Posted: 4/30/2016 2:39:26 PM EDT
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I've read about 4 billion pages pertaining to trusts and such, as I am wanting to Form 1 a suppressor sometime this year. I've seen too many different opinions to make a decision at this point, and I wanted to hear the HTF's opinion. Has anyone here used a DIY type trust for nfa Items? I am heavily leaning on having a lawyer do mine, it seems like the safe/smart way to go, because I will eventually put Items in the trust that will be inherited. But of course I'm curious of the allure of a cheaper option. Has anyone in the HTF has successfully used a downloaded $49.99 type trust?
Found this thread. Has anyone dealt with this guy lately? http://www.ar15.com/forums/t_8_35/477480_NFA_Trusts_and_Attorney_Doug_King.html seems like a great price if it still stands. |
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I used a std form trust and it flew through with no issues. Trusts are seriously simple and don't need the expense of a lawyer.
That said I was reliably told that the only trust that one of our local NFA dealers ever had an issue with came from the person in that thread. YMMV. |
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Quoted: I used a std form trust and it flew through with no issues. Trusts are seriously simple and don't need the expense of a lawyer. That said I was reliably told that the only trust that one of our local NFA dealers ever had an issue with came from the person in that thread. YMMV. |
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Quoted: Get a lawyer to do your trust, you don't want to make a mistake on a NFA trust. Dean Phillips has done most of the ones I have seen, only $99. https://nfalawyers.com/ This is the one I used. Seems to get good reviews in the EE. I've got three stamps I'm waiting on now, and Dean says his trust hasn't been denied or turned down yet. |
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Quoted:
The trusts that were effected were quickly fixed. It was a missing schedule if I remember correctly. Quoted:
Quoted:
I used a std form trust and it flew through with no issues. Trusts are seriously simple and don't need the expense of a lawyer. That said I was reliably told that the only trust that one of our local NFA dealers ever had an issue with came from the person in that thread. YMMV. Did the trust specifically call out for a schedule? I've seen some that didn't include a schedule A, just assignment sheets. |
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Quoted: Did the trust specifically call out for a schedule? I've seen some that didn't include a schedule A, just assignment sheets. Quoted: Quoted: Quoted: I used a std form trust and it flew through with no issues. Trusts are seriously simple and don't need the expense of a lawyer. That said I was reliably told that the only trust that one of our local NFA dealers ever had an issue with came from the person in that thread. YMMV. Did the trust specifically call out for a schedule? I've seen some that didn't include a schedule A, just assignment sheets. |
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Get a lawyer to do your trust, you don't want to make a mistake on a NFA trust. Dean Phillips has done most of the ones I have seen, only $99. https://nfalawyers.com/ Dean is a great guy. He is "one of us" for sure. Creating a Trust is like doing your own taxes. The software you can buy is as good as it needs to be but doesn't always ask questions like a person might. The bad Trusts created with software are usually because the user screwed up the input. Crap in, crap out. If you tell TurboTax you only made $10K last year when you really made $65K and you gave all $10K to charity, well don't blame TurboTax when you are audited. 
Some people like the idea of having a knowledgeable person with whom they can interact. Dean is just such a guy and at a very fair rate. You won't go wrong having him create your Trust and he is there after the fact to help if you have questions. It can be a confusing thing for some folks, so I get why some people will go to a lawyer. Not all lawyers are created equal. Some aren't really experts in the Trust and estate planning fields. Back in my PSI days, the only Trusts we ever had kicked back for problems were created by lawyers. We never once had one come back from a properly formed Trust through a software program. Lastly, creating the Trust and then actually USING it are two different things. The Trust software won't answer NFA-specific questions like a knowledgeable lawyer or knowledgeable NFA retailer. Cheers, Mark |