Trust approved, I've got a question.

[S4f]

After 11 1/2 months I finally got my dead air mask and trust approved.
When I buy another suppressor is it added to the current trust .
Is it as easy as checking a couple of boxes or more complicated than that
Or that's not how it works

 

[Button Pusher]

You don't buy the item, the trust does and you are acting as the trustee. Yes it is that easy, then once the paperwork is ATF approved, you then update the trust to add the new item(s) as they are acquired. Edit: don't limit yourself to suppressors only, consider SBR items.

 

[S4f]

You don't buy the item, the trust does and you are acting as the trustee. Yes it is that easy, then once the paperwork is ATF approved, you then update the trust to add the new item(s) as they are acquired.

Thank you
to be honest, your answer explained more than you know.
I didn't understand that was how the trust worked
I got a trust because everyone here said get one

 

[BigWaylon]

A couple random thoughts…

1. You could add the next one to the same trust.
2. You could create a separate trust for every NFA item. You’ll hear the phrase Single Shot Trust, and that’s what it’s referring to. This allows you to have specific trustees for specific items.
3. You can now add additional trustees and don’t have to notify the ATF of anything. However, when you file your next form, you’ll have to submit prints/pics for every RP at that time. This is one reason people like the single-shot method. You can also remove trustees, submit, add them back.
4. Does your trust use Schedules, Assignment of Property sheets, both, or something else to add property? My first one used a Schedule A. My current one uses AoP sheets. With the first one, I submitted the same Schedule for dozens of forms…showing nothing but $200 cash. I kept the updated copy at home, but never sent it to the ATF. With the second, I don’t send previous AoP sheets when I submit.

 

[S4f]

A couple random thoughts…

1. You could add the next one to the same trust.
2. You could create a separate trust for every NFA item. You’ll hear the phrase Single Shot Trust, and that’s what it’s referring to. This allows you to have specific trustees for specific items.
3. You can now add additional trustees and don’t have to notify the ATF of anything. However, when you file your next form, you’ll have to submit prints/pics for every RP at that time. This is one reason people like the single-shot method. You can also remove trustees, submit, add them back.
4. Does your trust use Schedules, Assignment of Property sheets, both, or something else to add property? My first one used a Schedule A. My current one uses AoP sheets. With the first one, I submitted the same Schedule for dozens of forms…showing nothing but $200 cash. I kept the updated copy at home, but never sent it to the ATF. With the second, I don’t send previous AoP sheets when I submit.

It uses schedules
It also says I have to open up a bank account?

 

[BigWaylon]

It also says I have to open up a bank account?

Complete waste of time. This is coming from somebody that did it. Opened an account. Got 100 (or something) checks. Wrote one. Never did it again.

You’re the grantor/settler/trustee. You’re buying items on behalf of the trust. The trust name always gets used on the paperwork. You just sign it as the representative. Doesn’t matter where the money comes from. ATF definitely doesn’t care.

 

[S4f]

Complete waste of time. This is coming from somebody that did it. Opened an account. Got 100 (or something) checks. Wrote one. Never did it again.

You’re the grantor/settler/trustee. You’re buying items on behalf of the trust. The trust name always gets used on the paperwork. You just sign it as the representative. Doesn’t matter where the money comes from. ATF definitely doesn’t care.

Thanks
I've got a stack of paper here I'm trying to read through it but it's a bit confusing .
Is there anything else that you would recommend i do right away or just file this in my safe ?

 

[barf]

Only thing that sucks about trusts is it makes your form 4 item approval take longer. I did my suppressor as an individual just for this reason. I’ll suck it up and pay 200 bucks to move it to the trust later.

 

[BigWaylon]

Only thing that sucks about trusts is it makes your form 4 item approval take longer.

I don’t believe that for a minute. I’ve seen all types of submissions be approved fast, and also drag on forever.

 

[BigWaylon]

Is there anything else that you would recommend i do right away or just file this in my safe ?

Where did you get the trust?

If you didn’t do it yourself, you might think about future-proofing it by getting some amendments done now. Get one to add somebody, and to remove somebody. Just don’t sign and date them. You’ll have them to use anytime down the road.

 

[barf]

I don’t believe that for a minute. I’ve seen all types of submissions be approved fast, and also drag on forever.

I’m basing this solely on the data I see in this thread, month to month.



It just seems that more often than not, the reported individual form 4s take less time than the trusts.

 

[S4f]

Where did you get the trust?

If you didn’t do it yourself, you might think about future-proofing it by getting some amendments done now. Get one to add somebody, and to remove somebody. Just don’t sign and date them. You’ll have them to use anytime down the road.

The gun store where I purchased the suppressor set it up for me I had list of questions but when I went today and picked up the suppressor and trust the guy that set it up wasn't there.
When I started trying to ask questions I got the gee we don't know either response.
So I left basically knowing as much as I did when I walked in

 

[Mathieu18]

I’ll hazard as someone who deals with legal crap occasionally, the legal difference between trust and individual might not matter, but if the trust ends up in a legal situation it will and you could regret a lax attitude.

 

[S4f]

I’ll hazard as someone who deals with legal crap occasionally, the legal difference between trust and individual might not matter, but if the trust ends up in a legal situation it will and you could regret a lax attitude.

What kind of legal situation?

 

[Landric]

What kind of legal situation?

There have been transferrable machine guns lost to the ATF because the original grantor/trustee died and the trust paperwork could not be located to determine successor trustees or beneficiaries. Most states, NC included, don't require that trust paperwork be filed anywhere. So, if the documents are lost it could cause a significant problem when the estate is settled.

For a couple of suppressors that probably really doesn't matter so much, at least in the current market. Used suppressors have little value; technology keeps getting better so older cans don't work as well as the current crop, and they are not restricted from new registrations like machine guns. However, laws could change or a specific item could have sentimental value. Basically, if you have stuff registered to a trust make sure your family knows about them and where the paperwork is. If the paperwork (form 1 or 4) is lost for a gun registered to an individual ATF can check to see who the owner was and go from there. If the same item is registered to a trust and the paperwork is lost that is a problem. ATF doesn't keep copies of trusts. A legally registered item that can't be legally transferred to a new owner/trustee/beneficiary can fall into a legal black hole.

 

[Mathieu18]

What kind of legal situation?

Money is often used as a test of the actual status etc of a trust or other legal entity. I’m not talking NFA trusts particularly, I know nothing about them but where requirements like that exist, it doesn’t matter, till it does.