Great concise summation Eric. Something to keep in mind when naming your trust, is that if SBR's are in your future, you are required to engrave your trusts name on your SBR (if you put it together yourself [form 1]). So a really long name can be a disadvantage.
what do you recommend? i want to get a gun trust and dont have an NFA item, but would build one later one. should i get a gun trust now? or wait to when i buy or build an NFA item?
If you acquire a title 2 weapon (NFA item) as an individual, then later on decide to transfer that item into a trust, you would need to fill out a form 4 and pay the $200 tax again. So you're better off getting a trust setup first, then going through the ATF background check. That way, you only pay the tax once.
Notary here, I can't shake the idea that this type of trust leaves the original owner open to liability. Thinking of future worst case scenarios; does the responsibility spread to all in the trust if /when the device is used in an illegal act? Is this a clause that's included? I'm curious, as I'm notarizing one soon
Yep, already answered here, but that is correct. You can transfer it into the trust without ever giving up possession of the item, but it will cost you another $200 tax stamp to do that.
You can set it up afterwards but you will have to purchase additional stamps to transfer NFA items into the trust. For non NFA firearms a simple bill of sale from the individual to the Trust.
You can put everything in it. If you have a sizable collection or high value items it ensures those go to the right people without any hassle and they'll never end up in probate.
@@RandyP-i6eim not an expert but my understanding is that all the names on the trust can be changed except possibly the primary. Thats a major advantage. Changes would likely cost some lawyer/notary money
Great concise summation Eric. Something to keep in mind when naming your trust, is that if SBR's are in your future, you are required to engrave your trusts name on your SBR (if you put it together yourself [form 1]). So a really long name can be a disadvantage.
True, but if you pick that name right, it could also be hilarious to see on your gun each time, haha
@@BlackFlagArmory can you name it fuck ATF trust?
Good stuff, Eric-thanks!
Thanks for watching!
Great video! Very well explained, great job Eric.
Thank you! We're big fans of your work!
what do you recommend? i want to get a gun trust and dont have an NFA item, but would build one later one. should i get a gun trust now? or wait to when i buy or build an NFA item?
If you acquire a title 2 weapon (NFA item) as an individual, then later on decide to transfer that item into a trust, you would need to fill out a form 4 and pay the $200 tax again. So you're better off getting a trust setup first, then going through the ATF background check. That way, you only pay the tax once.
Notary here, I can't shake the idea that this type of trust leaves the original owner open to liability. Thinking of future worst case scenarios; does the responsibility spread to all in the trust if /when the device is used in an illegal act? Is this a clause that's included? I'm curious, as I'm notarizing one soon
No, the fault lies with the person committing the crime.
Thanks, best explanation anywhere!
What if you sbr a rifle then a year down the road you decide to do a gun trust, can you add the gun to the trust?
I believe you do have to do an additional transfer via form 4 and pay the $200 tax stamp to transfer it from individual to the trust
Yep, already answered here, but that is correct. You can transfer it into the trust without ever giving up possession of the item, but it will cost you another $200 tax stamp to do that.
Can you set up a gun trust after you buy an item? Or does it need to be before you purchase?
You can set it up afterwards but you will have to purchase additional stamps to transfer NFA items into the trust.
For non NFA firearms a simple bill of sale from the individual to the Trust.
Does anyone go over the Trust Paperwork and how to fill it out? Do I really need a witness and a notary stamp?
Just a guick question, I have a suppressor in my name, how do I change it to a trust and put my son & a couple of friends on it.
Would you suggest just using the Trust for NFA items or all rifles and handguns one may own?
Just NFA
You can put everything in it. If you have a sizable collection or high value items it ensures those go to the right people without any hassle and they'll never end up in probate.
Would having a trust help speed up the NFA process?
Individual is usually faster.
The current quick approvals on suppressors you've probably heard about dont apply to trusts.
A disadvantage in the short term.
When creating a gun trust with intention to name family members and beneficiaries, does it have to be created by any specialized lawyer?
No, any attorney has the ability to create the trust. Whether or not they have experience with them is another matter.
Can beneficiaries be added after the trust has been created?
@@RandyP-i6eim not an expert but my understanding is that all the names on the trust can be changed except possibly the primary. Thats a major advantage. Changes would likely cost some lawyer/notary money
So if you have to get your SBR engraved, is it your Gun trust name on the receiver or still the individual's name?
It would be the trust as that is the legal entity that owns the gun
“Everything we need to know”….I still have no idea how to type out a trust!!
Basically get a lawyer to protect your items from the government, and if you can’t find a lawyer they’re suggesting an online source.
Also means if you get divorced she can take it
😅