NFA Trust Question

rmbstyle · Jan 30, 2015

So I finally got my NFA trust documents in. I do not have any property assigned to the trust and it is my understanding that the trust needs some form of property/funding to be legal. Can I just put in something like a gun cleaning kit? And if so, would I put it in schedule A?

Thanks

PJDiesel · Jan 30, 2015

One Dollar.

dontpanic · Jan 30, 2015

I put in a one dollar bill. Entered what it was and serial number in the schedule A. Then paper clipped the dollar to the trust documents.

Went out that afternoon and bought a suppressor from Duffy's.

rmbstyle · Jan 30, 2015

So I just put in a US One Dollar Bill and the serial number in schedule A? Thats it?

dontpanic · Jan 30, 2015

rmbstyle said:
So I just put in a US One Dollar Bill and the serial number in schedule A? Thats it?

Yep

qorban88 · Jan 30, 2015

I'll second that one. "One U.S. dollar" is what I put. Once the ATF clears your suppressor then you can assign it to the trust and add it to the schedule A. I was also told not to put anything in the trust besides NFA items, especially non-regulated firearms. No need to tell the ATF what you have.

Waz · Jan 30, 2015

dontpanic said:
I put in a one dollar bill. Entered what it was and serial number in the schedule A. Then paper clipped the dollar to the trust documents.

Went out that afternoon and bought a suppressor from Duffy's.

So is this with or without a funding bank account for the trust?

outrider58 · Jan 31, 2015

I didn't 'list' anything on my trust until my suppressor came in. I did fund it, though.

Straightshooter · Jan 31, 2015

The attorney I used said to attach money to the document but do not enter anything including my signature into the Schedule A until I receive my stamp.

dontpanic · Jan 31, 2015

Waz said:
So is this with or without a funding bank account for the trust?

You do not need a trust bank account. The dollar as an asset serves the same purpose. Your trust has to have an asset to exist.

dontpanic · Jan 31, 2015

Straightshooter said:
The attorney I used said to attach money to the document but do not enter anything including my signature into the Schedule A until I receive my stamp.

If there are no assets on the schedule A, then your trust is not yet legal. The dollar is added to the schedule A as an asset.

The item you are purchasing using your trust is not added until your stamp comes back approved.

outrider58 · Jan 31, 2015

dontpanic said:
If there are no assets on the schedule A, then your trust is not yet legal. The dollar is added to the schedule A as an asset.

The item you are purchasing using your trust is not added until your stamp comes back approved.

That's kinda like saying a shoe isn't a shoe, unless it's on your foot.
My impression was once signed and notarized, the trust becomes officially legit.

dontpanic · Jan 31, 2015

A trust holds something for the beneficiaries. If the trust has no assets, there is no trust.

Its more like calling the parts of a shoe, a shoe, before you actually put the shoe together.

Straightshooter · Jan 31, 2015

This is a new one for me, but I have to admit that I was wrong. That's never happened before. After re reading the instructions, it looks like the cash has to be listed on the Schedule A.

Wfilardo · Jan 31, 2015

you don't need anything in the trust until you get your first stamp back. when you get it enter the info on schedule A. I sent my first Form 1 in with nothing listed and no problems.

outrider58 · Jan 31, 2015

Wfilardo said:
you don't need anything in the trust until you get your first stamp back. when you get it enter the info on schedule A. I sent my first Form 1 in with nothing listed and no problems.

Thank you. Same here.

Wfilardo · Jan 31, 2015

I had a total of 12 Form 1's and Form 4's submitted with nothing in the trust and they all came back approved no problems.

fabsroman · Jan 31, 2015

outrider58 said:
That's kinda like saying a shoe isn't a shoe, unless it's on your foot.
My impression was once signed and notarized, the trust becomes officially legit.

The trust does not come into being until it has assets. Hence, the one dollar bill, a bank account with money in it, etc.

fabsroman · Jan 31, 2015

Straightshooter said:
This is a new one for me, but I have to admit that I was wrong. That's never happened before. After re reading the instructions, it looks like the cash has to be listed on the Schedule A.

Yep. Schedule A is the list of assets that the trust owns. So, until there is something listed on Schedule A, it is tough to say that the trust owns something. If you have a bank account in the trust's name, a piece of real property deeded in the trust's name, or something else with a title in the trust's name, then you can make the argument that the trust is funded even though the item was inadvertently left off the Schedule A.

fabsroman · Jan 31, 2015

Wfilardo said:
I had a total of 12 Form 1's and Form 4's submitted with nothing in the trust and they all came back approved no problems.

The issue is whether the trust was in being when you completed those Forms. Until the first item is put into the trust, the trust is not actually in being. If the ATF really wanted to get technical on the matter, it could have denied the first Form before the trust was funded, because the trust was not yet in place.

With that said, I seriously doubt the ATF is going to spend the man power reviewing all these trusts to ensure that a dollar has indeed been contributed to them, a bank account in their name has been funded, etc.

We are splitting hairs here.

NFA Trust Question

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