Suppressors Schedule of Compensation for trustee?

[m1ajunkie]

Last January I submitted 2 form 4's and a form 1 using my trust I recently had created by a local lawyer with a good reputation in the area.

Tuesday I got an error letter back on the form 1 saying "Trust may be insufficent. Schedule of Compensation for trustee."

I called the nfa branch this morning and was told the lady I need to speak with is out until monday, and then left a message with the lawyer who created my trust.

In the meantime, I am wondering what the schedule of compensation for trustee is? I submitted the schedule A, but this schedule of compensation looks to be in addition to that.

 

[pine log]

Re: Schedule of Compensation for trustee?

I went through the same experience as you did and I imagine we used the same local lawyer.

If I remember correctly, somewhere in the trust there is a reference to compensating the trustee. Since it is referenced they (ATF) wanted detail on it - they request the Schedule of Compensation. I sent an email to the lawyer and he sent me an additional page to add to the trust. I gave it to the dealer and he sent everything back. All was then good.

The good news is once you return the schedule of compensation you should be really close to receiving your stamp. Good luck!!

 

[BookHound]

Re: Schedule of Compensation for trustee?

Sadly you guys have a lot of company. I have some other friends (who are also customers) waiting on their transfers. I'm starting to get letters back from ATF stating the Schedule of Compensation is missing. One of the guys contacted the lawyer, who has since moved to Alaska. The lawyer indicated that the person to whom he sold his practice would resolve the issue. However, that has not yet happened. Some people are getting pretty pissed that they paid a lawyer to create their Trust but that Trust was obviously incomplete. ATF is more thoroughly scrutinizing Trusts at this point so they are catching things like this and asking to see ALL addendum documents.

I've preached this for years - if you want to use a lawyer to create your Trust so it gives you peace of mind, please use a lawyer who specializes in Trusts and truly knows what they are doing. Many lawyers I've seen creating Trusts are NOT very knowledgeable about Trusts and Trust law and are simply using (yep, you guessed it) SOFTWARE or some document template into which they fill the blanks.

I'm sure the new owner of that practice will resolve these issues because I have faith in the character of the initial lawyer who created these Trusts. We all make mistakes. It is how we resolve them that defines our character.

Mark

 

[m1ajunkie]

Re: Schedule of Compensation for trustee?

Mark,

Since I initially posted my question, my issue has been resolved by the new lawyer. Once I was able to contact him he was able to send over my schedule of compensation within 30 minutes to get me squared away.

 

[BookHound]

Re: Schedule of Compensation for trustee?

Good to know. I figured that would be the case. One of my friends got his yesterday too.

 

[BookHound]

Re: Schedule of Compensation for trustee?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BookHound</div><div class="ubbcode-body">Good to know. I figured that would be the case. One of my friends got his yesterday too. </div></div>


I stand corrected. My friend, Mitch, was in communication with the lawyers earlier this week. Turns out he still didn't receive anything from the lawyers but did get a copy of the missing form from another person (I believe someone on this forum

). So, at least we can fix his problem today.

Mark