Drafting NFA Trust

[jrmy_1]

What is the name of your state (only U.S. law)? Michigan

I am in need to set up a Living Trust for NFA (National Firearms Act) weapons. Currently, I don't have anything to add to the trust as I need the trust before I can add the items. I am adding firearm suppressors for long-range competition and want to be able to transfer them to family and/or friends.

The benefits of the NFA trust are that co-trustees can use the suppressors legally without me being there and that I can add/remove people to the trust without having to go through the process of transferring the suppressor, going through the paper work and having to pay a $200 tax fee each transfer.

So, since I don't have many assets to include in the trust, I want to set it up myself since it will be fairly simple, so, here's my questions.

1. Are there any boiler plate trust forms for an NFA Trust.
2. How do I go about setting up a trust without any assets?
3. How do I transfer the item into the trust once it has been set up?
4. Will the TrustMaker software work for something this simple?

Thanks,
J

 

[FlyingRon]

There's no requirement to have assets to form any trust. In fact, they're always formed that way and then the assets are transferred to trust ownership. I'm unaware of any canned trust documents for this. I'd recommend a lawyer familiar with these trusts. They can also grease the forms, transfers, and taxes necessary to acquire and transfer the items into this trust.

The trust maker software I am familiar with WILL NOT make this trust. It's pretty keyed to the canned living trust (in vivo revocable). There's special provisions necessary due to it's nature and ways of handling the distribution of the trust assets in the case that suitable successors can't be found.