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Thread: ABCs of doing an NFA TRUST

  1. #11
    Senior Member Averywhite's Avatar
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    Will this work for people under the age of 21?
    It's weird that pirates would go from shore to shore looking for buried treasures; when the real treasure was in the friendships they were making along the way.


  2. #12
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    I don't think so. A quick google search turned up this

    There is no limit. However, each trustee has duties ... The Trustee must be twenty one years of age to purchase items regulated by the National firearms Act.
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    Life is not about waiting for the storm to pass, its learning how to dance in the rain.
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    You see in this world there's two kinds of people my friend. Those with loaded guns, and those who dig. You dig?

  3. #13
    Senior Member Averywhite's Avatar
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    Quote Originally Posted by MP_OHIO View Post
    I don't think so. A quick google search turned up this

    There is no limit. However, each trustee has duties ... The Trustee must be twenty one years of age to purchase items regulated by the National firearms Act.
    What if a guardian over 21 purchased the NFA items and she/he sets up a trust then adds a person under 21 to it along with the suppressor, sbr, dd, etc etc?

    Would the person under 21 still have to wait till 21 to use the items?
    Wait till 21 then, at that point, that person can go on the trust?
    Could the person under 21 mount the suppressor to HIS/HER weapon and use it while in the presence of the trust holder/form holder?

    Basically, what can a person under 21 do until they turn 21 regarding NFA items?
    It's weird that pirates would go from shore to shore looking for buried treasures; when the real treasure was in the friendships they were making along the way.

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  5. #14
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    Quote Originally Posted by Averywhite View Post
    Basically, what can a person under 21 do until they turn 21 regarding NFA items?
    Wait.

  6. #15
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    The real need in the case of NFAholding Trusts is complete instructions to the beneficiaries. So write aninstruction letter, put it in an envelope with the Trust. As long as the Trustis made with all laws covered, the type of property it holds is immaterial. AQuicken Trust will cover the law end....

    REVOCABLELIVING TRUST
    Known As: YourLastName FamilyTrust
    I.
    Agreement made and executed this 22nd day of May, 2009, by and between FirstandLastname,
    Herein after referred to as the Settlor, and WifeorOther,
    Herein after referred to asthe Trustee.

    Settlor desires to create a revocable trust of the property described inSchedule A hereto annexed, together with other assets as the Trustee mayhereafter at any time hold or acquire hereunder (hereinafter referred tocollectively as the "Trust Estate") for the purposes hereinafter setforth.

    NOW, THEREFORE, in consideration of the promises and of the mutual covenantsherein contained, the Settlor agrees to execute such further instruments asshall be necessary to vest the Trustee with full title to the property, and theTrustee agrees to hold the Trust Estate, IN TRUST, NEVERTHELESS, for thefollowing uses and purposes and subject to the terms and conditions hereinafterset forth:

    The Trustee shall hold, manage, invest and reinvest the Trust Estate (if anyrequires such management and investment) and shall collect the income, if any,therefrom and shall dispose of the net income and principal as follows:

    (1) During the lifetime of the Settlor, the Trustee shall pay to or apply forthe benefit of the Settlor all the net income from the Trust.

    (2) During the lifetime of the Settlor, the Trustee may pay to or apply for thebenefit of the Settlor such sums from the principal of this Trust as in itssole discretion shall be necessary or advisable from time to time for themedical care, comfortable maintenance and welfare of the Settlor, taking intoconsideration to the extent the Trustee deems advisable, any other income orresources of the Settlor known to the Trustee.

    (3) The Settlor may at any time during his/her lifetime and from time to time,withdraw all or part of the principal of this Trust, free of trust, bydelivering an instrument in writing duly signed by him/her to the Trustee,describing the property or portion thereof desired to be withdrawn. Uponreceipt of such instrument, the Trustee shall thereupon convey and deliver tothe Settlor, free of trust, the property described in such instrument.

    (4) In the event that the Settlor is adjudicated to be incompetent or in theevent that the Settlor is not adjudicated incompetent, but by reason of illnessor mental or physical disability is, in the opinion of the Trustee, unable toproperly handle his/her own affairs, then and in that event the Trustee mayduring the Settlor's lifetime, in addition to the payments of income andprincipal for the benefit of the Settlor, pay to or apply for the benefit ofthe Settlor's spouse, and of any one or more of Settlor's minor children, suchsums from the net income and from the principal of this Trust in such sharesand proportions as in its sole discretion it shall determine to be necessary oradvisable from time to time for the medical care, comfortable maintenance andwelfare of the Settlor's said spouse and children taking into consideration tothe extent the Trustee deems advisable, any other income or resources of theSettlor's said spouse and minor children known to the Trustee.

    (5) The interests of the Settlor shall be considered primary and superior tothe interests of any beneficiary.

    II.
    The Settlor reserves and shall have the exclusive right any timeand from time to during his/her lifetime by instrument in writing signed by theSettlor and delivered to the Trustee to modify or alter this Agreement, in wholeor in part, without the consent of the Trustee or any beneficiary provided thatthe duties, powers and liabilities of the Trustee shall not be changed withouthis/her consent; and the Settlor reserves and shall have the right duringhis/her lifetime, by instrument in writing, signed by the Settlor and deliveredto the Trustee, to cancel and annul this Agreement without the consent of theTrustee or any beneficiary hereof. Settlor expressly reserves the right toappoint successor trustees, replace present trustees and change thebeneficiaries or the rights to property due any beneficiary.
    III.
    In addition to any powers granted under applicable law orotherwise, and not in limitation of such powers, but subject to any rights andpowers which may be reserved expressly by the Settlor in this Agreement, theTrustee is authorized to exercise the following powers to the Trustee's soleand absolute discretion.
    a. To hold and retainany and all property, personal, or mixed, received from the Settlor's estate,or from any other source, regardless of any law or rule of court relating todiversification, or non-productivity, for such time as the Trustee shall deembest, and to dispose of such property by sale, exchange, or otherwise, as andwhen they shall deem advisable; not withstanding this provision or any othercontained herein.

    b. To sell, assign,exchange, transfer, partition and convey, or otherwise dispose of, anyproperty, personal or mixed, which may be included in or may at any time becomepart of the Trust Estate, upon such terms and conditions as deemed advisable,at either public or private sale, including options and sales on credit and forthe purpose of selling, assigning, exchanging, transferring, partitioning orconveying the same, to make, execute, acknowledge, and deliver any and allinstruments of conveyance, and assignments in such form and with suchwarranties and covenants as they may deem expedient and proper; and in theevent of any sale, conveyance or other disposition of any Trust Estate, thepurchaser shall not be obligated in any way to see the application of thepurchase money or other consideration passing in connection therewith.

    c. To borrow money forany purpose in connection with said Trust created hereby, and to execute promissorynotes or other obligations for amounts so borrowed, and to secure the paymentof any such amounts by pledge or any real or personal property, and to renew orextend the time of payment of any obligation, secured or unsecured, payable toor by any trust created hereby, for such periods of time as deemed advisable.

    d. To invest andreinvest or leave temporarily un-invested any or all of the funds of the TrustEstate as said Trustee in the Trustee's sole discretion may deem best,including investments in stocks, common and preferred, and common trust fund,without being restricted to those investments expressly approved by statute forinvestment by fiduciaries, and to change investments from realty topersonality, and vice versa.

    e. To compromise,adjust, arbitrate, sue defend, abandon, or otherwise deal with and settleclaims, in favor of or against the Trust Estate as the Trustee shall deem bestand the Trustee's decision shall be conclusive.

    f. To determine in afair and reasonable manner whether any part of the Trust Estate, or anyaddition or increment thereto be income or principal, or whether any cost,charge, expense, tax, or assessment shall be charged against income orprincipal, or partially against income and partially against principal.

    g. To engage andcompensate, out of principal or income or both, as equitably determined,agents, accountants, brokers, attorneys-in-fact, attorneys-at-law, taxspecialists, realtors, custodians, investment counsel, and other assistants andadvisors, and to do so without liability for any neglect, omission, misconduct,or default of any such agent or professional representative, provided he or shewas selected and retained with reasonable care.

    h. To purchase otherproperty from the executor or other personal representatives of the Settlor'sestate, the executor or other personal representative of the Settlor's spouse'sestate, and the Trustee of any agreement or declaration executed by the Settlorduring his/her lifetime under his/her last will in case his/her executors orTrustees are in need of cash, liquid assets, or income-producing assets withwhich to pay taxes, claims, or other estate or trust indebtedness, or in casesuch executors or Trustees are in need of such property to properly exerciseand discharge their discretion with respect to distributions to beneficiariesas provided for under such bills, declarations, or agreements. Such purchasemay be in cash or may be in exchange for other property of this Trust, and theTrustees shall not be liable in any way for any loss resulting to the TrustEstate by reason of the exercise of said authority.

    i. To undertake suchfurther acts as are incidental to any of the foregoing or are reasonablyrequired to carry out the tenor, purpose and intent of the Trust.

    j. To make loans oradvancements to the executor or other personal representative of the Settlor'sestate, the executor or other personal representative of the Settlor's spouse'sestate, and the Trustees of any agreement or declaration executed by theSettlor during his/her lifetime or under his/her last will in case suchexecutors or Trustees are in need of cash for any reason. Such loans oradvancements may be secured or unsecured, and the Trustees shall not be liablein any way for any loss resulting to the Trust Estate by reason of the exerciseof this authority.
    IV.
    Upon death of the Settlor, or the last surviving Settlor if morethan one, the remaining Trust assets shall be distributed to the beneficiariesin the proportionate or allocable amounts as are specified in the schedule ofbeneficiaries, hereto annexed as Schedule B, as may then be in force.
    The Trustee shall submit in duplicate a completed ATF Form 5(Application for tax exempt transfer and registration of firearm) to theNational Firearms Branch for each NFA item listed in Appendix A beingtransferred to the beneficiaries listed in Appendix B, under no circumstancesshall any NFA item held in the trust be released to a beneficiary without theNational Firearms Branch approved documents returned to the Trustee for thesubsequent transfer.

    If any beneficiary and the Settlor should die under such circumstances as wouldrender it doubtful whether the beneficiary or the Settlor died first, then itshall be conclusively presumed for the purposes of this Trust that saidbeneficiary predeceased the Settlor.


    V.
    If it shall be determined that any provisions of the Trust createdherein violates any rule against perpetuities or remoteness of vesting now orhereafter in effect in a governing jurisdiction, that portion of the Trustherein created shall be administered as herein provided until the terminationof the maximum period allowed by law at which time and forthwith such part ofthe Trust shall be distributed in fee simple to the beneficiaries then entitledto receive income therefrom, and for the purpose, it shall be presumed that anybeneficiary entitled to receive support or education from the income orprincipal or any particular fund is entitled to receive the income therefrom.
    VI.
    Except as otherwise provided herein, all payments of principal andincome payable, or to become payable, to the beneficiary of any trust createdhereunder shall not be subject to anticipation, assignment, pledge, sale ortransfer in any manner, nor shall any said beneficiary have the power toanticipate or encumber such interest, nor shall such interest, while inpossession of the Trustee, be liable for, or subject to, the debts, contracts,obligations, liabilities or torts of any beneficiary.
    VII.
    This Trust Agreement shall be construed, regulated and governed byand in accordance with the laws of the State of Washington.

    I certify that I have read the foregoing Trust Agreement and it correctlystates the terms and conditions under which the Trust Estate is to be held,managed and disposed of by the Trustee.




    Dated: May 22nd, 2009



    ____________________________________________
    [Settlor]



    ____________________________________________
    [Trustee]




    WITNESSES
    Theforegoing instrument, consisting of eight pages, including this page, wassigned in our presence by FirstandLastName, Settlor and WifeorOther,Trustee. We, at the request and in the presence of the Settlor and in thepresence of each other, have subscribed our names below as witnesses. Wedeclare that we are of sound mind and of the proper age to witness a revocabletrust, that to the best of our knowledge the Settlor is of the age of majority,or is otherwise legally competent to make a revocable trust, and appears ofsound mind and under no undue influence or constraint. Under penalty ofperjury, we declare these statements are true and correct on this 22nd day ofMay, 2009 at __________________________________________________ ___________,__________________________.



    _______________________________________ [Signature of Witness #1]
    _______________________________________ [Printed or typed name of Witness #1]
    _______________________________________ [Address of Witness #1, Line 1]
    _______________________________________ [Address of Witness #1, Line 2]





    ACKNOWLEDGEMENT OF NOTARY PUBLIC
    STATE OF WASHINGTON

    COUNTY OF
    YourCounty

    On May 22nd, 2009 before me,
    YourFirstandLast, personally appeared, asSettlor,
    WifeorOther, as Trustee,
    and___________________________________________, as Witnesses, personally known to me (orproved to me on the basis of satisfactory evidence) to be the person(s) whosename(s) is/are subscribed to the within instrument and acknowledged to me thathe/she/they executed the same in his/her/their authorized capacity(ies), andthat by his/her/their signature(s) on the instrument the person(s), or theentity upon behalf of which the person(s) acted, executed the instrument.

    WITNESS my hand and official seal.




    Signature _______________________________________

    Affiant: _____Known _____Unknown

    ID Produced: ______________________

    (Seal)





    ScheduleA
    Description of Property
    1. After youget your suppressor in hand, and the tax stamp, re-print this page with theItem you now own in the trust here
    2. Example:{Gemtech Blackside Suppressor S/N: XXX-XXXXX Cal. 45}


    ScheduleB
    Schedule of Beneficiaries

    1. YourWifeorOther
    2. Child
    3. Child
    4. Parent
    5. Parent

    82ND.ABN.MED and lefthanded7 thanked this.
    x
    x
    x
    x
    Life is not about waiting for the storm to pass, its learning how to dance in the rain.
    x
    You see in this world there's two kinds of people my friend. Those with loaded guns, and those who dig. You dig?

  7. #16
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    bump with ?.

    I did a Form 1 for my SBR using a Trust. My schedule A has the lower on it as item 1.

    I now want a suppressor. Do I just reprint my Schedule A adding in the suppressor as #2 once my dealer gets it in, then mail everything (whole trust, with OLD date on it and new schedule A?) again to the ATF?

  8. #17
    Junior Member ShadowLands's Avatar
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    Anyone have a new link to Form 4? Link on page 1 is no longer working.

  9. #18
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    Quote Originally Posted by ShadowLands View Post
    Anyone have a new link to Form 4?
    If you're talking about the actual form you can download a pdf from the ATF web site.
    FS2000 Gen 1
    PS90-SBR Gen 2
    FiveseveN
    FN HP SFS
    FN Model 1905/1906
    (MM's #3860084010, #3860084030, #3810084020, #3480084020)

  10. #19
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    Quote Originally Posted by Chowser View Post
    bump with ?.

    I did a Form 1 for my SBR using a Trust. My schedule A has the lower on it as item 1.

    I now want a suppressor. Do I just reprint my Schedule A adding in the suppressor as #2 once my dealer gets it in, then mail everything (whole trust, with OLD date on it and new schedule A?) again to the ATF?
    Do not add anything until it's approved is what I ws told.
    FS2000 Gen 1
    PS90-SBR Gen 2
    FiveseveN
    FN HP SFS
    FN Model 1905/1906
    (MM's #3860084010, #3860084030, #3810084020, #3480084020)

  11. #20
    Junior Member ShadowLands's Avatar
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    Found it..........thanks!!!
    What part of "shall not be infringed" do you not understand?
    To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.

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