NFALawyers Initial Review of 41P

[HydroAuto]

These are all questions we don't know the answer to.


My original post notes that, in my opinion, based on the face of the regulation, co-trustees in my trust would not be subject to the 41P requirements. Our trust is written where co-trustees have absolutely no managerial power or authority; thus, they do not meed the requirements of responsible persons. To my knowledge, no other firm writes their trusts in this manner. We have been preparing for this for a long time with the assistance from many sources close to this issue.

As addressed in my post, these subjects will be a hot issue leading up to and after July 1st. No one has the answers. Some law firms may err on the side of caution. They may not have devoted the time and resources we have preparing for 41P. Some firms may simply interpret the regulation differently. The reason why we have courts is because attorney opinions drastically differ.

My firm has spent well over $100,000 on this area of our practice. Literally dozens of attorneys all over the US work with us. I am in contact with the ATF fighting for my clients on a daily basis with issues ranging from felony possession of NFA weapons, to assisting high profile clients with NFA and explosives issues.

When it comes down to it, my clients do not pay me to roll over whenever the ATF, or anyone else for that matter, infringes on their right to bear arms. I am also here to shelter my clients. As this regulation develops, we will keep everyone apprised as to any compliance issues that may arise.

So the real question is... who wants to be the first test case?

 

[albatros43]

These are all questions we don't know the answer to.


My original post notes that, in my opinion, based on the face of the regulation, co-trustees in my trust would not be subject to the 41P requirements. Our trust is written where co-trustees have absolutely no managerial power or authority; thus, they do not meed the requirements of responsible persons. To my knowledge, no other firm writes their trusts in this manner. We have been preparing for this for a long time with the assistance from many sources close to this issue.

As addressed in my post, these subjects will be a hot issue leading up to and after July 1st. No one has the answers. Some law firms may err on the side of caution. They may not have devoted the time and resources we have preparing for 41P. Some firms may simply interpret the regulation differently. The reason why we have courts is because attorney opinions drastically differ.

My firm has spent well over $100,000 on this area of our practice. Literally dozens of attorneys all over the US work with us. I am in contact with the ATF fighting for my clients on a daily basis with issues ranging from felony possession of NFA weapons, to assisting high profile clients with NFA and explosives issues.

When it comes down to it, my clients do not pay me to roll over whenever the ATF, or anyone else for that matter, infringes on their right to bear arms. I am also here to shelter my clients. As this regulation develops, we will keep everyone apprised as to any compliance issues that may arise.

Thanks for the info. So a trustee can't buy an NFA item in your trust?

 

[heavyd]

Thanks for the info. So a trustee can't buy an NFA item in your trust?

You're very welcome.

They cannot. This protects the settlor (individual who creates the trust from trustees selling property or having equal authority over trust property.

 

[heavyd]

So the real question is... who wants to be the first test case?

I'm going to be the first test case. No joke. As soon as July 1st hits I'm sending in all kinds of crazy forms.

 

[WC1911guy]

I'm going to be the first test case. No joke. As soon as July 1st hits I'm sending in all kinds of crazy forms.

I have no doubt you're telling the truth on that one Dean. Just remember, pics or it didn't happen.

 

[HydroAuto]

I'm going to be the first test case. No joke. As soon as July 1st hits I'm sending in all kinds of crazy forms.

 

[SMLEshooter]

Maybe I missed it but if we add someone to the trust after this date will they have to be photographed and fingerprinted? My kids are minors so I was wondering.

This is a question I have as well.

I am wondering if there is a way to write the trust so that the minors are automatically considered full trustees once they come of age...

 

[gober13]

So this is suppose to be put in place to keep NFA items out of the wrong hands right? I am just curious if anyone has information of the last time or any times that NFA items were used in the commission of a crime. To me it seems like people that own NFA items are the last ones that need to be given more restrictions since they know all the trouble they can get into for the smallest of slip up with the NFA item.

I think I read (2) crimes have been committed with NFA items since it was started. not sure how true it is but do remember reading it somewhere.

 

[heavyd]

This is a question I have as well.

I am wondering if there is a way to write the trust so that the minors are automatically considered full trustees once they come of age...

Simply add your children as co-trustees in my trust.

 

[heavyd]

One of my all-time favorite movie characters.