NFA Trust

[SAnd]

A trust is the same as a person. You transfer NFA items to a trust the same as an individual. Anything a person can do a trust can do.

You fill out the ATF Form with the trust's name as the person aquiring the item. Instead of a person's name you put the name of the trust. A trustee of the trust will sign the paperwork for the trust. The trustee doesn't have to do the CLEO signoff stuff that goes with a Form.

You will have to pay a transfer tax to move something into a trust if you already own the NFA item. Same thing if you're moving something out of a trust to you as an individual.

[ray1970]

Not trying to hi-jack the thread either, but does anyone who has a trust set up for NFA items know what I would have to do as far as taxes. I mean, would I have to file something with the IRS annually? Please shoot me a PM if you know. I live in an area where the CLEOs won't sign off and am not in a position where I can relocate to a friendlier area. Thanks.

[rtr]

The trust doesn't have to file a tax return.

[Ianski]

If i want to try and set one up myself, how would i go about doing that, is there a particular site that is used more than others?

[coop68]

If i want to try and set one up myself, how would i go about doing that, is there a particular site that is used more than others?

you need to purchase quicken will maker or some other legal/trust forming software in order to make your own unless you know the language to write it your self, i will caution you from using one, just my opinion when it comes to these types of items i prefer to make sure its right. however people have been successful setting it up on there own.


i used a lawyer up in grand junction contact info below, before the GC2012 her information was posted for the masses i believe in this post, but it was lost. when i set mine up in January she was running a special for CO-AR members for 350.00 to set up the trust.
http://www.puglieselawfirm.com/default.html
Law Office of Rose F. Pugliese, LLC
300 Main Street, Suite 301
Grand Junction, Colorado 81501
(970) 589-3755
(800) 748-9389 fax
rose@puglieselawfirm.com

[SideShow Bob]

On the trust subject, after the trust is formed, can more items be added to it ?
I understand that the tax stamp must be paid for each item. Is a trust needed for each item ?
Or is it like a special box once formed, you can throw all the goodies that you can afford into ?

[kidicarus13]

If Rose still does trusts for $350 let me know, I'll have to scrounge up some extra $

[O2HeN2]

On the trust subject, after the trust is formed, can more items be added to it ?
I understand that the tax stamp must be paid for each item. Is a trust needed for each item ?
Or is it like a special box once formed, you can throw all the goodies that you can afford into ?

You can easily add and remove items from the trust. Some trusts you simply add items to the Schedule A, on others there's a form you fill out. Both approaches accomplish the same thing.

In fact, when you send in your first Form 1 or 4, for example, the taxable item is NOT listed on the trust (the trust cannot posses it yet). But the trust MUST be funded in order for it to be a legal document (the ATF will bounce the app if it isn't). My first item was a $1 bill, with the serial number listed. It's sitting in my safe deposit box. If I had thought of it, I would have funded it with a $2 bill!

O2

[coop68]

On the trust subject, after the trust is formed, can more items be added to it ?
I understand that the tax stamp must be paid for each item. Is a trust needed for each item ?
Or is it like a special box once formed, you can throw all the goodies that you can afford into ?

yes, trusts can hold multiple items no need to set one up every time you decided to buy or make a registered NFA item.

[kidicarus13]

you need to purchase quicken will maker or some other legal/trust forming software in order to make your own unless you know the language to write it your self, i will caution you from using one, just my opinion when it comes to these types of items i prefer to make sure its right. however people have been successful setting it up on there own.


i used a lawyer up in grand junction contact info below, before the GC2012 her information was posted for the masses i believe in this post, but it was lost. when i set mine up in January she was running a special for CO-AR members for 350.00 to set up the trust.
http://www.puglieselawfirm.com/default.html
Law Office of Rose F. Pugliese, LLC
300 Main Street, Suite 301
Grand Junction, Colorado 81501
(970) 589-3755
(800) 748-9389 fax
rose@puglieselawfirm.com

Tried contacting, no response.