Adding an SBR to a trust ?

[NFD9]

Is anyone familiar with the procedure for adding to an existing trust, so it can be used for an additional form 1?
I'm looking to get another form 1 approved (e file) for an SBR and would like to use the same trust.
TIA

 

[soam]

Once your trust is formed, you can add as many NFA items to it as you want. Send the same trust document that you used for the first application.

 

[NFD9]

Once your trust is formed, you can add as many NFA items to it as you want. Send the same trust document that you used for the first application.

How or what (in the trust) do I alter to reflect the new SBR that I'm applying for?
Do I include the pages with the existing/approved SBR?
TIA

 

[soam]

Just include a new assignment page with the new item you are adding to the trust.

 

[NFD9]

Just include a new assignment page with the new item you are adding to the trust.

Does anything have to be notarized?

TIA

 

[soam]

Does anything have to be notarized?

TIA

You should remain consistent with whatever was done on your trust - look to see what is on the assignment page for the firearm you already have, and make the new page match it. If the first assignment page was notarized, then you should get the new one notarized as well.

 

[Schuyshot]

Is an assignment page the same as a "schedule A"?

 

[RockMaple]

Many gun trusts use a "Schedule A", which lists ALL property (i.e., not just class 3 firearms) in the trust. In other words, if using a Schedule A, you are giving the ATF a catalog of your firearms. An assignment page, as used in some gun trusts, such as the ones I draft, only lists the particular class 3 firearm being transferred to the trust. I prefer the assignment page approach; why give the ATF more info than you have to?

 

[NFD9]

Many gun trusts use a "Schedule A", which lists ALL property (i.e., not just class 3 firearms) in the trust. In other words, if using a Schedule A, you are giving the ATF a catalog of your firearms. An assignment page, as used in some gun trusts, such as the ones I draft, only lists the particular class 3 firearm being transferred to the trust. I prefer the assignment page approach; why give the ATF more info than you have to?

Good info...Thank you

 

[shamrockjr]

Many gun trusts use a "Schedule A", which lists ALL property (i.e., not just class 3 firearms) in the trust. In other words, if using a Schedule A, you are giving the ATF a catalog of your firearms. An assignment page, as used in some gun trusts, such as the ones I draft, only lists the particular class 3 firearm being transferred to the trust. I prefer the assignment page approach; why give the ATF more info than you have to?

Great info. Jeff is an attorney and I've had the pleasure of him establishing my Trust for me. He knows his stuff!

 

[RockMaple]

Great info. Jeff is an attorney and I've had the pleasure of him establishing my Trust for me. He knows his stuff!

Thanks for the review!

 

[JackO]

Many gun trusts use a "Schedule A", which lists ALL property (i.e., not just class 3 firearms) in the trust. In other words, if using a Schedule A, you are giving the ATF a catalog of your firearms. An assignment page, as used in some gun trusts, such as the ones I draft, only lists the particular class 3 firearm being transferred to the trust. I prefer the assignment page approach; why give the ATF more info than you have to?

I used a trust that had Schedule A. My initial Schedule A listed just some amount of cash I put into the account to fund the trust. I got several Form 1 approved. My understanding is, I need to make an updated Schedule A listing the new NFA items. Now comes the question:

Can I use an assignment page to file new Forms 1, or do I have to stay with the Schedule A?
Any help would be greatly appreciated.

 

[dcmdon]

I don't understand whhat you mean by "File" a new Schedule A.

Add the item to the schedule A on the original notiarized trust doc and you are done. Nothing to file. Thats the beauty of a trust. Nobody knows what is on in it unless its necessary for tax (or NFA compliance) .

 

[NFD9]

I don't understand whhat you mean by "File" a new Schedule A.

Add the item to the schedule A on the original notiarized trust doc and you are done. Nothing to file. Thats the beauty of a trust. Nobody knows what is on in it unless its necessary for tax (or NFA compliance) .

Exactly, sound advice right there.

5 weeks to the day...APPROVED!

P.S. Just make sure to submit a copy of your LTC.

 

[dcmdon]

What took 5 weeks?

A form 1!!!?????

Who do you know?

I've been waiting on a form 4 for a can since February.

 

[Bcamos]

My wife and I have a trust already. Basically to provide our assets to our children in the case of an accident (life insurance, ect.). Can this still be used for NFA items? And do I need to do anything to it for it to be used for NFA items? My wife is no a LTC holder.

 

[dcmdon]

bcamos,

A specific gun trust has language that can come in handy if a trustee dies.

So it really depends on what you want to add. Look at it from a risk/reward perspective. If you are talking about an AR style SBR, you are only going to have $300 invested in it. ($100 for the lower, $200 for the stamp, remember, everything else is just "parts")

So it doesn't make sense to get a firearms specific trust done for $500. In that case, just add the SBR to the existing trust and be done.

In contrast, if you are going to own machine guns worth thousands of dollars, it would be stupid to not get the best trust you could get.

Remember, its not about the legality of it when everyone is alive. Its about how smoothly things shift if a trustee, particularly the settlor, dies.

I know people who have set up NFA trusts using Quicken Willmaker. It works for the ATF as far as transferring NFA items. But we won't know for a while how it allows assets to slide in the event of a death.

Don

 

[NFD9]

What took 5 weeks?

A form 1!!!?????



Who do you know?



I've been waiting on a form 4 for a can since February.

Yes
Nobody
Ouch!

 

[dcmdon]

Did you do an eForm?

 

[NFD9]

Did you do an eForm?

Yes
Submitted 7/7
Approved 8/12

 

[dcmdon]

I forgot about the eform when I submitted. Lesson learned!

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[Bcamos]

bcamos,

A specific gun trust has language that can come in handy if a trustee dies.

So it really depends on what you want to add. Look at it from a risk/reward perspective. If you are talking about an AR style SBR, you are only going to have $300 invested in it. ($100 for the lower, $200 for the stamp, remember, everything else is just "parts")

So it doesn't make sense to get a firearms specific trust done for $500. In that case, just add the SBR to the existing trust and be done.

In contrast, if you are going to own machine guns worth thousands of dollars, it would be stupid to not get the best trust you could get.

Remember, its not about the legality of it when everyone is alive. Its about how smoothly things shift if a trustee, particularly the settlor, dies.

I know people who have set up NFA trusts using Quicken Willmaker. It works for the ATF as far as transferring NFA items. But we won't know for a while how it allows assets to slide in the event of a death.

Don

Don, thanks for the info!!


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