Trusts...

[KBScobravert]

Digging up this thread for a related question. If I am on a family member's trust (set up for NFA purposes) I can purchase NFA items under, and covered by that trust, correct? I am on it in case he passes, so that I can take possession of whatever he has.

Assuming so, just a tax stamp and update the schedule?

Not looking for anything big, just a suppressor. Being in Tarrant County, I understand that I can probably get a CLEO signoff anyways (eliminating the need for a trust), but would want it for the same reason I am on his.. So that my shit isn't forfeited if I die.

Are you a Trustee, Beneficiary, or both?

If you are just a Trustee understand that even if you buy something that the Trust will own, the Settler can have you removed from the Trust at any time. How it is paid for is irrelevant to who, in the case of Trusts, what entity it is registered to on a Form 4.

How about you just set up your own Trust. Put your friend as a Trustee too and Beneficiary if you want. Best of both worlds. It is the safest way to protect yourself. If you want, hit me up in PM and I can help you like most everyone else on the board with a Trust.

[Chili]

Are you a Trustee, Beneficiary, or both?

If you are just a Trustee understand that even if you buy something that the Trust will own, the Settler can have you removed from the Trust at any time. How it is paid for is irrelevant to who, in the case of Trusts, what entity it is registered to on a Form 4.

How about you just set up your own Trust. Put your friend as a Trustee too and Beneficiary if you want. Best of both worlds. It is the safest way to protect yourself. If you want, hit me up in PM and I can help you like most everyone else on the board with a Trust.

I will have to confirm how it is set up.. As it is, it's a family member, and I won't be building / buying a ton of shit, so I'm not really worried so much about the ownership risk.. It may be just as beneficiary, I'm not sure. Just a thought that came to me when contemplating if I want to go the trust route.

If I get to the point where I have a good amount of money tied up in NFA stuff, I would prefer to just have my own, but for just one can, not too worried about it.

I know you have helped a bunch of people out, and honestly, I am just in the very early stages right now, but may hit you up when I get closer.

I am really itching for a Tavor, and I know that's going to eat up the bulk of any fun money I have for the time being. Leah will probably be getting an AR relatively soon too..

[KBScobravert]

If you are just a Beneficiary you cannot possess without the presence of a Trustee until the Article in the Trust confirming Beneficiary has been met (death of Settler-Trustee). Adding a Trustee is not that difficult. Sometimes it is more work than a new Trust in your case though. All Trustees have to sign in front of the notary again if I remember correctly. It all depends on the wording or the particular Trust in question.

Even if you only want one, which is the gateway drug here, getting your own Trust would be route in my opinion. Also keep in mind anytime the ownership transfers names (Form 4) the ATF will want their $200.

[Nash B.]

If you decide to do your own trust later and move any items you had on the other trust into your own trust, you'll have to go through the whole transfer process for each item, including paying the full transfer tax.

[CJ]

I am a notary and can help with trusts, if anyone has questions.

[Chili]

Thanks for the insight guys..

Sounds like my own trust will be the way to go.