Cost Of Adding A Co-Trustee To An Existing Or New NFA Trust

[3MTA3]

I currently have no NFA items, but am going to purchase three silencers and depending on how the pistol brace regs work out SBRing up to four rifles. I'm considering a NFA trust mostly to avoid having to engrave my name on the rifles, and frankly the extra trouble and expense would be worth it to be able to engrave something like "FJB* Gun Trust" instead. I also like the beneficiaries aspect since I am near retirement and won't have children to leave them to once my wife and I are gone. Her children unfortunately played stupid game and lost their Second Amendment rights.

My questions are about co-trustees and fees:

1. If I have myself and my wife in the trust to begin with, how many tax stamps are needed for each NFA item? One each or one total? What other expenses are incurred?
2. If I am the sole member of the trust and have seven NFA items and then add my wife or someone else later what expenses are incurred? Additional tax stamps? What else other than the paperwork for adding her?

* Freedom and Justice Baby. Also considering Liberty, Guns, and Bacon

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[Vierings]

Definitely get a trust. National Gun Trusts is the popular one, I have one from silencer Shop. I currently have one completed form 1 SBR, and two pending form 4 suppressors. At the creation of the trust I am the only trustee, my father is my beneficiary.

Answering your questions based on my experience.

1-the stamp is per firearm, not per owner/trustee. It could be you, you/wife, or you/wife/Joe at the bar and it is one stamp.

2-there should be no cost associated with adding or removing a trustee, both silencer shop and NGT provide ammendments to add/remove trustees. These do have to be notarized but a lot of banks will notarize free for members.

More heads up, when you fill out an ATF form 1 or 4 for NFA items, all trustees must fill out a 5320.23, reaponsible person questionnaire and submit 2 copies of fingerprints cards and passport photos.

 

[American123]

Hey Uncle!

 

[Stomper]

Definitely get a trust. National Gun Trusts is the popular one, I have one from silencer Shop. I currently have one completed form 1 SBR, and two pending form 4 suppressors. At the creation of the trust I am the only trustee, my father is my beneficiary.

Answering your questions based on my experience.

1-the stamp is per firearm, not per owner/trustee. It could be you, you/wife, or you/wife/Joe at the bar and it is one stamp.

2-there should be no cost associated with adding or removing a trustee, both silencer shop and NGT provide ammendments to add/remove trustees. These do have to be notarized but a lot of banks will notarize free for members.

More heads up, when you fill out an ATF form 1 or 4 for NFA items, all trustees must fill out a 5320.23, reaponsible person questionnaire and submit 2 copies of fingerprints cards and passport photos.

That's if you add something to the trust afterwards, what about adding a trustee(s) to an existing NFA trust, do they have to fill out some sort of 5320.23 type paper when you send an amended/updated trust to the "AFT"?

 

[Lazyfaire]

If you develop a trust THE TRUST owns the SBR, SBS or suppressor. It is not owned by you, per se.

You don't have to send anything to the ATF until you decide to purchase something. Then send in a copy of your amended trust paperwork. You could include on the amendment that this person has all right within the trust and its possessions.

If you add someone to the trust be aware that whenever you add another item all persons (trustees) must submit fingerprints and fill out forms. If you add your wife as a trustee she can shoot by herself since she would be entitled. I am unsure how it works as a beneficiary. She would probably only be able to if you were with her. (Lawyer) As a trustee, should something happen to you or her, the other remains in charge of the trust.

Like all other governmental paperwork it is much harder to understand than it should.

Good luck

 

[Vierings]

That's if you add something to the trust afterwards, what about adding a trustee(s) to an existing NFA trust, do they have to fill out some sort of 5320.23 type paper when you send an amended/updated trust to the "AFT"?

From everything I have read and been told, no.

 

[jbett98]

My gun trust has a specific document that grants temporary legal permission to a member of the gun trust for their use of stated items from the gun trust while out of my possession.
The gun trusts Settlor needs to fill out a "Grant of Use" form that specifies a trustee or beneficiary has been granted the temporary use of tax stamped
items from the gun trust.
The Grant of Use form declares what is being transferred into the possession of the Trustee, how long they have permission to hold the items and when they must return the items back to the gun trust Settlor's possession.
The Settlor signs and dates the document.
Also, the Trustee should have a copy of the gun trust, along with copies of any tax stamped items being transferred into their temporary possession.

 

[Gbirk]

I had the same question when setting up my trust just recently. From the National Gun trusts website they seem to say adding a co-trustee does not require fingerprints for existing items.

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Q: I am interested in setting up a trust, but my wife currently has no interest in exclusively using any NFA items. Is it a problem to establish a trust with her as a beneficiary, and then move her to a co-trustee some time in the future if she would ever like to use those privelages? Do I need to notify the ATF or submit her photo/fingerprints for any nfa items already on the trust? Would she be able to use items added to the trust prior to being a co-trustee, or only ones acquired after she becomes one?

A: That isn't an issue with our gun trusts. You can amend them in the future add or remove co-trustees. No, you won't need to the ATF Paperwork for previously approved tax stamps, only for tax stamps moving forward if she is a co-trustee. She can use the NFA Firearms that the gun trust currently owns.
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That just seems wired that the new additions can use the NFA items without having a background check, but that seems to be the case. They would be required to submit fingerprints and fotos for all subsequent NFA items added to the trust though.