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ateixeira
June 9th, 2009, 04:53 PM
I recently received my tax stamp from the BATF for my AR SBR 101/2". It took 3 months from the day I mailed it to the day it came back.
I thought it would take much longer.

Now I'm getting ready to send in may paperwork for a 9mm suppressor.

Does one need the trust notarized every time an item is added to the schedule A?

Thanks

boothdoc
June 9th, 2009, 04:55 PM
so you did the trust for your stuff?

canuck
June 9th, 2009, 04:59 PM
I recently received my tax stamp from the BATF for my AR SBR 101/2". It took 3 months from the day I mailed it to the day it came back.
I thought it would take much longer.

Now I'm getting ready to send in may paperwork for a 9mm suppressor.

Does one need the trust notarized every time an item is added to the schedule A?

Thanks

Yes.

canuck
June 9th, 2009, 04:59 PM
so you did the trust for your stuff?

That wasn't obvious?

boothdoc
June 9th, 2009, 05:05 PM
That wasn't obvious?

Correct that is why I asked. First time? Can you own items in trust and out of the trust at the same time?

I was trying to start up a conversation if that was alright with you.

ateixeira
June 9th, 2009, 05:08 PM
OK thanks!

It has been some time since I crammed all of the info into my head. I used the latest version of Quicken will maker (downloaded version)

I have to say that the help I received here at MDS was priceless. A special thanks goes out to "Jeepdriver" and to all those that put up with me pestering for info.

ateixeira
June 9th, 2009, 05:16 PM
Correct that is why I asked. First time? Can you own items in trust and out of the trust at the same time?

I was trying to start up a conversation if that was alright with you.

If I'm not mistaken, once one incorporates an item into the trust it belongs to the trust and you as the grantor and trustee and any other trustees named in the trust. If you decide to remove the items from the trust you will then have to transfer them to yourself through the legal process with all of the fees it entails through an authorized Class3 SOT FFL. I am only using the trust for NFA stuff that I will not likely want to sell anytime soon.

If I am wrong here guys feel free to correct me and reeducate me.

simplegreen
June 9th, 2009, 10:09 PM
Thats good news, hopefully i should have mine by the end of the month then. I sent in for my tax stamp on April 1st

Kharn
June 10th, 2009, 05:06 AM
You really need to consult with a lawyer before using a trust for NFA items. Quicken does not have wording to authorize the trustees to use the weapon, but all trusts impose a fiduciary responsibility to preserve the value of assets for the beneficiary (as a trust is really an estate planning tool), and it could be argued that shooting the weapon lowers its value.

2SAM22
June 10th, 2009, 07:39 AM
That wasn't obvious?

:lol: Canuck's back in the house! :lol2:

My stamp took over 4 months to get back to me.

canuck
June 10th, 2009, 07:41 AM
:lol: Canuck's back in the house! :lol2:

Mine stamp took over 4 months to get back to me.



Yes, I am back from my travels and trevails.

haoleboy
June 10th, 2009, 09:18 AM
Oh Joy :lol:

canuck
June 10th, 2009, 09:20 AM
Oh Joy :lol:


Hello Andrew. :D

When you coming out to shoot some clays?

ateixeira
June 11th, 2009, 04:01 PM
You really need to consult with a lawyer before using a trust for NFA items. Quicken does not have wording to authorize the trustees to use the weapon, but all trusts impose a fiduciary responsibility to preserve the value of assets for the beneficiary (as a trust is really an estate planning tool), and it could be argued that shooting the weapon lowers its value.


I'm sure you are right. I have read your posts concerning trusts in the past and found them insightful.

Personally I'm really not concerned about my SBR losing value. It's definitely not a collectors item. It gets run through, mud, water, crappy ammo, and the occasional tuft of foliage. I got it for the ease in handling.
Does the trust lose validity if the item loses value?
I decided to go the way of the trust due to that I could not deal with all of the back and forth with the MSP and so on. I know that they sign anything as I have been told here but after 120 miles a day I'll save myself the hassle, time and gas.
I thought having the tax stamp was the goal not necessarily taking the trip:D

Again, I could not have done it without the help of the MDS community.:thumbsup:

Maryland_Shooter
June 20th, 2009, 10:19 AM
Trust route - boothdoc - I will show you mine when you stop over to get the Yugo SKS next week. We can whip one out and I can notarize it for you as well.

Actuall,, best practice would be to take a printed sample with you, mark up the tweaks and then we can finalize it/notarize it and you are good to go for NFA goodness.

JeepDriver
June 21st, 2009, 03:47 PM
ATF have lawyers reviewing all trust that come in. The only advantage that a trust offers at this point is the CLOE sign off. They do not off faster transfers.

For some that do several transfers a year, the trips to MSP get annoying and the trust is a benifit, for those who may only do 3 or 4 in their life time, stick with the traditional method.

Kharn
June 21st, 2009, 08:44 PM
Does the trust lose validity if the item loses value?No, but you can be held liable in court for mismanagement of trust property.

pilotguy
June 24th, 2009, 08:10 PM
No, but you can be held liable in court for mismanagement of trust property.

Only if the beneficiary were to take you to court over a perceived loss of value.