To Trust or not to Trust

[Little Dutch]

I am debating on making a trust for the two new suppressors I have on order. I don't think that the "treating a trust as a person under the law" thing is going to change any time soon (I could be wrong), so the NFA trust concept probably isn't going anywhere. If the Hearing Protection Act ever passes, it will have been wasted effort. The only people I can think to add to the trust would be my immediate family.

Any thoughts? Any faith in the Hearing Protection Act ever being passed?

I have one 2 other NFA items, one suppressor, registered to myself already, if it matters.

[C Ward]

HPA is a pipe dream and I don't think it will ever pass and the way it's worded is bad for Co .

With the change to the paper work not requiring CLEO sign off any more a lot of the motivation for a trust is no more because you don't have to deal with the politics of them not signing off . If you still need it for estate planning and having the family on it would be the only reason to go that way now for me . Everyone listed a a responsible person on the trust now will have to submit pictures and prints .

To transfer the stuff you already have to the trust would entail another 200 apiece and doing the form 4 dance again .

[Great-Kazoo]

I am debating on making a trust for the two new suppressors I have on order. I don't think that the "treating a trust as a person under the law" thing is going to change any time soon (I could be wrong), so the NFA trust concept probably isn't going anywhere. If the Hearing Protection Act ever passes, it will have been wasted effort. The only people I can think to add to the trust would be my immediate family.

Any thoughts? Any faith in the Hearing Protection Act ever being passed?

I have one 2 other NFA items, one suppressor, registered to myself already, if it matters.

I'll echo what C Ward posted. Regarding existing NFA items you own. Those can be Form 5 transferred, to who ever you stated in your will at no charge.

You do have a will or similar paperwork that's up to date, yes? If not do a search or advanced search as this topic and NFA items has been discussed a few times.

[brutal]

Your only advantage now with (4?) NFA items would be an easier transition for your potential co-trustee or beneficiary.

As cward pointed out, you'd be popping $200 per item to transfer them after the fact.

Trust also complicates adding, but not a big deal with just me and the wife. Never figured out if a legal workaround was to remove co-trustee, add item, re-add co-trustee. Not sure why that wouldn't work because my trust from NFAtrustguy allows at will add/remove of co-trustees.

Regardless of HPA, which I also agree could be a really bad thing for CO residents, the whole trust thing worked out well for me because:

• Weaver wouldn't sign NFA here prior to 41P
• I transferred all my scary magazines to the trust pre July 2013

[NFATrustGuy]

I'll offer my 2 cents here out of appreciation for all of you who've been so good to me over the years.

From a Trust law perspective, there's nothing preventing you from adding and removing "responsible persons" during your lifetime. You can do this as often and whenever you choose. The tricky part is that you must abide by the terms of your particular Trust. On the Trusts I create, this is a matter of completing a few fill-in-the-blank forms. They don't have to be notarized and they don't have to be filed with anyone. Bah-duh-bing, Bah-duh-boom, as they say. In addition, on my version of the Trust, the only people who meet the Fed's definition of "responsible person " are the original Trustee and any people who are subsequently appointed as co-Trustees.

The desirability of holding NFA items in a Trust has definitely waned since the passage of 41F, but it's still a viable and legitimate alternative for those who wish to legally share NFA items with family and/or friends.

To answer the next question: Yes, I'm again accepting new NFA Trust business. I'm still a little butt hurt that there will be people
who will try to take advantage of the situation by pumping me for information and then buying a $99 Trust with no support from an non-attorney, but I guess that's just how the world works. I might be a little more guarded about providing a bunch of answers before someone signs up for my service, but I guess that's also just part of how the world works!

[CS1983]

Sir, your willingness to answer questions during and after the process is one of the reasons I value the money I spent with you on the Trust -- it's not just a form, but peace of mind from a lawyer's answer. Perhaps you could make a basic FAQ, and anything beyond that, just point them to your thread. You have a bunch of satisfied customers, myself included.

[kidicarus13]

Sir, your willingness to answer questions during and after the process is one of the reasons I value the money I spent with you on the Trust -- it's not just a form, but peace of mind from a lawyer's answer. You have a bunch of satisfied customers, myself included.

+100 So glad I went the NFA TrustGuy route.

[Little Dutch]

I'll offer my 2 cents here out of appreciation for all of you who've been so good to me over the years.

From a Trust law perspective, there's nothing preventing you from adding and removing "responsible persons" during your lifetime. You can do this as often and whenever you choose. The tricky part is that you must abide by the terms of your particular Trust. On the Trusts I create, this is a matter of completing a few fill-in-the-blank forms. They don't have to be notarized and they don't have to be filed with anyone. Bah-duh-bing, Bah-duh-boom, as they say. In addition, on my version of the Trust, the only people who meet the Fed's definition of "responsible person " are the original Trustee and any people who are subsequently appointed as co-Trustees.

The desirability of holding NFA items in a Trust has definitely waned since the passage of 41F, but it's still a viable and legitimate alternative for those who wish to legally share NFA items with family and/or friends.

To answer the next question: Yes, I'm again accepting new NFA Trust business. I'm still a little butt hurt that there will be people
who will try to take advantage of the situation by pumping me for information and then buying a $99 Trust with no support from an non-attorney, but I guess that's just how the world works. I might be a little more guarded about providing a bunch of answers before someone signs up for my service, but I guess that's also just part of how the world works!

I asked my attorney about NFA trusts, requesting his advice. His recommendation was, should I choose to pursue an NFA trust that I contact an attorney who specialized in these trusts, as opposed to filling out some forms on the internet.
I am curious what you would charge to help me set one up. PM incoming with that question and an email address.

[brutal]

Sir, your willingness to answer questions during and after the process is one of the reasons I value the money I spent with you on the Trust -- it's not just a form, but peace of mind from a lawyer's answer. Perhaps you could make a basic FAQ, and anything beyond that, just point them to your thread. You have a bunch of satisfied customers, myself included.

LIKE

[brutal]

I asked my attorney about NFA trusts, requesting his advice. His recommendation was, should I choose to pursue an NFA trust that I contact an attorney who specialized in these trusts, as opposed to filling out some forms on the internet.
I am curious what you would charge to help me set one up. PM incoming with that question and an email address.

It's SOOOO worth the small additional cost.

For me, it was a complete no-brainer. Use an Attorney that has a rock solid easy to manage trust, and can be counted on to help answer questions down the road.

I'll rub everyone's nose in it again by saying that having the trust in place prior to July 2013 and being able to put all my evil magazines in the trust was an added bonus.