With the ability to assign an NFA item to a trust going away soon, is it worth it to form a trust (given the associated expenses) or go the individual route while living in a green town?
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Emphasis mine.drgrant said:Its not "going away". The process may or may not be changing.
It's a bit more expensive than Quicken willmakercheapest one out there: http://www.guntrust.com/create-trust/
Has anyone here used this one???
We should meet up some time and compare the raw text from two "guntrust.com" trusts. I'm curious whether they change some of the wording for each customer as part of their "watermarking", this could explain some of the strange phrasing I see in the generated PDF file. There was one place where the terminology used was just not "right", but nothing that would invalidate the trust (IANAL, YMMV, TANSTAAFL)i have.
cheapest one out there: http://www.guntrust.com/create-trust/
The rules for formation of a revokable living trust (non-NFA-specific) vary by state.How do you guys name your NFA trusts? Can it be called anything, or does it have to have trust creators name, like Joe Shmoe NFA Trust?
Best practice is to open a trust banking account. Some people will just buy a postal money order for the $200 stamp fee.Is it required to have a separate trust bank account, or can the trustee's account be used to pay the stamp fee ($200) ? In other words, did you open a trust checking account or not?
Best practice is to open a trust banking account. Some people will just buy a postal money order for the $200 stamp fee.
A trust must have assets to legally exist. One way to ensure a newly formed trust has legal assets is to [thread=151704]open a bank account in the name of the trust[/thread] and deposit the necessary funds (plus whatever is needed to keep the account open after BATFE gets paid). Once the trust buys a gun and a tax stamp, the bank account is no longer necessary, you don't need to keep it open indefinitely.
Sure. OTOH, if you're doing an SBR on a trust, you will want to do the [thread=222017]eForm[/thread] and make your tax payment via pay.gov.What about transferring a firearm (or a receiver) to a trust prior to converting it into an SBR? It can be included on Schedule A of a newly formed trust. Would this work?
It appears that many, many people with NFA trusts pay for the tax stamp with a trustee's personal check. No red flag.Then the stamp could be paid by a check from trustee checking account.
you have to transfer the firearm or reciever into the trust before you file for the stamp, the trust and assignment page need to go with it to the ATF.
I'm not sure about MA, but in general, for a trust to be valid, the trust must have assets. An trust that uses a "Schedule A" must list something on the schedule or it is not a valid trust. Some people just list $10Just called ATF @ 304-616-4500 and got it all explained. One DOES NOT list on Schedule A a firearm or receiver that is intended to be converted into SBR. It will be transferred to the trust AFTER getting the tax stamp. If it's a new trust and it does not own any NFA items yet, just submit an empty Schedule A.
the permanently engraved items were already NFA items, already manufactured and engraved, and the engraving is where they are "manufactured". so those are fine.
as for the trust? some folks get new ones in their states, i did not. i have yet to receive a yes or no on my form, so i can't tell you how well keeping the trust from state A works if you're now in state B.
i can tell you DON'T MOVE while you have shit in process, just don't do it. it has been a massive headache for me. if you're gonna move and already have NFA items, you MUST do a 5320, you can't move them without an approved 5320.
my original form was kicked back for corrections when i moved as the address was wrong now that it'll be in a new state the address needs to reflect that, and so does the engraving as it'll be manufactured in the new state.