Armory Sponsor
Posted: 1/27/2008 5:09:08 PM EDT
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Generally a trust, individual, corporation etc are somewhat interchangeable in the legal arena in various areas. I'm not a lawyer and presumably one will show up shortly, but I know that trusts "own" things and I would assume that you placing the items "into" the trust means that ownership now resides there. Eg, in some trusts (like for estate planning), once an asset is placed/gifted into the trust, the grantor can no longer exercise any legal control over the asset. |
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I'm not a lawyer. What your state requires may be completely different than what the feds want. As I understand it, the ATF approved you transferring the items to the trust...your state may also want something since you changed ownership from you to the trust. Maybe just some paperwork, maybe nothing, maybe your first-born, I don't know...if your state requires something, they may be pissed if you did the transfer to the trust on one date and are just now working on what they want. The NFA/trust approach is nice and I'm looking at it, but my state doesn't really do weird stuff with NFA or trusts that I can tell. If you have questions or a potential problem, you should consider finding a lawyer who's familiar with trusts and NFA law in your state. (I'd rather have a lawyer keep me out of trouble rather than having one get me out of the trouble...the former situation is much easier/cheaper than the latter.) |
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When you listed the guns on the schedule A, that does not move them to the trust. If the trust is not listed ont eh paperwork for the SBR you are still the owner of those firearms. You must pay another 200 transfer per gun to move them to the trust. When we do our trust, I will mot move my current NFA into the trust. The instructions will be written and included with all paper work that pertains to my death. Whomever takes over my trust will be instructed on how to move the items, and the money will be there for when it needs to be done. BIGFOOT |
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Were the Form 1's approved for the trust or individual? If they were approved for the Trust, they need to be owned by the trust. You have possession of them as the trustee. If you purchased the title 1, (non-nfa) item as an individual, then transferred it to the trust after the Form 1 was approved for the trust, in addition to adding to Schedule A, you should also assign the property to the trust. This is a separate document that transfers your individual rights/title to the item to the trust. |
The Forms 1's have the trust as the maker of the firearm, not a person. THe Trustee is the actual owner of the property withinthe trust, not the trust itself. |
That is not a hard and fast rule as it depends on how the trust is configured and who the trustee is. I am aware of a number trusts where the trustee doesn't have any ownership rights in the assets of the trust. Many banks have trust departments to administer trusts and the trusts (or possibly more properly, the beneficiaries of the trust) own the assets. I myself am a trustee of a trust where I have no rights to the assets in the trust. |
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The kind of trust that i created was called an Express Trust in which case the trustee owns the property- see en.wikipedia.org/wiki/Express_trust |
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A trust is a separate legal entity from an individual (human) entity. When an NFA item is registered to a trust, it is owned by the trust, not by the trustee. A good rule of reference is: If you have to get a CLEO signoff and submit fingerprint cards, it is owned by you. If you do not have to meet those two requirements, it is registered to a legal entity that does not have fingers to fingerprint, and a personal community reputation on which the CLEO must sign off. |
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