Suppressors Trust Schedules

[Jig Stick]

The entirety of my trust is 10 pages. In those 10 pages, schedules are never mentioned. No schedules were notarized. However, there are two separate pages included in my paperwork, a Schedule A, and a Schedule B. The schedule A lists as it's assets the initial $$$ I used to establish the trust, as well as the trusts bank account. The Schedule B is blank, but includes columns and rows to list any class 3 items I buy, their manufacturer, serial numbers, and dates acquired. My attorney says I should submit my Schedule A with my applications, but that I should list trust NFA assets on the Schedule B as I acquire them, making amendments along the way. Does all of this sound correct?

 

[vinsonr]

Are you sure your trust does not mention the various schedules? Mine mentions schedule A several times in reference to the property owned by the trust. I have a schedule B but it's regarding beneficiaries, not property.

All of this depends on the language of your trust. One example is a living trust with a married couple on it. They'll usually have a Sched. A with shared property, Sched. B with his property and Sched. C with hers, etc.

 

[Jig Stick]

I did find a mention of schedule A. It says schedule A lists funds for initial trust start up, and future trust assets. There is no mention of schexule A listing FFA items purchased. Schedule B isnt mentioned at all, but the form for it has spaces for the NFA items. So which one do i place the items i buy on? Just B?

 

[jdonovan]

Does all of this sound correct?

If you don't trust your lawyer to give you the right advice.... its time for a new lawyer.

 

[Jig Stick]

Its not that i dont trust him. I just see many different setups. Im wondering if mine is setup the best way. I dont want to hsve to submit a detailed list of my NFA items to the ATF every time i mske a purchase. And if i list them on schedule B, i wont have to.

 

[jdonovan]

if my trust buys the item I don't send a schedule. There is nothing to 'assign' to the trust, as it already owns the item in question.

If I didn't have my trust checkbook, and I bought it with personal funds, then I do use an assignment sheet as I do have to assign ownership to the trust.

There are many ways to setup trusts, and there may be specific requirements in your state, so what works for me, on my trust, in my state may not be valid for you.

 

[DarkPath]

The trust can own things other than NFA items (other guns, jewelry). You have to submit a schedule A with the trust paperwork with your form 4. The schedule A lists an asset of the trust (the trust must own something to be valid i.e. the bank account). Everything the trust owns should be listed on the schedule B. This way you can list assets of the trust without disclosing such items to the ATF on the schedule A. This is useful when the trust is used a vehicle for transferring assets, that a person doesn't want to be probated through their will, to a beneficiary. The complete asset list of the trust isn't a requirement in the NFA filing process, simply proof on the schedule A that the trust owns something. This is how my attorney explained our trust to us.

 

[Jig Stick]

The trust can own things other than NFA items (other guns, jewelry). You have to submit a schedule A with the trust paperwork with your form 4. The schedule A lists an asset of the trust (the trust must own something to be valid i.e. the bank account). Everything the trust owns should be listed on the schedule B. This way you can list assets of the trust without disclosing such items to the ATF on the schedule A. This is useful when the trust is used a vehicle for transferring assets, that a person doesn't want to be probated through their will, to a beneficiary. The complete asset list of the trust isn't a requirement in the NFA filing process, simply proof on the schedule A that the trust owns something. This is how my attorney explained our trust to us.

This is exactly how it was explained to me by my attorney. The trust states that "schedule A lists assets used to establish the trust, including initial funds and the trusts bank account". This is the only mention of any schedules in the body of the trust. The attorney gave me a "Schedule B" that he said I should use to log in any NFA stuff that I buy, including manufacturer, serial number, description, date. The way I am understanding this is that he did this specifically so that my schedule A only lists the 2 original assets, and that way I would not have to list all of my NFA stuff of the schedule A each time I submit an application. I dont want to give out any more information that I have to to the ATF or any class 3 dealer that I use in the future.

 

[AZGunLaw]

Sheesh - I would handle that differently. I am an attorney have prepared hundreds of gun trusts. In your case, schedule A should be the list of NFA firearms and must be submitted to the ATF each time you make or transfer something to the trust. I certainly wouldn't send schedule B to the ATF - it isn't mentioned in the trust so it is not required. Don't give the ATF a list of your guns or other assets - that isn't their business. If you wish to use schedule B for your own records, and for the benefit of your loved ones after you die, that is great - but don't send it to the ATF.