Trust question

[Spikey]

Ok. I’ve numerous NFA items. All filed and stamp issued on Form 1 or Form 4 to my trust. By three different dealers. Do they need to be put in the trust by way of The Assignment of Property form ? None were registered in my name ALL state the trust name. I’m getting mixed answers from a dealer. Thanks guys .

 

[rumrunner55]

They should all be listed in the trust not your name as you are not the owner the trust is the owner, you are merely the “ceo”

 

[Spikey]

So , each NFA item should have its own piece of paper stating it’s in the trust ? I’ve had so many opinions , just don’t know which to believe. I was told in the beginning that if the name of the trust was on the form that was approved by the ATF with the tax stamp , it was considered to be in the trust automatically

 

[rumrunner55]

It’s typically or at least as my trust goes a simple attachment with everything listed on a single sheet

 

[Spikey]

That’s what I thought also. Thanks for the input.

 

[spencer60]

In my Trust (and I'm assuming others) there's an appendix that lists all the trust assets, and each time I got a stamp in the name of the trust I would add it to the list.

 

[Spikey]

I have a running list ( appended) that I put them on when I get them. I think to be on the safe side I’m going to have an Assignment of Property for each tax stamp. I guess can’t be to carefull Thanks guys.

 

[spencer60]

Not sure you need that, since the stamp is in the name of the Trust already.

If you were putting non-NFA stuff into the trust that would make sense, but my lawyer told me not to do that when he was going over the process, although I forget exactly what his reason was.

 

[Spikey]

My thoughts also. But. I’ve had so much conflicting advice just trying to be carefull. One shop told me that because I was the applicant / responsible party , even tho the stamp was in the name of the trust , it was not legally in the trust unless I transferred it in ! Lawyer told me pretty much what you said today. Sincerely appreciate your input. You’re one of the more knowledgeable on here.

 

[thisguy]

For my trust I simply have a statement in an ammendment that all tax stamps included in the binder I'm using are items owned by the trust.

I have a separate listing for myself of all trust items (Model, dates, purchase price, SNs, etc) for my own record.

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