Archived Posts » 59,609,787
"Individual Trust" vs. "Shared Trust"
11/29/2011 9:28:13 PM
I'd like to create a "Shared Trust" in which both my wife and myself are primary trustees.
The reason I want to do this is so my wife and I can each use the NFA items held by the trust without the
other person being present.
The only examples I've seen of living trusts for NFA purposes have been "Individual Trusts."
Is a "Shared Trust" good to go in terms of BATFE approval?
Has anyone had Form-1/Form-4 approval using a "Shared Trust"?
Thanks.
The reason I want to do this is so my wife and I can each use the NFA items held by the trust without the
other person being present.
The only examples I've seen of living trusts for NFA purposes have been "Individual Trusts."
Is a "Shared Trust" good to go in terms of BATFE approval?
Has anyone had Form-1/Form-4 approval using a "Shared Trust"?
Thanks.
11/29/2011 9:45:08 PM
What you are talking about is a revokable living trust. They typically have only one grantor or settlor. However a trust can have multiple trustees (sometimes called co-trustees). The trustees are the ones who can be in possession of the items. So you would want to name yourself and your wife as trustees. You sound pretty mixed up on this stuff. Might be worth it to spend a bit a cash for an attorney to make sure it is done right.
11/29/2011 9:46:14 PM
Originally Posted By eightring:
I'd like to create a "Shared Trust" in which both my wife and myself are primary trustees.
The reason I want to do this is so my wife and I can each use the NFA items held by the trust without the
other person being present.
The only examples I've seen of living trusts for NFA purposes have been "Individual Trusts."
Is a "Shared Trust" good to go in terms of BATFE approval?
Has anyone had Form-1/Form-4 approval using a "Shared Trust"?
Thanks.
I'd like to create a "Shared Trust" in which both my wife and myself are primary trustees.
The reason I want to do this is so my wife and I can each use the NFA items held by the trust without the
other person being present.
The only examples I've seen of living trusts for NFA purposes have been "Individual Trusts."
Is a "Shared Trust" good to go in terms of BATFE approval?
Has anyone had Form-1/Form-4 approval using a "Shared Trust"?
Thanks.
Yes, that is one of the benefits of using a trust.
As long as it is a legal and correctly executed trust the ATF will approve NFA items for it.
A trust is a both an acceptable option as well as a preferred option for many people in just your situation. You can have multiple trustees I have myself, my wife, my father and a couple of other individuals. Our trust is tied into our estate planning and offers us many advantages over an individual or corporate route. If it weren't for the trust, we would be forced to incorporate. That wouldn't be the end of the world either but not having to deal with an LLC here is preferred.
11/29/2011 10:18:51 PM
Originally Posted By bigcbass:
What you are talking about is a revokable living trust. They typically have only one grantor or settlor. However a trust can have multiple trustees (sometimes called co-trustees). The trustees are the ones who can be in possession of the items. So you would want to name yourself and your wife as trustees. You sound pretty mixed up on this stuff. Might be worth it to spend a bit a cash for an attorney to make sure it is done right.
What you are talking about is a revokable living trust. They typically have only one grantor or settlor. However a trust can have multiple trustees (sometimes called co-trustees). The trustees are the ones who can be in possession of the items. So you would want to name yourself and your wife as trustees. You sound pretty mixed up on this stuff. Might be worth it to spend a bit a cash for an attorney to make sure it is done right.
I will definitely plead guilty to being ignorant regarding trust details and legal terminology regarding trusts.
This is why I asked a question.
I will have to research the "revokable" trusts you refer to, as I have never heard of such a thing.
I have only heard reference to "revocable" trusts, but I will defer to your expertise.
The terms "Individual Trust" and "Joint Trust" are those used by the "NOLO Living Trust Maker" software to
distinguish between a trust with a single grantor and one with a husband and wife, each being a grantor.
I think that the software may use non-standard terminology and it tries to hammer information into a very specific and
non-useful template.
Thank you for the advice that I can configure the trust to have a single grantor, but multiple (primary) trustees.
I use primary to differentiate from successor and alternate successor trustees. (again NOLO terminology).
11/29/2011 10:23:08 PM
Originally Posted By raysheen:
Yes, that is one of the benefits of using a trust.
As long as it is a legal and correctly executed trust the ATF will approve NFA items for it.
A trust is a both an acceptable option as well as a preferred option for many people in just your situation. You can have multiple trustees I have myself, my wife, my father and a couple of other individuals. Our trust is tied into our estate planning and offers us many advantages over an individual or corporate route. If it weren't for the trust, we would be forced to incorporate. That wouldn't be the end of the world either but not having to deal with an LLC here is preferred.
Yes, that is one of the benefits of using a trust.
As long as it is a legal and correctly executed trust the ATF will approve NFA items for it.
A trust is a both an acceptable option as well as a preferred option for many people in just your situation. You can have multiple trustees I have myself, my wife, my father and a couple of other individuals. Our trust is tied into our estate planning and offers us many advantages over an individual or corporate route. If it weren't for the trust, we would be forced to incorporate. That wouldn't be the end of the world either but not having to deal with an LLC here is preferred.
Thanks raysheen. Exactly what I need to know...
12/7/2011 9:10:20 AM
bigcbass
How important is it for a trust to have its own bank account. I see most of the trust lawyers have the trustee create an bank account and pay the firearm and tax out of that. Is that really needed if it going to be a trust that doesnt hold anything of high value, maybe a couple SBR?
How important is it for a trust to have its own bank account. I see most of the trust lawyers have the trustee create an bank account and pay the firearm and tax out of that. Is that really needed if it going to be a trust that doesnt hold anything of high value, maybe a couple SBR?
12/7/2011 9:15:09 AM
My RLT is a "shared" one in that both my wife and I are trustees.
We figured it would be easier than setting up one for her then one for myself.
Our trust doesn't have it's own account yet but I think that is what we're gonna do in the future.
First I need to get a few cans though.
We figured it would be easier than setting up one for her then one for myself.
Our trust doesn't have it's own account yet but I think that is what we're gonna do in the future.
First I need to get a few cans though.
12/7/2011 11:15:56 PM
Originally Posted By telc:
bigcbass
How important is it for a trust to have its own bank account. I see most of the trust lawyers have the trustee create an bank account and pay the firearm and tax out of that. Is that really needed if it going to be a trust that doesnt hold anything of high value, maybe a couple SBR?
bigcbass
How important is it for a trust to have its own bank account. I see most of the trust lawyers have the trustee create an bank account and pay the firearm and tax out of that. Is that really needed if it going to be a trust that doesnt hold anything of high value, maybe a couple SBR?
It is not required. If you want to it is fine, but it doesn't help (or hurt) anything. The tax is technically supposed to be paid by the seller anyway, not the buyer (of course, know who pays it in reality).
