Assignment Page

[XTAV750]

Ok I though I had this firgured out, and then I talked to my father in law. Now my shit is totally confused.

So, I set up a basic trust from guntrustlawyer . com. I'm about to have it notarized and the question came up about having it funded. I was pretty sure that since the trust is initially going to be for an SBR, I would put the s/n of the lower to be used on the assignment page, thereby putting it in the trust and funding it all at the same time.

My FIL is telling me that all I need to do it put the s/n of a $10 bill which will fund it and not to add the lower until I have all the parts and then assign them all at the same time...

Da fuq?

I get the funding part but why not add the lower especially if I'm going to send that page to the atf? I'm sure this has been covered somewhere, but i didn't really find an answer.

 

[IPSC_DRL]

Funding a trust is simply the act of assigning something of tangible value to the ownership of the trust. I deal with trusts all the time but not when it comes to firearms.

 

[massBRS]

I'm not saying this as legal advice or to establish a lawyer-client relationship, but I am a lawyer and I didn't do that with my trust for my SBR. I just used my lower.

 

[Schuyshot]

I bought an Arsenal Trust. They provided a very clear set of instructions regarding this matter. There is a $5 bill paper clipped into my original, notarized trust document. From what I read and understood in the Arsenal package, I'm not sure it could be interpreted that anything other than funding at the time of activating with money could be legit. Just assign a $5 bill!! Like massBRS said, there must be something tangible in the trust for it to be valid. I can't expect ATF to assign a lower/sbr to an invalid trust. I've rolled quarters for gas but I'm still not missing that $5 bill... This way no matter what SBR supp, MG or whatever AOW-da-fuq I sell/trad/destroy (or all of them...) out of my trust I know its still valid.

 

[ScottS]

As was mentioned above, "funding" a trust simply means assigning something to it. Don't let the term "funding" mislead you into believing it must me funded with cash. Starting an NFA trust to Form 1 an SBR makes all of this easy. Assign your AR lower to the trust, and you thereby fund it. The trust now owns the underlying firearm that you are going to make into an SBR.

Sometimes, for a Form 4 transfer, you can get into a real "he said, she said" on whether or not you should assign the NFA asset to the trust before you actually get the stamp, but with a Form 1, where you already own the AR, it's so much easier.

 

[atilla]

As was mentioned above, "funding" a trust simply means assigning something to it. Don't let the term "funding" mislead you into believing it must me funded with cash. Starting an NFA trust to Form 1 an SBR makes all of this easy. Assign your AR lower to the trust, and you thereby fund it. The trust now owns the underlying firearm that you are going to make into an SBR.

Sometimes, for a Form 4 transfer, you can get into a real "he said, she said" on whether or not you should assign the NFA asset to the trust before you actually get the stamp, but with a Form 1, where you already own the AR, it's so much easier.

this. good post.

 

[XTAV750]

Awesome. Thanks for sorting that out. I got the trust set up a few days ago, and I'm looking to efile this week when I get back from work.

For the NH guys, any recommendations on where to go to get the lower engraved?

 

[ScottS]

Awesome. Thanks for sorting that out. I got the trust set up a few days ago, and I'm looking to efile this week when I get back from work.

For the NH guys, any recommendations on where to go to get the lower engraved?

I have used, and highly recommend, Integrity Laser, in Nashua. They've engraved a number of AR lowers and some other stuff for me. Reasonable prices, and it's done while you wait and watch. It's actually pretty cool.

Really nice folks, too.

 

[Schuyshot]

Is there a time frame in which you must "assign" a new item to the trust after approval? Get stamp, assign that day? Next business day? etc..

 

[Reptile]

Is there a time frame in which you must "assign" a new item to the trust after approval? Get stamp, assign that day? Next business day? etc..

I sent my assignment page with witness signatures with my form 1 when I applied for the stamp in the first place. If I recall correctly.

 

[XTAV750]

What else would I need to assign for an SBR build? The barrel? or is the lower all they need to have?

 

[ScottS]

What else would I need to assign for an SBR build? The barrel? or is the lower all they need to have?

A firearm is described by its serial number. The serial numbered lower is the firearm. There is nothing else to assign.

 

[Sinitron]

Ok I though I had this firgured out, and then I talked to my father in law. Now my shit is totally confused.

So, I set up a basic trust from guntrustlawyer . com. I'm about to have it notarized and the question came up about having it funded. I was pretty sure that since the trust is initially going to be for an SBR, I would put the s/n of the lower to be used on the assignment page, thereby putting it in the trust and funding it all at the same time.

My FIL is telling me that all I need to do it put the s/n of a $10 bill which will fund it and not to add the lower until I have all the parts and then assign them all at the same time...

Da fuq?

I get the funding part but why not add the lower especially if I'm going to send that page to the atf? I'm sure this has been covered somewhere, but i didn't really find an answer.

Your packet of materials from GTL should have two additional items in it. A real 'funding page' showing how the trust got money / funds to pursue your items you pay for later, and an "assignment page" which is a long blank chart with you and your trust name - you simply enter your items into (Make, Model, Serial#, etc.) I do one assignment page per item when scanned to PDF and submitted for a stamp.

 

[atilla]

Your packet of materials from GTL should have two additional items in it. A real 'funding page' showing how the trust got money / funds to pursue your items you pay for later, and an "assignment page" which is a long blank chart with you and your trust name - you simply enter your items into (Make, Model, Serial#, etc.) I do one assignment page per item when scanned to PDF and submitted for a stamp.

funding page is unnecessary. i do not have one.

 

[Sinitron]

funding page is unnecessary. i do not have one.

"If you want to" ... e.g. follow the money, if you need to provide proof for some reason.

 

[ScottS]

"If you want to" ... e.g. follow the money, if you need to provide proof for some reason.

No reason to. A trustee is empowered to acquire and dispose of trust items. Much ado about nothing.

 

[Sinitron]

No reason to. A trustee is empowered to acquire and dispose of trust items. Much ado about nothing.

You are correct, but we're talking about two different things. Again, my comment wasn't regarding an assigned item, trustee, or handling of property from an assignment sheet. It was regarding a form included in a packet for declaring funding source to start a trust or for operations. Two different items.