NFA TRUST

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randyrucker
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Re: NFA TRUST

Post by randyrucker »

weejub wrote:
FormerNavy wrote:
weejub wrote:What I don't quite understand is if my 15-year-old son can legally shoot my 300 blk with a silencer. I know he can not possess/own it as only a beneficiary and also underage, of course.
He can shoot it under your supervision. That is different than possession/ownership. If he was the only beneficiary of your trust, I *think* what would happen is the trustee would be in charge of the items until your son's of legal age for possession.
Right.

I will move him to a trustee when he is old enough.
21 is minimum age to be a trustee. He will be there before you know it.
Roy Baker
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Re: NFA TRUST

Post by Roy Baker »

Hello, Roy Baker from Georgianfatrust.com here. I noticed that my site has been referenced here, and I would like to help clear up some confusion. First, let me make the standard disclaimer that I am not giving anyone legal advice and my thoughts on this subject do not constitute entering into an attorney/client relationship with anyone who reads them.

I often see people online saying things like, "If you have a trust then you can do this." All trusts are not created equal. You must read the trust to determine what powers the trustees are granted, what powers are retained by the settlor, etc. I have helped re-write trusts and obtain stamps for people who copied and pasted a few pages of generic material into a "trust" that got rejected by BATFE because the content of their trust was contradictory and/or incomplete.

To the issue of whether or not a beneficiary can possess the items held in trust: In the trusts I draft the Settlor (person who settled or created the trust) is also the LIFETIME beneficiary of the trust. What this means is if the corpus of the trust is sold during the lifetime of the settlor, then the proceeds go to the settlor. This is completely different than the beneficiary(s) listed to receive the items AFTER the death of the Settlor. In my trusts the beneficiary(s) are not entitled to possess the NFA items UNLESS THEY ARE ALSO NAMED AS TRUSTEES. I think you will find that most trusts enumerate powers to trustees but not to beneficiaries.

I hope this helps.
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plant.one
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Re: NFA TRUST

Post by plant.one »

plant.one wrote:i dropped a note to my lawyer (and trust creator) regarding the issue and that there seems to be conflicting information out there.

i'll let you know what he comes up with.

i just got a response from my lawyer. he informed me that the trustee/beneficiary issue regarding ability to possess NFA items owned by the trust is a state by state issue.

which would explain the confusion out there based on lawyers from the various states showing conflicting information on their various FAQ's that we've dug up.


as i noted in earlier posts - thats why i hired a lawyer to draft my trust. there's so many stupid quirks when it comes to sh!t like this that its easy to end up inadvertently astray of the law without even realizing it.

hire a good lawyer who knows the laws pertaining to YOUR state & let them handle the stupid details and you worry about the fun part of enjoying your NFA stuff without stress :D
Reloading info shared is based on experiences w/ my guns. Be safe and work up your loads from published data. Web data may not be accurate/safe.
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Sharkbite
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Re: NFA TRUST

Post by Sharkbite »

^^^+1M^^^^

Let them hash out the legal part. You go shoot quietly or quickly or shorter then normal. ENJOY
Jim Willi
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Re: NFA TRUST

Post by Jim Willi »

This is Jim Willi, at http://www.myguntrust.com. I noticed that my gun trust website was referenced here as well. I draft my gun trusts so that only the trustees can use and possess NFA firearms independently of each other. In a gun trust, the settlors, at a minimum, are the trustees of the gun trust, so that they may use and possess their own property. If the settlors would like to be able to lend their NFA firearms to someone else, so that these other individuals are able to take the NFA firearms to the range or the ranch without the settlors, then those individuals are also included as trustees of the gun trust. Oftentimes, one or more of the settlors' adult children are listed as both trustees and beneficiaries of the trust. However, if the beneficiary is not a trustee, then the beneficiary cannot use the NFA firearms outside of the direct supervision of a trustee.
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plant.one
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Re: NFA TRUST

Post by plant.one »

Jim Willi wrote:This is Jim Willi, at http://www.myguntrust.com. I noticed that my gun trust website was referenced here as well. I draft my gun trusts so that only the trustees can use and possess NFA firearms independently of each other. In a gun trust, the settlors, at a minimum, are the trustees of the gun trust, so that they may use and possess their own property. If the settlors would like to be able to lend their NFA firearms to someone else, so that these other individuals are able to take the NFA firearms to the range or the ranch without the settlors, then those individuals are also included as trustees of the gun trust. Oftentimes, one or more of the settlors' adult children are listed as both trustees and beneficiaries of the trust. However, if the beneficiary is not a trustee, then the beneficiary cannot use the NFA firearms outside of the direct supervision of a trustee.

is the difference in what trustee's vs non-trustee-beneficiaries can do based on your trust specific language, state trust law, or federal law?
Reloading info shared is based on experiences w/ my guns. Be safe and work up your loads from published data. Web data may not be accurate/safe.
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