Suppressors How do you pay for your title 2 item using a trust

[karb]

My trust papers from the attorney mention a separate account from my personal one to purchase items for the trust. In fact, he recommends an account in the trust name.

How do you guys pay the SOT?

Also, there's another memo sheet the attorney wants me to include concerning contribution money to the trust. It basically says I accept the money that I contribute to the trust.......with both my signature, and again, my signature.......... However, he wants me to included the type, maker, model, and # of the item to be transferred

The SOT says no can info should be in the trust papers yet cause it's not in the trust
Yet.

Any insight is appreciated

 

[KYS]

Re: How do you pay for your title 2 item using a trust

I pay for my form 1 and form 4 items with cash or check. It doesnt matter how you pay the SOT for the product....

 

[vinsonr]

Re: How do you pay for your title 2 item using a trust

It doesn't matter. The law actually says that the transferor pays the tax, but of course transferees pay this fee commonly.

Having the item on your trust's list of assets doesn't matter either, though I agree that there's no reason to put it on there until you get the stamp back.

In short, pay them however you want, both the FFL fees and ATF transfer tax.

 

[normbal]

Re: How do you pay for your title 2 item using a trust

Doesn't matter. You don't need a checking account for your trust, and the trust doesn't need to have anything in it before submitting it to the ATF with the NFA item(s) on it.

Pay it in YOUR name, as you are the principle executor of the trust, no?

The trust exists to HOLD the NFA item(s), without which there is no trust, so putting a dollar in it is some legalism/absurdity at least one attorney seems to think is a clever idea but it's applesauce (which my maternal grandmother would say, at least until she had her first stroke and was inhibited by culture and class and brain cells from saying bullshit, which she would say quite regularly the last year or so of her life).

BTW, I'm NOT an attorney, I'm just smarter than most of them I've ever met and I'm not out to screw anyone.

 

[Ranb]

Re: How do you pay for your title 2 item using a trust

Personal check.

Ranb

 

[karb]

Re: How do you pay for your title 2 item using a trust

Thank you everyone.

 

[Silenced America]

Re: How do you pay for your title 2 item using a trust

I have guys who have submitted on trusts and they are cash customers...I have written their transfer check out of my business account.

Normbal...trusts are state to state. In order for a trust in the great State of Texas to be viable, it has to own property. Generally folks put other guns on the schedule of assignments or something like a $1 bill. Before I started submitting every form 4 to the ATF on behalf of my customers, I had one or 2 trusts come back to me from my examiner stating that property was not assigned or property was assigned for one trustee and not the other. Blah Blah Blah. I know. I was also told that best practices is to NOT put the item that you are purchasing on your schedule A until it is actually transferred.

90% of my trust customers DO NOT have a checking account in the name of their trust. Some SOTs and buyers hear things and they take them as law. I am more of a "show me" guy or I try to find it in the NFA handbook.