Trust question

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So I have 1 nfa trust, a shop told me if I buy a trust through them I would have to add my existing nfa items on their trust and pay the tax stamp for each item again???

Is this true?
 
You already have a Trust with NFA items registered to said. If so: Would you have to? No, complete and utter bullcrap. Could? Yes, if you wanted, but the transfer process and tax would have to be done. And I'd add that a Trust can be restated as need be, but that is likely out of the scope of this thread.

Frankly, I would't bother with any establishment trafficking in such unmitigated mierda.
 
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He should have asked you for a copy of your existing trust to transfer items to, not from. I would walk away and find a better shop OR find one with a silencershop kiosk and be done with it. Such a great process. Photos and fingerprints all done there on the spot and no transfer fees. They aren't the cheapest around but they are fairly competative and its the ease and convenience you pay for.
 
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I don’t understand why your existing trust would be so defective that you would need to set up a second trust and transfer items to that trust after obtaining ATF approval. If you believe there is something wrong with your current trust I recommend contacting one of the firearms attorneys on NWFA and asking them to review your trust. It would be cheaper than paying for stamps to transfer multiple items to a new trust.
 
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So I have 1 nfa trust, a shop told me if I buy a trust through them I would have to add my existing nfa items on their trust and pay the tax stamp for each item again???

Is this true?
The question is why on earth would you "Buy" a trust from the shop if you already have a trust? That is the load of bull here.

If you transfer items from one trust to another trust that is the same as transferring items from one individual to another individual and you would have to pay taxes on the transfer.

Why would you not buy the NFA item on your existing trust? I am not a lawyer but my understanding is that there is no prohibition on having more than one trust.
 
OP
FA9
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The question is why on earth would you "Buy" a trust from the shop if you already have a trust? That is the load of bull here.

If you transfer items from one trust to another trust that is the same as transferring items from one individual to another individual and you would have to pay taxes on the transfer.

Why would you not buy the NFA item on your existing trust? I am not a lawyer but my understanding is that there is no prohibition on having more than one trust.
My brother in-law has a very tight schedule, so getting him to get his finger print/photo and wherever else is needed will nearly be impossible. I can’t remove him either, the rest of my family lives in a state where nfa items are not allowed.

The shop told me that if I were to get the trust through them, I will be the only one doing the fingerprints/photo and what not.
 
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My brother in-law has a very tight schedule, so getting him to get his finger print/photo and wherever else is needed will nearly be impossible. I can’t remove him either, the rest of my family lives in a state where nfa items are not allowed.

The shop told me that if I were to get the trust through them, I will be the only one doing the fingerprints/photo and what not.
A trust does not have to include more than one person. So a trust with one person would mean that only one person has to submit fingerprints/photos.

There is no reason you HAVE to transfer existing items from the trust with your brother in-law on it to the new trust with only you on it. If you no longer wish your brother in law to have legal rights to your current NFA items then transferring them to the new trust is and option... but the $200 tax per item will need to be paid.
 

11Charlie

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A trust does not have to include more than one person. So a trust with one person would mean that only one person has to submit fingerprints/photos.

There is no reason you HAVE to transfer existing items from the trust with your brother in-law on it to the new trust with only you on it. If you no longer wish your brother in law to have legal rights to your current NFA items then transferring them to the new trust is and option... but the $200 will need to be paid.
Different trusts are set up different ways. My trust has four people on it and I am the only one that gets printed.
 

Sporting Systems

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If you just want to remove a responsible party, write an addendum to the existing trust removing that person from the trust. Slam dunk. If you want a new trust, keep the same name of the trust...easy peasy, no new stamps required. Questions, call us. Shouldn't be that difficult.
 

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