Should I create a trust?

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  • nolaradio

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    Question for you lawyers out there with experience creating trusts:

    With the law changing this July regarding NFA items in trusts, should I create one now? I have no items that would need to be entered into a trust at this time.
    Is there any benefit to creating a trust now, without anything to enter into the trust, and add the people to it now? Or does it just make no sense to do this?
     

    DAVE_M

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    So it depends on when the item is added and not when the trust is done ?

    Correct. Creating the trust now has no advantage unless you plan on adding new items.

    Contacting JCCypress is your best bet, if you have NFA questions.
     

    nolaradio

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    Let me rephrase my question. I think I may have confused everyone... or at least myself.

    Is there an advantage to setting up a trust now, with nothing in it, with the possibility of adding items after July of this year?

    Sent from the Bayou Bunker Command Center, Portable Unit #33, FEMA Region 6.
     

    JCcypress

    Gun Trust Lawyer
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    Regardless of 41F, establishing a trust is the simplest, and most beneficial way to transfer NFA items to your heirs upon your death. A trust provides a legal road map for your heirs and will help prevent them from inadvertently finding themselves in the position of illegally possessing NFA weapons.

    Trusts are also the most legally-sound method for sharing NFA items among a pool of users, such as family members and close friends that you list as trustees. It's very handy to have the flexibility to exchange and share these items with your shooting buddies, or to allow someone else to transport an item for you. Being the only person in the world who is allowed to possess an item is inconvenient, to say the least.

    If you do not anticipate purchasing or manufacturing any NFA items prior to July 13, 2016, then the advantage of establishing your trust at this time would be to have it in place and ready, should you come across that deal on an NFA item that you want to pounce on.
     

    notasheeple

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    Regardless of 41F, establishing a trust is the simplest, and most beneficial way to transfer NFA items to your heirs upon your death. A trust provides a legal road map for your heirs and will help prevent them from inadvertently finding themselves in the position of illegally possessing NFA weapons.

    Trusts are also the most legally-sound method for sharing NFA items among a pool of users, such as family members and close friends that you list as trustees. It's very handy to have the flexibility to exchange and share these items with your shooting buddies, or to allow someone else to transport an item for you. Being the only person in the world who is allowed to possess an item is inconvenient, to say the least.

    If you do not anticipate purchasing or manufacturing any NFA items prior to July 13, 2016, then the advantage of establishing your trust at this time would be to have it in place and ready, should you come across that deal on an NFA item that you want to pounce on.

    This what I think, its more about passing it on. But I think said heirs need to be 21 before they can be listed in an NFA Trust.
     

    Daddy-O

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    Trusts are also the most legally-sound method for sharing NFA items among a pool of users, such as family members and close friends that you list as trustees. It's very handy to have the flexibility to exchange and share these items with your shooting buddies, or to allow someone else to transport an item for you. Being the only person in the world who is allowed to possess an item is inconvenient, to say the least.

    ^ This was a big part of why I formed a Trust. My wife is also an avid shooter and I wanted to list her as a trustee. Up until the July change, it was also handy to not have to procure photographs and prints too. Even though that is going to part of the process now, there are still some solid benefits of going the trust route.
     

    swampfoxx

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    Regardless of 41F, establishing a trust is the simplest, and most beneficial way to transfer NFA items to your heirs upon your death. A trust provides a legal road map for your heirs and will help prevent them from inadvertently finding themselves in the position of illegally possessing NFA weapons.

    Trusts are also the most legally-sound method for sharing NFA items among a pool of users, such as family members and close friends that you list as trustees. It's very handy to have the flexibility to exchange and share these items with your shooting buddies, or to allow someone else to transport an item for you. Being the only person in the world who is allowed to possess an item is inconvenient, to say the least.

    If you do not anticipate purchasing or manufacturing any NFA items prior to July 13, 2016, then the advantage of establishing your trust at this time would be to have it in place and ready, should you come across that deal on an NFA item that you want to pounce on.

    I agree as well. In my parish, getting approval from the CLEO is not an issue, but I didn't want my wife or other family members to not have the combination to the safe if I were out of town. Also, my children are beneficiaries as well as trustees, so they will benefit from the trust when I pass.
     

    notasheeple

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    I agree as well. In my parish, getting approval from the CLEO is not an issue, but I didn't want my wife or other family members to not have the combination to the safe if I were out of town. Also, my children are beneficiaries as well as trustees, so they will benefit from the trust when I pass.

    Are your children minors? If so how were you able to set them up as beneficiaries on an NFA trust?
    Thanks.
     

    rcm192

    Sic semper tyrannis
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    Just get one done and file for some SBRs! All the cool kids are doing it...you should too! The longer you wait the longer itll take to come back.
     

    swampfoxx

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    Are your children minors? If so how were you able to set them up as beneficiaries on an NFA trust?
    Thanks.

    Minors? Hardly. 31 and 33. I have heard of people putting their minor children on the trust though. I don't think the trust has anything to do with NFA. It is just a revocable living trust. You would need to ask JCypress about that.
     

    notasheeple

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    Minors? Hardly. 31 and 33. I have heard of people putting their minor children on the trust though. I don't think the trust has anything to do with NFA. It is just a revocable living trust. You would need to ask JCypress about that.

    They're not minors. That answers my question. My trust is setup as NFA items only, not a trust with my family lawyer for other matters. Thanks and enjoy, happy shooting!
     

    US Infidel

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    I have minors on mine. Set up a successor trustee. But if I understand it correctly, that person will also have to submit the same info as all other trustees after the 41F thing happens.
     
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