When buying an NFA item from someone else with a trust

[SafeCracka]

I'm 100% sure it will.....

I couldn't remember, it's been about 5-6 years since I ran out of NFA items to buy....

 

[kuduman]

So... what if you just bought the trust? Then changed beneficiaries? Would you have to do ATF paperwork then?

That's why one always buys planes, yachts, etc. with a corporation. That way, to dispose of it, you just sell the corporation and avoid paying sales tax. No sale tax on the sale of a corp. Is it the same with an NFA item, or do the new owners have to file Form-something? (I would be very surprised if it is ATF paperwork-free.)

 

[FredAlert]

To change the trust you don't have to file anything with the ATF ..... just use your lawyer and a notary.

So... what if you just bought the trust? Then changed beneficiaries? Would you have to do ATF paperwork then?

That's why one always buys planes, yachts, etc. with a corporation. That way, to dispose of it, you just sell the corporation and avoid paying sales tax. No sale tax on the sale of a corp. Is it the same with an NFA item, or do the new owners have to file Form-something? (I would be very surprised if it is ATF paperwork-free.)

 

[GAgunLAWbooklet]

If you change your trust so much that it's really a new trust with new people acting as trustees for a whole new set of beneficiaries, ATF is likely to consider it to be a different trust.

This is something ATF has mentioned in their new final published version of the 41P proposal.
See page 209, at the end of Section IV.
You can only modify a trust so far before you've crossed the line and made a new trust.
If you want to push the issue and try this stunt, just know that a felony conviction and 10 years of your life in federal prison is a possible penalty for getting it wrong.

 

[sam30540]

If he's a really good buddy he can add you to his trust while you are waiting on the stamp. Then he gives you a copy of the trust and tax stamp and your good to go

 

[FredAlert]

As long as the amendments are such that they are within the rules of the state where the trust is created that isn't really up to the ATF .......

If you change your trust so much that it's really a new trust with new people acting as trustees for a whole new set of beneficiaries, ATF is likely to consider it to be a different trust.

This is something ATF has mentioned in their new final published version of the 41P proposal.
See page 209, at the end of Section IV.
You can only modify a trust so far before you've crossed the line and made a new trust.
If you want to push the issue and try this stunt, just know that a felony conviction and 10 years of your life in federal prison is a possible penalty for getting it wrong.

 

[heavyd]

So, A friend has a can that he's selling to me that he owns on a trust. I'm filling out the form4 and that is pretty straight forward but what it doesn't answer is this .... Obviously, when I mail it I have to send a copy of MY trust paperwork but do I have to also send in a copy of HIS trust paperwork?

You do not.

 

[FredAlert]

Excellent, thanks man!

You do not.