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Old October 6, 2013, 10:10 AM   #1
Hiker 1
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got my NFA Trust set up...now what?

Hi all,

I have my NFA Trust set up but I am uncertain as to what to do next. Do I go ahead and acquire my first NFA item and list in on my Schedule A? After the first item clears ATF do subsequent items move through the process more quickly?

Thanks!
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Old October 6, 2013, 11:18 AM   #2
Tom Servo
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You'll need to list some sort of property on Schedule A. Do not list the NFA item, as it has not been approved for ownership on the trust yet.

As for subsequent approvals, there's no guarantee they'll be quicker.
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Old October 6, 2013, 11:26 AM   #3
Hiker 1
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I do have separate property listed on the Schedule A so I can start looking for an NFA item now?
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Old October 6, 2013, 03:19 PM   #4
rjrivero
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Go get your NFA item. Then submit the paperwork and wait. Or sign up at www.atfonline.gov and do the "paperwork" electronically.

The subsequent items take just as long as the original.

Get what you want before the required CLEO sign off comes through for Trusts/LLC/Corps.

If you "believe" such change is coming.


My understanding is that you can list the NFA item in the trust once the trust owns it, but you can't take possession of it until the transfer tax stamp comes in. I thought folks listed the item in their schedule A once they have the receipt that shows it is paid for. At that point, I *thought* the trust owned the property even though the trust couldn't take possession of it until the stamp gets approved.

I could be wrong, so I'm interested to read other's comments. How did you do your trust's schedule A? Did you list your item before you got your transfer tax stamp, or did you list it after you got your transfer tax stamp?
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Old October 6, 2013, 06:13 PM   #5
tmorone
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Interesting topic about the Schedule A's. I've got five NFA items in my trust and have yet to send the ATF anything but a blank Schedule A.

Based on that experience I'd say it's easy to just leave it blank, but betting there's a downside to that plan somewhere. The shop that usually transfers my suppressors just said to leave it blank and I took their advice without too much thought...
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Old October 6, 2013, 07:49 PM   #6
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If you "believe" such change is coming.

Oh, I believe in change
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Old October 6, 2013, 08:06 PM   #7
balyon85
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Re: got my NFA Trust set up...now what?

I just put "sum of ten dollars" on line 1 of my schedule A and sent it off. On my revised, which I kept, I have the info for my SBR. As I'm "manufacturing" it myself, its already in my possession.

Last edited by balyon85; October 6, 2013 at 08:13 PM.
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Old October 7, 2013, 05:34 PM   #8
tgreening
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I'm no trust expert or I wouldn't have needed a lawyer, and I may be misinterpreting the language in my trust, but here goes.....

It was my understanding that in order for the trust to be valid it has to be "funded", and in this case funded doesn't mean money, it means you have to something listed on the assignment sheet, as in firearm.


@tmorone: How can you have 5 nfa items in your trust unless you listed them on the assignment sheet and sent that to the batf? Isn't that paperwork required, along with the form 1/4?


It was my understanding if you are buying an nfa item, you list it and sned in your paperwork. You just cant take possession of it till the stamp comes through. And also this is where your trust issupposed to have its own bank account. It is supposed to purchase the nfa item, not you.

Here again, I'm going from memory and dont have my trust and the "crib notes" they provided along with it. I do know they were pretty specific about what "funding" actually meant, and the purchase procedure for the already made type nfa item. According to the lawyer when most people purchase them, they do it all wrong and leave themselves open to potential trouble.
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Old October 7, 2013, 05:49 PM   #9
Tom Servo
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Quote:
It was my understanding that in order for the trust to be valid it has to be "funded"
Yes, but you can list anything. Most folks list an innocuous possession, like a small amount of money.

Quote:
How can you have 5 nfa items in your trust unless you listed them on the assignment sheet and sent that to the batf? Isn't that paperwork required, along with the form 1/4?
The registered NFA item will be listed on the Form 1/4. It isn't necessary or desirable to list it on the copy of the Schedule A sent to the ATF. As long as you have an updated Schedule A in your possession, you're OK.
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Old October 7, 2013, 08:24 PM   #10
Bartholomew Roberts
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Quote:
Based on that experience I'd say it's easy to just leave it blank, but betting there's a downside to that plan somewhere.
Since ATF has been looking more closely at trusts, one of the things they look for is evidence that the trust was funded when created. The Schedule A helps show that. Some people have had blank Schedule As approved. Some have not.
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Old October 9, 2013, 09:56 AM   #11
Hiker 1
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My trust is funded with a $10 bill listed on my Schd A, so I'm good there.

Now for an Osprey...
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Old October 9, 2013, 02:05 PM   #12
rjrivero
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I have a 9mm Osprey and a .45 Osprey. Fine can. However, Consider the Octane. It's user serviceable, quiet, and well built. Uses the same pistons as the Osprey as well so you have the same mounting options.
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Old October 17, 2013, 11:35 PM   #13
tgreening
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Well, they cashed my checks so apparently the shutdown didn't extend to the check cashing people. Gotsta keep that cash rolling I guess.

And where else do you get to pay 6-8 months in advance for a service that you may or may not receive?
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Old October 18, 2013, 02:49 PM   #14
Willie Lowman
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After the first item clears ATF do subsequent items move through the process more quickly?
BAHAHAHHHAHAHAHAAHAAH! No. Not at all.
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