41P signed and passed

[yz9890]

It's still unclear to me.

Will a trust continue to be beneficial after July?

If I have a trust set up or applied for before then, are additional requirements applicable to it come July?

Will it do me any good to set up a trust now if I can't purchase or add an NFA item to it before July?


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[kidicarus13]

Will it do me any good to set up a trust now if I can't purchase or add an NFA item to it before July?

You can purchase and add to it from now until July, nothing has changed.

[Great-Kazoo]

It's still unclear to me.

Will a trust continue to be beneficial after July?

If I have a trust set up or applied for before then, are additional requirements applicable to it come July?

Will it do me any good to set up a trust now if I can't purchase or add an NFA item to it before July?


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Try rereading it.

AFTER JULY1/2016 ANY application (Trust or Individual) submitted MUST be accompanied by fingerprints AND a photo (passport size) That info stays valid for 2 years after being submitted.

You can do anything you want trust or no trust, providing you include pics & photo. You don't need a trust set up now. After July1 you don't need a trust at all.

HOWEVER if you reread this and other threads regarding Trust etc. It will (hopefully) become clear why a trust may or may not be something you want to file your NFA items under.

[NFATrustGuy]

ONE of the benefits of a Trust is that you don't need a sign off from the local chief law enforcement officer.

This will no longer be a benefit of a Trust after July, 2016 because neither individuals NOR Trusts will need a sign off.

For many people, a Trust will still be a viable option because it will STILL allow you to share your NFA stuff with a friend or a relative. in my form of NFA Trust, this is accomplished by naming your friend or relative as a Co-Trustee. As an example, my brother is listed as a Co-Trustee on my personal Trust so he can borrow my .22LR suppressor when he goes to the range without me. If I was married [I probably wouldn't have as many toys, but that's beside the point], I'd list my wife as a Co-Trustee so she could handle my NFA items while I'm out of town.

I know it's self-serving of me to say it, but Trusts aren't dead just because the Chief Law Enforcement Officer signoff has been removed.

[Roger Ronas]

my understanding is that with a Trust your Co-Trustees can possess items when your not around. As an individual only you can be in possession of item.
Also when you pass, items would legally be able to be in beneficiaries possession without another tax stamp that would be required if individual.

I think I got that right.

YMMV
Roger

[Brian]

my understanding is that with a Trust your Co-Trustees can possess items when your not around. As an individual only you can be in possession of item.
Also when you pass, items would legally be able to be in beneficiaries possession without another tax stamp that would be required if individual.

I think I got that right.
YMMV
Roger

I believe ATF re-confirmed in 41F that a executor / personal representative may be in possession of any firearm registered to someone who passed, and that transfers to beneficiaries remain tax exempt.

However - Rod may be able to clarify, but I believe one of the benefits of a trust is that it keeps any transfers out of any public record that they may be in as a result of probate, etc. Definitely not my area of expertise, but I know privacy is a big deal to a lot of us. Keeping your "scary guns" out of the public eye and avoiding probate in general is something that's likely a good idea, especially if it's possible things may get messy once you pass. I've been surprised as I've grown older how many normal, friendly, families disintegrate when there's a chance to fight over "stuff" they think they might be owed.

[colorider]

Rod,
Aren't co-trustees required to submit the prints, bgc, and photos too When the new rules go into effect? Or is it a matter of how the co-trustees are worded on the Trust? I swear I read earlier in this thread that the co-trustees will be required to provide the same stuff as the trustee.

[brutal]

Rod,
Aren't co-trustees required to submit the prints, bgc, and photos too When the new rules go into effect? Or is it a matter of how the co-trustees are worded on the Trust? I swear I read earlier in this thread that the co-trustees will be required to provide the same stuff as the trustee.

...jumps in with possible misinformation...

Not if they're not on the trust when you file. <wink>

rescind, file, appoint, wash and repeat?

[NFATrustGuy]

...jumps in with possible misinformation...

Not if they're not on the trust when you file. <wink>

rescind, file, appoint, wash and repeat?

Exactly.

As with so many feel good laws, they've left a gaping hole in this one, too.

They actively considered requiring new Co-Trustees to submit fingerprints and a photo whenever they are appointed, but in the end, decided against the requirement.

[O2HeN2]

...jumps in with possible misinformation...

Not if they're not on the trust when you file. <wink>

rescind, file, appoint [requiring 4473s and acquisition statements for everyone (family relation or not) and listing all firearms in the trust and maybe requiring 3310.4s if there is more than one handgun in the trust], wash and repeat?

Just being explicit...

O2