The main idea is to make sure that the trust, by its operation, never creates an illegal situation. This has to remain true now, 20 years from now, 40 years from now, etc. . .
If you, or anyone else for that matter, wishes to use commercially available software to generate a revocable living "NFA trust" - by all means, give it a shot - and let me know how it works. . .
BUT, please, please, please
make sure that you have a lawyer who is familiar with NFA issues review the completed document before you submit it to the ATF.
There is simply too much at risk to attempt to save a few bucks on something like this.
Originally Posted by Telperion
I would be interested, but I would like to know specifics about the "value added" over Quicken Willmaker trusts, which have shown to be perfectly adequate as NFA ownership vehicles in other states.
I understand some lawyers who have advertised specialized NFA trusts have highlighted the issues regarding transfer after the grantor's death. It seems to me that leaving a detailed letter of instruction to the successor trustee along with a partly completed form 5 would take care of these issues. Am I mistaken, and are there other concerns?