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brunop
November 30, 2010, 04:06
I have a trust already set up for financial and guardian/custody issues. Is this Family Trust the same type of trust that will do the paperwork for an SBR or a silencer?

Thanks for your time.

Peace.

BigBoy1
November 30, 2010, 08:38
If the trust is used to bypass the law enforcement office (LEO) sign-off, then you should consult an attorney. This is something you don't want to find out afte the fact that something was not legal. With BATFE current mind-set, trusts are coming under greater and greater scrutiny by them. You don't want to get cross-wise with the BATFE.

However, if you can get the LEO signature, then that is the best way to go -- following the established rules and procedures. There are some who will say that the ability to transfer NFA items using a turst will soon be a thing of the past. I'm sure the BATFEs point of view is that "criminals are bypassing the LEO with the trust route." As soon as they prosecute a case with the Trust involved, transfer via trust will be a thing of the past.

Just my $0.02.

Bill

L Haney
November 30, 2010, 08:50
I can't speak specifically to your question, but I have started studying these things. These are truly flexible legal instruments with more flavors than Baskin-Robbins. Heard about them for years, the "blind" version being one I know a beneficiary of. It was set up that way to keep the (lowlife spendthrift) son from finding out the extent and constituency of the trust. Works too. They got more rules than a game of chinese monopoly, and unless assembled by a lawyer proficient in their construction, can be picked apart in court. If done properly, they offer some quite singular protections to the contents. Far as the application to Class III, looks like they are using the pseudo-corporation aspect of a trust to "own" the property.

Lowell

brunop
November 30, 2010, 13:52
L Haney -

Yes - the "corporate" nature of the trust allows it to "own" the property. I'm wondering if there is a specific trust for NFA utility, or if the family trust is still in the 'class' of trusts that can "own".

I'll call the attorney that drew it up and ask. Hopefully I'll get the two-for-one out of it.

Peace.

stimpsonjcat
November 30, 2010, 16:49
My trust I use for title 2 gear I make has no wording specific to NFA, even though the only property currently in it is all firearms related.

L Haney
November 30, 2010, 20:20
Originally posted by brunop
L Haney -

Yes - the "corporate" nature of the trust...

You call me "L Haney" again and I'm gonna' scrunch up. You know my name's Lowell, and I use it here, so it ain't no secret. :p

L Haney
November 30, 2010, 20:24
Stimpy, can you expand slightly how new items are added to the trust as they come into being? I am starting to really find this type of legal structure interesting.

stimpsonjcat
November 30, 2010, 21:30
It is quite simple.

You fill out a new 'Assignment of property' document and get it notarized.

Then you revise the schedule A document, which is the official list of all things owned by the trust.

gska3873
December 01, 2010, 10:56
What was suggested to me, not sure whether it is correct or not, was to set up a seperate trust for the NFA items different from the family trust. The explenation I was given was that in case anything happened as far as lawsuits or anything of that such in regards to any NFA items then that would be kept seperate from any assets that where in the family trust. True or not, I don't know, just something that was suggested to me at one point in time.

RC51_Texas
December 02, 2010, 00:56
I had an Attorney do an NFA Trust for me in Houston. Cost was $450 and well worth having an Attorney who understands BATF NFA Law create it. My 2 cents ...

stimpsonjcat
December 02, 2010, 06:49
One other note about the trusts. If you are building cans/sbrs/etc on form 1s, the entire trust name must appear on the can. No abbreviations allowed, even if the trust language includes an allowance for abbreviating the trust.

Viper Driver
December 05, 2010, 11:05
RC51_Texas did you use Sean???

If so, I am happy with the one he did for me, at the same price.

RC51_Texas
December 05, 2010, 20:28
Originally posted by Viper Driver
RC51_Texas did you use Sean???

If so, I am happy with the one he did for me, at the same price.

Yes, Sean Cody did mine. Great guy - you definitely feel like your in good hands with Sean, don't you?!

Are you in Houston too?

Viper Driver
December 06, 2010, 00:40
Yes, to both questions.

I have not been to "Monday Night Guns" but will try to soon.