Thus has probably been answered before. The wife and I are setting up a trust today mostly for beneficiary reasons. Is there a specific type of trust that allows me to hold NFA items? I want the trust to be all inclusive
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Thus has probably been answered before. The wife and I are setting up a trust today mostly for beneficiary reasons. Is there a specific type of trust that allows me to hold NFA items? I want the trust to be all inclusive
There is no specific type of trust for NFA items. Just be sure to include some language in your trust about the NFA items - and if possible think of all the things that could happen and how those would affect your NFA items.
For example you and your wife both die but your beneficiary has a felony and cannot take possession of the items - what then? or How will the trustees care for and use the items in the trust? Will shooting your NFA items decrease the value, if so is that allowed? Also one other thing that I see a bunch is whether or not items in the trust can be sold to pay for funeral expenses - that's usually a bad idea when it comes to NFA items.
Also, a lot of people forget that when you make NFA items you have to engrave the full name of the trust on said items. For a lot of boiler plate trusts that name is HUGE, i.e. "The John Billy Bob and Mary Sue Rotten Crotch Living and Revokable Trust". You can name the trust whatever you want.
Thanks asmotao. More questions to probably follow
I used the Revocable Living Trust on the Quicken Will Maker. I have three cans on it and have never had a problem that I didn't create. (Forgot to send some of the forms in).
The NFA specific trusts are written so that the trust document is itself explanatory of the obligations of the trustees with respect to NFA compliance. And so that the generic trust language does not lead the trustees to believe that they can act in ways in contravention of the NFA statutes and regulations. A general trust would not contain that language, nor would a forms software generated trust document.
That's why NFA specific trusts are recommended for NFA items, not a generic software generated trust document.
The trust i set up, through the lawyer in grand junction told me not to put any other assets besides NFA items on it. i would suggest having a separate trust for NFA items. my .02
Wow, are you serious?!?! So, if a guy had a Thompson, or a BAR, or an M1919, or whatever, he'd have to engrave the name of the trust on it? Man, what a buzzkilling dealbreaker! That would destroy the value of said weapon. Fawk dat shit.Quote:
Also, a lot of people forget that when you make NFA items you have to engrave the full name of the trust on said items.
not exactly, only if you create an item on a forum one since you are the manufacturer you have to engrave it since you are either creating a new item or changing it. so if you make a suppressor, SBR and such you have to engrave it with who made it which would be you. if you bought a M1919 or BAR which would have to be already registered it should already have the manufacturers information on it.Quote:
Originally Posted by rondog
hopefully that clears it up
Oh, I see. Only for something that you built yourself? Like a homemade can? That's reasonable.Quote:
Originally Posted by coop68
you got it, yeah homemade can or if you create a SBR [M2][UZI]Quote:
Originally Posted by rondog
it would suck if we had to engrave every NFA item thankfully we don't have too.
Great info guys![M2]