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Living Trust

Discussion in 'NFA Weapon Discussion' started by MilesTeg, Jan 27, 2009.

  1. MilesTeg

    MilesTeg Troutdale, OR Active Member

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    Can anyone give me a run down on creating a Living Trust (process, cost, etc) and how you transfer NFA items into and out of the trust?

    Also, I currently have a 22 can and was wondering if I would have to pay the $200 Tax again to put it into the trust.

    Thx
     
  2. fromotoc

    fromotoc Downtown Portland, OR Member

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    I created one for some NFA Items I planned on getting but don't have yet. I used Quicken Willmaker, you can use mine if you want, paid $40 for it. You make the trust, get it notarized, and one more step that I forget. It is very easy. Don't know about transferring items into and out of it, but when you add things to the trust, it is in the form of an addendum, and is very easy to do.
     
  3. 1us

    1us Oregon New Member

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    Try legalzoom.com for inexpensive legal documents. Let us know if they meet your expectations.
     
  4. mxitman

    mxitman N. Seattle Member

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    I just did my Revocable Trust for the State Of Washington through a Class III dealer, if you buy any suppressor through them they set it all up, was pretty easy took about 10 minutes. They just sent off the paperwork to the ATF with my cashiers check for $200.:thumbup:
     
  5. aquariumjunky

    aquariumjunky Albany, Oregon Active Member

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    If some dealer would do that in oregon I think I would buy my first can from them!!!! something in .22 probally hint hint!

    Steven
     
  6. pr787lv

    pr787lv somewhere in the NW Member

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    I paid $40 for Quicken Willmaker. Then, I did not use it. Why? 1st, Our LE is very NFA devices friendly and all BATFE forms get signed up quickly. 2nd, my pre-paid lawyer said "a Living Trust is a very complicated document and I advise you hire a lawyer to complete it. Expect to pay ~$1000 to $1500" and more BS like that (which made me wonder what I am paying pre-paid legal services for in first place). But, at the time, it did not sound like BS and I ignored all the positive feedback I received from all gun lover who have gone that route.

    Truth is, going to the sheriff's used to give me the jivvies. But, after doing it a couple of times, I kind of like going there and go by first names with the people there.

    Will you have to pay another $200? I dunno, but I doubt it. Check the BATFE web site's FAQs. I remember reading your heirs won't have to pay the tax since you already paid for it. But why do you want to transfer to a LT? The whole purpose of the LT is to skip the LE, which you obviously did not!

    If your LE is as NFA friendly as ours and you do not plan to buy a lot of NFA devices, just forget about the Living Trust. If you paln to acquire several, go for it.
     
  7. MilesTeg

    MilesTeg Troutdale, OR Active Member

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    Thanks all for the advice and personal experiences. I plan to pick up another couple suppressors and a SBR in the future. My CLEO has been very supportive in the past for my C&R and prior suppressor request.

    Thanks
     
  8. HKwithAsmile

    HKwithAsmile WA New Member

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    I had no problems at all going the trust route.The dealer did it all for me at no charge.Law enforcement is not involved in any way with a LT.Yes you can transfer the nfa item to family members upon your death without paying another tax if they are named on the trust as having control,then the item stays in the trust and no tax needs re-payment.
     
  9. Trlsmn

    Trlsmn In Utero (Portland) Well-Known Member

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    You can also transfer on a Form 5 for free to your heirs, be it on a trust or an individual stamp, your heirs need to show proof of the item being willed to them and a copy of the death certificate.

    Since my sons are under 21 I could not put them on the trust, so I put papers in with the trust with detailed instructions of my wishes and how to transfer at no cost to them.
     
  10. mxitman

    mxitman N. Seattle Member

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    Just got my approval from the ATF, I have my SWR Spectre in hand, started mid January. Can't wait to get to use it. I had a revocable trust done through the state of Washington through Discount Gun Sales... Was really easy and no CLEO sign off was needed... now what to get next?...hmm
     
  11. chase

    chase Wilsonville, OR Bronze Supporter Bronze Supporter

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    Yes, you have to pay another $200 to transfer that item into the trust. The cool thing about having the trust is anyone on it, can use the item at any time. Class three items are meant to be controlled by there owner at all times including housing and transporting.
     
  12. j4545

    j4545 WA Bronze Supporter Bronze Supporter

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    I've had friends use Quicken with success. Also, I read that some have felt the need to get an acutal lawyer. Here's a link that I'vfe seen on other forms.

    http://www.guntrustlawyer.com/
     
  13. jdub75

    jdub75 PNW Well-Known Member

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    Has anyone used a Oregon attorney for a NFA specific trust? That guntrustlawyer.com site didn't have anything.
    I don't want to just do the quicken thing.
    Thanx,
    JDub
     
  14. PinkhamR

    PinkhamR Altus, Oklahoma MSgt, USAF (Retired)-FFL Lifetime Supporter

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    I had mine made up for me by my NFA Dealer ... no charge ... :)
     
  15. aquariumjunky

    aquariumjunky Albany, Oregon Active Member

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    Is your NFA dealer in oregon? And if so care to share the name where these perks can be found? I know I keep look at buying a suppressor and a perk like that could sway me where I purchased it.

    Steven
     
  16. PinkhamR

    PinkhamR Altus, Oklahoma MSgt, USAF (Retired)-FFL Lifetime Supporter

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    Hi Steven, afraid not. I am in Southwest Oklahoma .... RAndy
     
  17. jdub75

    jdub75 PNW Well-Known Member

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    I have emailed back & forth a bit to an Oregon atty that does NFA specific trusts--Jake Whitmore. Seems knowledgable & nice, but its pretty spendy tho IMO: $500. I appreciate the protection a proper trust will provide, but still looking for a more reasonable option.
    On another thread on here, there was another Oregon atty doing them for $400. Still pretty steep for maybe 20 minutes work (likely by their paralegal).
    Anyone else have an affordable option (other than willmaker type software)?
     
  18. Gunner3456

    Gunner3456 Salem Well-Known Member

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    I can't imagine an FFL creating a trust - practicing law without a license, LOL. :) Maybe I misunderstood? OK, basic rundown if anyone cares...

    Disclaimer: This is not legal advice. It's just a summary of a layman's experience.

    Most people own things such as a home, vehicles, bank accounts etc. in their own names. They may have a will stating who gets what upon death, but the heirs have a hassle called probate after the death. If there is no will it's worse. That's called "dying intestate."

    My wife and I have a Living Trust and we don't own anything. The trust does. We transferred our vehicle titles, real estate deeds, bank accounts - everything - into that trust. Even our checks say "John Doe and Jane Doe, trustees of the John Doe and Jane Doe living trust." I sign checks "John Doe, TTE" meaning "trustee."

    The trust, like a corporation, is a "person."

    We are just the trustees, but the trust is revocable - we can change our minds and deed/transfer everything back into our names any time we wish.

    Upon our deaths, the difference is that the Trust owns everything and the Trust didn't die!

    The trust names the successor trustees, in order by name. Our oldest son is the first successor after my wife and after me, then in case he dies with us or before us, our oldest daughter is next. So it goes until our attorney, who is last on the list.

    The trust spells out, as a will would, who gets what property, and the successor trustee is to see to that. That's what we have instead of a "will."

    Because the trust never dies, the items owned by it stay in it's name and the succession of trustees then have the use of items just as we do now. There is never a need to probate the estate.

    A living trust is simple. It's a few pages long, and "exhibit A" is the items you have transferred into its name. That list also includes valuable items which have no title such as guns and jewelry.

    Now for instance, since our vehicles are all titled in the name of "The John Doe and Jane Doe living trust, John Doe and Jane Doe trustees," The owner of the vehicle can never die. Should I die, my wife is the first trustee before our son, so she still controls everything named in or belonging to the trust.

    Nothing needs be done to settle the estate. :)

    HTH
     
  19. Iansstud

    Iansstud SW WA / PDX Member

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    I tried to post one on here that my SOT gave me, just add yournames, dates, take to your bank to get it nuterized and your good to go!!! It is a word doc and more kbs then this forum will allow. I know the trust is good for NFA items in WA atleast. The dealer said he has people use it all the time!!!

    I pm'd Joey link 2x about having him post it as a sticky with no reply....

    If you want a copy, pm me your email
     
  20. PinkhamR

    PinkhamR Altus, Oklahoma MSgt, USAF (Retired)-FFL Lifetime Supporter

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    PM Sent & Thanx! Randy