Firearm Trust

[M_Ingalls]

Has anyone setup a firearm trust? I am looking to get a silencer for a rifle and would rather put it under a trust. Anyone in Colorado know if there is a lawyer that can do it and costs involved?

I want to setup the trust that way if something happens to me an officer under the trust can take custody of any silencers or SBR I have.

 

[at4rxj]

Re: Firearm Trust

I have, and hands down it's the way to go. I can't help you with recommending someone in CO, but you're definitely on the right track.

 

[Ranb]

Re: Firearm Trust

I did mine with Quicken Willmaker, it works fine as the ATF has accepted it for 7 cans so far. I recommend that you go with a lawyer though.

Ranb

 

[MontanaKid]

Re: Firearm Trust

Not to deviate from the main point, but can you be the only one on the trust or does it have to be more than one person?

 

[Oddball Six]

Re: Firearm Trust

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MontanaKid</div><div class="ubbcode-body">Not to deviate from the main point, but can you be the only one on the trust or does it have to be more than one person?</div></div>

I live in CO.
I have an NFA trust.

Mine was done by Douglas Turner, who did a great job and even provided a testimonial to because I appreciated not only the work he did originally but I have been back with two simple alterations he was more than willing to explain to me and help me with.

He charged a flat fee of $795. In my case, it included a trust, and one amendment to the trust.

He did not know it but I had an attorney in the family (an aunt) go over the trust after he generated it and her feedback to me was that it was solid.

As regards the trust, you can be the only one on the trust OR you can have more than one person. My trust is setup so that it also can be used as an estate planning vehicle. Its NFA-firearms compatible but also can handle ANY property that I want to put in it.

As such, it makes sense to have my primary heirs (wife, etc) as trustees. The added NFA benefit is that any trustee can handle or store the NFA items in the trust without any further transfer or legal risk.

 

[MontanaKid]

Re: Firearm Trust

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Oddball-Six</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MontanaKid</div><div class="ubbcode-body">Not to deviate from the main point, but can you be the only one on the trust or does it have to be more than one person?</div></div>

I live in CO.
I have an NFA trust.

Mine was done by Douglas Turner, who did a great job and even provided a testimonial to because I appreciated not only the work he did originally but I have been back with two simple alterations he was more than willing to explain to me and help me with.

He charged a flat fee of $795. In my case, it included a trust, and one amendment to the trust.

He did not know it but I had an attorney in the family (an aunt) go over the trust after he generated it and her feedback to me was that it was solid.

As regards the trust, you can be the only one on the trust OR you can have more than one person. My trust is setup so that it also can be used as an estate planning vehicle. Its NFA-firearms compatible but also can handle ANY property that I want to put in it.

As such, it makes sense to have my primary heirs (wife, etc) as trustees. The added NFA benefit is that any trustee can handle or store the NFA items in the trust without any further transfer or legal risk.
</div></div>

Did you use the guntrustlawyer.com people?

 

[Oddball Six]

Re: Firearm Trust

The gun trust lawyer guy is an attorney in Florida that does referrals for most other states.

in my case, i searched for a Colorado nfa attorney and found Douglas turner directly. He is an in-state estate and trust lawyer that also does NFA trust work.

http://www.douglasturner.com/category/nfa-trusts/

 

[Bryan27]

Re: Firearm Trust

After you have the trust written up, how do you go about adding items to it? Say you buy an SBR first and that is the only item on the trust, then you buy a suppressor. Do you just pencil it in on the trust as a listed line item or does it require more attorney fees? Also, what is the process for adding people to it? I'm wanting to get a suppressor, but there is a chance of getting transfered with my job to a state that doesn't allow them so I'd like to be able to put my parents and possibly my brother and cousin on it at a later point if a move to a non NFA friendly state were to happen.

 

[Oddball Six]

Re: Firearm Trust

Usually the schedule of trust assets is separate from the trust itself.

Depending on the way it is written, the trust will specify how that register of trust assets is maintained. In some trusts, such as those generated by some common software, there may be a page (a "schedule") which must be maintained and notarized on a regular basis as it is updated.

In other trusts, they may make more general assertions as to how those trust assets are discussed and maintained. For example, in my trust, it simply says that its a duty of the trustee to keep such records as may be necessary for the execution and diligence of monitoring trust assets.

This means that I don't have to get something signed or notarized on a regular basis. I just keep a transaction register and an asset register which details what the trust has, and how that has changed over time - including asset disposition / disbursement if applicable.

Today I put up the $4 version of the "Schedule A" discussion under a separate thread (its a hell of a lot bigger than two cents), but the bottom line is you do what you trust says. But no matter what, its almost NEVER written specifically integrated into the trust document itself because that would mean every single time you made an asset update, you had to go back through the notarization process, etc, for the trust.

 

[Oddball Six]

Re: Firearm Trust

Another thing to remember, you must be able to trust implicitly people that you put as trustees unless your document is going to get very complicated in doing some role specification.

Any other trustee that you name on the trust has the same rights you do. Including potentially taking your stuff, selling it, and/or removing YOU as a trustee in the future.

 

[MontanaKid]

Re: Firearm Trust

I know that if you send in a form 1 or form 4, you have to send a copy of the trust. But if you send in multiple from 1s in one envelope do you have to make a copy of the trust for each form 1?

 

[Oddball Six]

Re: Firearm Trust

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MontanaKid</div><div class="ubbcode-body">I know that if you send in a form 1 or form 4, you have to send a copy of the trust. But if you send in multiple from 1s in one envelope do you have to make a copy of the trust for each form 1?</div></div>

I would.

If you have spent $200 per tax stamp anyway, why would you skimp on the $5 in copying and $.30 in paper clips or binder clips that this would add? Why would you rather risk delaying some of those applications when protecting against that risk is so cheap?