the wait begins

http://www.advanced-armament.com/762-SDN-6_p_433.html

Who did your trust? I need a lawyer.

I used Christopher Bass. $300.

christopherbass01@gmail.com

Tell him you're a member of AR15.com and you get a $50 discount.

Sean Cody good too

Nice choice of can, you will definitely like it! Now forget about it, maybe by next summer you'll have it... just maybe.

Sean has been really hard to reach lately. I would recommend going other routes.

I downloaded quicken will maker, it comes with free living trust software. So my trust cost 20.00.

I'm sure its been explained before, but Clif's Notes please on why/what type of trust is referenced above.

Firearms Trust.

It's just like a living trust, but specific to firearms, NFA items, etc.

There are several advantages to it, especially where NFA items (suppressors, SBR's, SBS, FA's, etc.) are concerned - both in the front end paperwork and in who can legally be in possession of the items.

HELL YEAH!!! I'm beginning the wait myself! Trust paperwork filed yesterday. Should have it by early next week. Form 1 and form 4 after that. I'm buying a Houston Armory Texas Rattler.

www.houstonarmory.com

HA uses Larry Young. I think he gives HA customers a discount but through HA it was only $200. His number is 713-502-8332.

Good luck fella! This is gonna be a hell of a wait...

so can you explain it in terms that don't assume a working knowledge of a living trust?

I had a client ask me to do one of these for him. I researched it pretty well and advised him that he should have someone else do it that "specializes" in them. As I recall, there are a lot of pitfalls, with potentially criminal repercussions if it's done wrong or funded incorrectly. I wasn't going to touch it.

I wouldn't leave something like this up to legal zoom or the like. I

That's why I got an attorney who specializes in them to do mine. If it turns out there is something wrong with it down the line, I can point at him and say "He did it." The $300 I spent was cheap insurance.

I had Sean Cody do mine. As others have stated, I didn't want to chance it. I just got my stamp and it took 5-1/2 months. It appears the wait times have started to come down a little.

Attorneys are rarely inexpensive, but we are always cheaper than the consequences.

Trust paperwork faxed to Larry Young last night @ ~7:00pm. Trust paperwork set up and recieved via email from Mr. Young tonight at 9:48pm.

Now that's fast. Worth every penny of the $200.

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As I recall, there are a lot of pitfalls, with potentially criminal repercussions if it's done wrong or funded incorrectly.

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There really aren't. Most of those issues are used by fear mongering attorneys to drive more business to them.

The trustworthy attorneys that do "NFA trusts" know a lot of the extra stuff put into the trusts is window dressing. Federally if the trust is legal in your state, it can own NFA. No special verbiage or provisions need to be in the trust.

The ability to own NFA with trusts has been around since 1934. These "gun trusts" didn't start to take off until the last few years. The guys we have doing them in Texas are good guys, and for the most part, I think their rates are fair, but the trust you get is cookie cutter/boilerplate. I've seen many Sean Cody and Chris Bass trusts, and other than the names plugged into blanks, they're all exactly the same.

I have two buddies with trusts who will let me copy the verbage in theirs when I'm ready. Might do it this spring.

Just talked to Larry $200 is a great price.

His email is LYoung011@gmail.com

I've been hesitant to deal with them myself since it seems that they have a lot of potential downside if you don't work with them often.

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Most of those issues are used by fear mongering attorneys to drive more business to them.

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LOL. I use it to drive clients away from me to these "fear mongering" attorneys. I'd rather not be on the witness stand with a client facing criminal charges.

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I use it to drive clients away from me to these "fear mongering" attorneys. I'd rather not be on the witness stand with a client facing criminal charges.

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I don't think all attorneys are like that. There are a select few in the NFA game that are fear mongers. They start rumors that are plain BS. The well known attorneys in Texas that do "NFA" trusts are good guys and don't try and play into people's fears.

If you saw what most "NFA" trusts include, you would probably conclude what I have - a legal trust, is a legal trust, is a legal trust. The lack of all the "NFA" stuff doesn't make it any less legal. A trust designed to hold real property is as legitimate an entity to hold NFA items as is a specifically designed NFA trust.

Yeah, but the problems come when they are not properly funded, etc. I think an over zealous prosecutor could find failure to comply. I don't know really. I do some trusts, how does this work: is the settlor, the trustee and the beneficiary all the same person? Is that even legal? I don't know. I'm sure most people filling these out on legal zoom don't either. The problem is if you acquire these type arms under a trust and bypass the federal regulations/statutes and it turns out your trust is unlawful, you might be in some trouble.


All in all $350 for doing these would not make or break my firm anyway. I'd rather steer clear of them.

[This message has been edited by Queso1 (edited 10/30/2012 7:04p).]

What does properly funded mean? I have read/heard people say that before, but never understood it.

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What does properly funded mean? I have read/heard people say that before, but never understood it

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See Texas Property Code § 112.005.

"A trust cannot be created unless there is trust property."

For a trust to be legal, it must hold some type of property. That's the entire gist of a trust. People generally use a $1 bill and write down the serial number, but in reality, it could be any type of property.

I personally wouldn't mix NFA items and other real/personal property in a trust, but IANAL.

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All in all $350 for doing these would not make or break my firm anyway. I'd rather steer clear of them.

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Most of the attorneys in Texas doing trusts are also FFL/SOTs. It's great, low risk/time supplementary income and helps pay for lots of toys.

If you are using a legal Trust for your NFA, there is no "bypassing" of federal law. There are different regs for trust ownership versus individual versus corporate, but none is any form of bypass. Much like there is no such thing as a "gun show loophole".

txyaloo, what do you do for a living?

I have Sean Cody's contact information, which was passed on to me by one of my customers who is into guns like me. My customer and his wife both work for a law firm, so they have access to a number of attorneys. Sean Cody is the guy he recommended. If I'm looking at a difference of $200 - $300 when it comes to using legal zoom or a leser experienced attorney vs an attorney who specializes in NFA trusts, I'm spending the extra money for piece of mind. That line of reasoning is backed up in this thread by an an actual attorney that would rather not provide the NFA trust service for his existing client. That should speak volumes.

In my day to day life, I'm a program manager.

I'm also an FFL/SOT. I'm not saying there is anything wrong with using an "NFA" attorney to draft a trust, I'm only saying any legal trust in Texas can hold NFA property.

I personally wouldn't use Sean Cody. A year ago I recommended him often to customers, but the last 6-7 months he has been very hard to reach. If you choose to go with an "NFA" trust, I would use one of the other great attorneys we have in Texas that are easier to contact.

Who do you recommend?

See my first post.

I'd also recommend Chris.

He's a great guy. He and Sean are the two big "NFA" trust guys in Texas.

I'll just add that he had my Trust to me within a week of me providing him with the required information.