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Mikedril
01-04-2011, 7:46 AM
I've used the seach function, but can't seem to find the answer to a few questions I have about an NFA Trust. Maybe some of you guys that have NFA trusts can help me out?? :o

1. How difficult is it to add trustees?
2. How difficult is it to add firearms?
3. Can you have more than one trust? (one for just the NFA stuff and a living trust for your heirs)

Patrick-2
01-04-2011, 7:59 AM
1) No problem at all. They need to be eligible the same as anyone else. So don't think you can add add trustees to a trust to get around eligibility requirements.

2) Easy. I do it in a few lines and a notarized page.

3) That is typically recommended. NFA trusts generally have specific language that exempts certain trustees from control of assets due to eligibility - in the case of an underage child, for instance. As a result, placing non-NFA assets in the trust only serves to complicate the disposition of assets in the event the trust moves on (you die) or in daily management for those who are ineligible for whatever reason.

They are easy enough to set up, so I see no reason to even bother with the mix and match.

And you've probably heard it before: don't use Quicken Willmaker or other software. Hire someone who knows a bit about NFA to save yourself a possible delay with ATF. They seem of late to want some specific NFA language in there. Yes...people have used the $29 solution. I'm just giving free advice, so take what you want from it.

Patrick-2
01-04-2011, 8:03 AM
More:

A great resource: MDShooters NFA/Class 3/Title II Forum (http://www.mdshooters.com/forumdisplay.php?f=105).

There is a 'stuck' thread at the top with some detailed trust info in there. Also there are several threads on the details, along with a microcosm of the complaints, issues and general knowledge of those with trusts. It's been helpful to many. Maryland has a lot of guys/gals with NFA weapons, including full-auto.

I have a number of NFA items under trust and currently have 4 apps in for tax stamps now. So it works well on volume activities and is quite easy to update.

Mikedril
01-04-2011, 8:45 AM
Thank you Sir! I am checking out the MDShooters site and there is a wealth of information there!

Patrick-2
01-04-2011, 10:39 AM
Thank you Sir! I am checking out the MDShooters site and there is a wealth of information there!

We try.

Glad to help.