Schedule A on NFA Trust

[CJ]

I wanted to get a consensus (seeing as the ATF seems to work off a consensus, and not off law). From my understanding, your Schedule A for your NFA trust must list at least 1 item for it to be legal. The idea being a trust cannot legally be created without an item being protected under it. Since it's legal to amend and remove items from your trust at any time, once an NFA item is received, item 1 can be removed, and replaced with the received NFA item. I know forms have been returned to the transferee because of a lack of Schedule A, from what I can gather - a blank Schedule A will be approved, but it is legally susceptible to nullification if the ATF were to ban them (being that it was falsely created, without at least 1 item listed on the Schedule A).

[baylordjr]

I wanted to get a consensus (seeing as the ATF seems to work off a consensus, and not off law). From my understanding, your Schedule A for your NFA trust must list at least 1 item for it to be legal. The idea being a trust cannot legally be created without an item being protected under it. Since it's legal to amend and remove items from your trust at any time, once an NFA item is received, item 1 can be removed, and replaced with the received NFA item. I know forms have been returned to the transferee because of a lack of Schedule A, from what I can gather - a blank Schedule A will be approved, but it is legally susceptible to nullification if the ATF were to ban them (being that it was falsely created, without at least 1 item listed on the Schedule A).

this is probably a stupid question. Should one then list a non NFA item as item 1 then?

[Moose242]

I believe I put "$200" in schedule A.

Also, many people open a bank account in the trust's name to legitimize it. This also eliminates the possibility of invalidating a trust due to commingling of assets with the trust settlor.

[CJ]

I believe I put "$200" in schedule A.

Also, many people open a bank account in the trust's name to legitimize it. This also eliminates the possibility of invalidating a trust due to commingling of assets with the trust settlor.

That is what I have as well. Apparently what the attorney is saying makes sense. Originally, the BATFE did not request a Schedule A with Trusts at all. Lately, they have been requiring the Schedule A. The only reason they would want to see the Schedule A would be to keep it on file to use as evidence that the trust was not legal. So, it could very well be a measure they intend to use if they decide to close the Trust path. So, just an FYI for anyone sending off their Form 4/1 for the first time - make sure you have at least 1 item listed in your Schedule A. Do not send a blank Schedule A.

[YALE]

Can we get this info added to the trust sticky?

[livetoshoot]

Here is a blog post from an NFA lawyer on this subject.

http://www.guntrustlawyer.com/2011/11/gun-trust-lawyer-and-funding-y.html

[CJ]

Here is a blog post from an NFA lawyer on this subject.

http://www.guntrustlawyer.com/2011/1...funding-y.html

bingo.

[KBScobravert]

I started mine with $100 as an asset.

[Nash B.]

as did/am I.

[Boomhauer]

Well I guess I am screwed I started mine with no assets and now I have several. Oh well what can you do.

[bottlerocket]

So does it take a specific type of lawyer to write one of these up, or just any trust will do? Active duty gets access to JAG on base and they can get them written up for free but I wasn't sure if they needed any sort of technique when writing one.

[CJ]

So does it take a specific type of lawyer to write one of these up, or just any trust will do? Active duty gets access to JAG on base and they can get them written up for free but I wasn't sure if they needed any sort of technique when writing one.

There are several types of trusts, but for our specific use there really are two. A revocable living trust, and an NFA trust. One is broad in it's purpose - essentially a legal document/entity created to protect assets and assign legal ownership/rights to a specific, or set of specific individuals (trustees). A standard generic trust will work for NFA items, however they have no specificity in regards to weapons and the unique set of laws and restrictions that accompany them. NFA trusts are better because they not only protect the items in the trust, but they specifically set forth NFA legalities such as legal weapon transfer of ownership, and therefore more air tight in case the ATF decided to close the door on trusts. I would contact Keith (kbscobravert) and ask him about his trust hookup - I think you'll find it very reasonable.