Trust question

Fire824

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New to the NFA game, and it's all foreign to me.. What do I need to e-file a form 1?? And what's a trust?
 

ryknoll3

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A trust is a legal document somewhat similar to a will. It establishes a legal entity that holds property on behalf of the grantor (you, the owner) for the use of trustees and beneficiaries.

A trust is allowed to own NFA firearms, so many people use this as a mechanism to ownership. It has advantages like having multiple people on the trust, who can legally possess the item without the owner present. No need for you to have a chief of police sign-off on the application. No need for fingerprint cards and photographs.

I would recommend reading this:

Gun (NFA) Trust ? Frequently Asked Questions | Prince Law Offices, P.C.

If you need someone to draw up a trust for you, many people on here use and recommend Grant Liston.

Grant A. Liston
liston@carsonboxberger.com
(260) 423-9411 x5026

If you want to e-file, read this:
Visual guide: How to fill out a Form 1 using EFORMS - AR15.COM
 

Rob377

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Does it have to be a certain type of lawyer to type up a trust?

Law is a profession that is like medicine in some ways: you typically don't want a proctologist doing your brain surgery (unless you're a liberal, anyway)
 

ryknoll3

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Law is a profession that is like medicine in some ways: you typically don't want a proctologist doing your brain surgery (unless you're a liberal, anyway)

Estate planning lawyers are the ones who would do this. There is no such thing as a "gun trust" either. Any legally established trust is sufficient to purchase NFA items. Some trusts have extra wording to deal with firearms, but this is not necessary.
 

Beowulf

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Estate planning lawyers are the ones who would do this. There is no such thing as a "gun trust" either. Any legally established trust is sufficient to purchase NFA items. Some trusts have extra wording to deal with firearms, but this is not necessary.

It is not necessary, but it is a good idea, since there are legal limits on who can take possession of the items (for example, if you have your child as the beneficiary, you need wording on how to handle it if they are not 21 or over when they inherit)
 

ryknoll3

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It is not necessary, but it is a good idea, since there are legal limits on who can take possession of the items (for example, if you have your child as the beneficiary, you need wording on how to handle it if they are not 21 or over when they inherit)
Except they don't need to be 21.Works just like buying a handgun, you must be 18 to possess, but 21 to buy from an FFL. Beneficiary only has to be 18.
 

dnewton3

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I currently own several NFA items (SMGs, suppressors). I also have a trust that was established back in 1999. It is possible to transfer the personally owned items from me to the trust, with no cost and only paperwork?
 

MontereyC6

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I currently own several NFA items (SMGs, suppressors). I also have a trust that was established back in 1999. It is possible to transfer the personally owned items from me to the trust, with no cost and only paperwork?

Nope.
 

Rookie

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Yeah, if I was really worried, I'd send a money order. Of course, with a trust, you can e-file and use a credit card.
 

MontereyC6

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Yeah, if I was really worried, I'd send a money order. Of course, with a trust, you can e-file and use a credit card.

Thats typically what I do. All of my past stamps I got a certified check from the bank and had it come from my trust to the BATFE. When I would submit my form(1 or4), I would send another short letter telling them that I donated $xxx to my trust to purchase xxx.
 
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