The TRUST and privacy

[FISHSTICKER]

The TRUST and privacy

I set up a Trust for my children several years back. The Trust has some cash, stocks and other things of value but no land or anything considered immovable property.

My Attorney said that I did not have to file my Trust with the clerk of courts office unless I transfer land or immovable property into the Trust.

Now, I am considering going the Trust route for the Purchase of a few suppressors and noticed that some if not all file their Trust with the Clerk of Court in the appropriate Parish.

So, my question is……….do you have to file your trust with the Clerk of Courts office in your Parish if the only things the Trust possesses are NFA items…….suppressors. If you are not required to file your Trust this certainly gives you much more privacy, which I like.

 

[cajun 22]

You are not legally required to register your trust unless, as you stated, you put immovable items in it. I personally don't know of anyone who filed a trust with the court for these items.

 

[FISHSTICKER]

So no need to file. I do know of several who have......... I wondered why they did. I thought it must have had something to do with the Federal regulations on NFA items.

 

[cowdog]

I don't know anyone that filed their trust with the court.
iirc you're not limited to one trust just saying

 

[sksshooter]

how old are you children? that was my reason for not going with a trust for class 3 items. i wanted to put the kids on it so that when age approriate they would be able to handle any of my items as their own. my kids are 4/6 now. i found out that anyone on a trust with class 3 stuff had to be iirc 21 or older (could have been 18) so this route did me no good. i found that in the event of my death there is a 1 time tax free transfer to a family member so i just bought it under my own name.

 

[cowdog]

iirc the 1 time tax free transfer is a Form 5.

iirc you can set up your trust naming your kids as trustees when they turn 18 (or add a stipulation if deemed "responsible" by a successsor trustee or grantor). This should give them the ability to have the suppressor in their possession (with a copy of the tax stamp).
At 18 they can actually buy and own a suppressor from an individual (still have to do the NFA paperwork and pay for the tax stamp), just cannot buy one from a FFL/SOT.

I'm not sure on the legality of an SBR or pistol. Probably legal on the SBR also; might have to wait until 21 for the pistol.

 

[cajun 22]

I went the trust route for the benfit of my wife in case anything happened to me. She would be able to transport and dispose of the items without worry with no taxes or tranfers. Now that my son is almost out of college, I will add him to the mix. You can be 18 and own a pistol, you just can't buy one until you are 21.

 

[FISHSTICKER]

My plan was to prepare a second Trust with Myself, Wife and Father as Trustees…….make my 20 year old Daughter the Beneficiary. After my son turns 18 I would add him as a Trustee so that he could legally possess and use my NFA items.

I did not want to file with the Clerk of Court if not necessary. Three others I have spoken to who went the Trust route thought that it was required.

Thanks for the input.

 

[Kurt D]

If I'm not mistaken you have to be 21 to possess a NFA. So the 20 and 18 year olds won't fly on the trust. I'm considering going this route as well and I'll just add my son when he's 21 as beneficiary; in the mean time I'll just use my mother as I don't trust my other half with these matters, though I will list her so she can be in legal possession.

 

[yamatitan]

If I'm not mistaken you have to be 21 to possess a NFA. So the 20 and 18 year olds won't fly on the trust. I'm considering going this route as well and I'll just add my son when he's 21 as beneficiary; in the mean time I'll just use my mother as I don't trust my other half with these matters, though I will list her so she can be in legal possession.

Your mistaken I know plenty of 18 year olds with approved form 1's.