Do I need my trust set up first?

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voip-1
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Do I need my trust set up first?

Post by voip-1 » Tue Aug 19, 2014 3:33 pm

Question you guys probably know the answer to.

Is it required or advisable to set up a trust before purchasing a class III weapon and having it sent to a class III dealer?

I prefer to set the trust up in the very near future so that I can name my soon-to-be-born son as a Trustee... rather than having to add him on later... however a firearm I am interested in purchasing is available now.

Thanks.

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jcomar1
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Re: Do I need my trust set up first?

Post by jcomar1 » Tue Aug 19, 2014 3:43 pm

Yes, if you don't do the trust now, then you will have to pay another $200 transfer fee to transfer it to the trust later.

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plant.one
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Re: Do I need my trust set up first?

Post by plant.one » Tue Aug 19, 2014 4:01 pm

since your son's age will make him unable to be a trustee who is able to possess/own any firearm no less a NFA item, you might as well setup the trust now anyway and have your lawyer prep the trust with the proper legal issues pre-written to add him in properly after his birth.

personal recommendation ..... if your lawyer cant easily navigate you through this issue - find a new trust lawyer!



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voip-1
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Re: Do I need my trust set up first?

Post by voip-1 » Tue Aug 19, 2014 6:52 pm

Thanks guys. I actually found a local dealer who can get this weapon for me at a fair price, and from a distributor it would be about a 3-4 week wait anyway... he says there is no reason not to just go ahead and get the trust set up in the next couple of weeks since he won't have the weapon until late next month anyhow.

I will set up a trust and hopefully can just do the electronic form for the SBR and eventually the suppressors and other toys I will be purchasing.

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randyrucker
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Re: Do I need my trust set up first?

Post by randyrucker » Tue Aug 19, 2014 7:28 pm

Don't you have to be 21 to be a trustee ?

voip-1
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Re: Do I need my trust set up first?

Post by voip-1 » Tue Aug 19, 2014 7:51 pm

randyrucker wrote:Don't you have to be 21 to be a trustee ?
According to an FAQ on nfalawyers.com that is not needed. You can place minors in your trust and they simply can't use weapons in the trust until they are of legal age.

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Re: Do I need my trust set up first?

Post by DoubleJ » Tue Aug 19, 2014 8:38 pm

My 6 year old is the beneficiary on mine, lawyer said there are provisions in there should I get murdered prior to her 21st birthday. I really need to get a grown up on there though...
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Sithlord
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Re: Do I need my trust set up first?

Post by Sithlord » Tue Aug 19, 2014 8:40 pm

voip-1 wrote:
randyrucker wrote:Don't you have to be 21 to be a trustee ?
According to an FAQ on nfalawyers.com that is not needed. You can place minors in your trust and they simply can't use weapons in the trust until they are of legal age.
Pedantic, but anyone, including a minor, can use an NFA item, to include suppressors and sbrs regardless of whether the NFA item is in a trust or has a sole owner.

The item must remain under physical control of the owner or trustee (ie, at the same range or bench). The minor (or any non owner for that matter) may not have exclusive access to the item.

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renegade
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Re: Do I need my trust set up first?

Post by renegade » Tue Aug 19, 2014 9:18 pm

voip-1 wrote:Question you guys probably know the answer to.

Is it required or advisable to set up a trust before purchasing a class III weapon and having it sent to a class III dealer?

I prefer to set the trust up in the very near future so that I can name my soon-to-be-born son as a Trustee... rather than having to add him on later... however a firearm I am interested in purchasing is available now.

Thanks.
No, you do not need the trust till you are ready to xfer from dealer to you.

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Abiqua
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Re: Do I need my trust set up first?

Post by Abiqua » Tue Aug 19, 2014 11:42 pm

renegade wrote:
voip-1 wrote:Question you guys probably know the answer to.

Is it required or advisable to set up a trust before purchasing a class III weapon and having it sent to a class III dealer?

I prefer to set the trust up in the very near future so that I can name my soon-to-be-born son as a Trustee... rather than having to add him on later... however a firearm I am interested in purchasing is available now.

Thanks.
No, you do not need the trust till you are ready to xfer from dealer to you.
^This.

Buy it now and have it transferred to your local dealer. You don't need the trust completed until you are ready to file the Form 4 to transfer from local dealer to your trust.

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