Armory Sponsor
Posted: 12/13/2011 10:15:26 PM EDT
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I've got a trust set up that includes my brother and some other folks. He's in NC and I'm in AK. He can purchase a suppressor and do the Form 4 using the trust from NC (through a local guy) correct? He just needs a copy of the trust on hand, right?
If this has been answered please point me in that direction and lock this thread. |
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Really bad idea to do this without consulting an attorney. You need to determine if your trust is a bonafide legal entity in NC. It probably is not.
I'm also questioning the concept of a Trustee acquiring assets for the grantors trust. It may present a conflict of interest in his duties as trustee upon the death of the grantor. This sounds like a quicken or willmaker situation... |
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I would consult attorneys in both states and review the trust. Yes, if he is a co-trustee he should be able to do this. In general...if you're going to use a trust...each of you should establish one and list the other person as a co-trustee who can legally have the items, listed in the schedule A, in their posession. The co-trustee is usually an individual, familiy member/friend, who can legally take custody of the items if you move/forced to move (think military) to a non-NFA friendly state. If you're going to purchase the can...pay the $200 tax....and you won't buy just one...I promise...it is worth the time, effort and expense to have an attorney draft the trust. I know many others will indicate that they've used a software trust maker to get them through this process...and yes, for an individual it will work well, but when you begin adding others into the mix in may get hairy. I also highly recommend that you lable the trust in a way that is generic enough to not raise suspicision. Your first, middle, last name trust...will also end up as the engraving on each and every SBR/SBS...and each form. Those not matching the decription of said trust may have more pain-in-the-ass encounters than usual.
I paid $575 to have a very concise (26 page) trust with solid schedule A for my efforts. 2 SBRs and 3 cans later...still GTG. WORTH IT! |
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My understanding is states generally recognize trusts formed in other states as valid.
But I am no attorney. In my trust, I am the settlor (grantor). The wording in my trust is that I am the one who transfers property into (or out of) the trust. My trust makes no mention of other trustees transferring property into the trust. |
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I spent a bit of time researching this before establishing my trust. IF you have a "Revocable Living Trust" (ie: Quicken Will Maker) you are the only Trustee, and the others do not take over until your are deceased, or if you are unable to act in your official capacity as Trustee as determined by someone who is not your successor and named in your trust.
Im not a lawyer. If I were you- I would contact the ATF and see what they say before you go through the purchasing. As Criley mentioned, most living trusts only one person handles the Schedule of Property, so I question whether they would allow your brother to transfer property in, and also the ability to have 2 current trustees. Again, this is based on my assumption that you created a Living Trust, as most of us did, to buy cans. ETA: Q. Who in the Trust can possess the items?
http://www.86th.org/?id=nfa-trust#FAQ
A. ONLY the grantors are the legal owners of the property in the trust and as far as the BATFE is concerned, ONLY the grantors can have access to the property. The restrictions on posession of the Title II items are the same for the grantors as it is for an individual owner, i.e. they need to be with it or it needs to be locked up, etc. Many people feel they can make a corporation or llc substitute here and add other family members or friends as grantors, this is a very special and possibly impossible setup and such an approach should be handled by a lawyer. |
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My trust prohibits the trustee from adding/deleting items from the trust Unless and until they are to be disbursed to the beneficiaries. It also prohibits trustees from possessing the Trust's property while my wife and I live. My will specifies that as my kids come of age they are to each be added to the trust as settleors and all three are requrired to form their own strusts and equitibly devide the property when the YOUNGEST comes of age should the wife an I not be in the picture.
My trust is specifically an NFA trust, and if you did legal zoom or quicken there may be other subtleties. My trust very carefully spells out who can do what. To the point that in the case of divorce my wife can't have a fire sale and sell my NFA stuff for $20 each, which theoretically could happen since she is a settleor. pat |
Armory Sponsor