanks, now I have decided to use them for my trust. Odd though, one of their dealers in my area on their prefered dealers list promotes a local lawyer for making a trust. Just wondered why they would do that if they are so partnered up with the Silencer Shop (not really partnered up, I understand that, but on their dealers list.)

Thanks!

Silencer Shop is the largest supplier to dealers (on Form 3s) and the largest supplier to customers in Texas (on Form 4s). Trusts are creatures of state law and the details that make them valid or invalid vary by state.

Here is just one example of many of a legal issue where states vary tremendously: https://en.wikipedia.org/wiki/Rule_against_perpetuities

Mike

 

[Acera]

A trust set up properly can be so much easier to deal with than a will. When my grandmother passed she had everything in trusts set up by the family attorney.

No probate, no trips to the court house, just a quick visit to the law office.

We ended up spending most of the time catching up on their family and visiting, the house, the land, the bank accounts, etc. were all handled in that 30 minute visit.

My NFA trust is set up in such a way that it includes my properties, cars, everything. The trustees know what goes where, so easy deal when I pass. Of course, I paid a good attorney to set this all up, no internet forms for me.



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