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Old December 28, 2007, 10:32 PM   #51
hknut
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What is the total cost of this method? Any Lawyer fees?
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Old December 29, 2007, 01:38 PM   #52
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What is the total cost of this method? Any Lawyer fees?
I paid somewhere around $25 for my copy of Quicken Willmaker. My bank notarizes the Trust documents for free...
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Old December 30, 2007, 08:51 PM   #53
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Well said Florida Gun Lawyer.

That is one of the reason that I went with the LLC instead of the trust. The LLC provides protection of your personal assets, whereas a trust will not. If you use your personal checking account to purchase something for the trust or in the name of the trust, you just linked you personal assets with the trust.

Using an LLC (which is a legal entity unto itself) protects your personal assets. There is a yearly filing fee ($50.00 in Florida after the $99.00 LLC fee) and there will be a transfer fee if the LLC decides to transfer the Class III item to an individual or other legal entity (which happens anyways), but the cost involved are far less than your personal assets being taken from you in case you get sued. While the LLC's assets will be fair game, if all the LLC owns is a couple of Class III items, so what, at least you won't loose your house.
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Old May 28, 2011, 11:25 AM   #54
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Quote:
waterhouse:

In Quicken, when it asks for property to be held in trust, what are you guys putting? Are you putting descriptions including serial numbers, or just something like "NFA related items"? How do you later add items to the trust
i know this is an old topic but i don't see any sense in making a new one when i can just use this one.

but nobody really answered that question., and now im stuck at that point.

also would i use the basic living trust>pick state>shared or basic living trust>pick state>individual? if i go the first route would there be two grantors? i am married just trying to figure out what is best way

thanks

Last edited by Mako_308; May 28, 2011 at 11:31 AM.
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Old May 29, 2011, 12:10 AM   #55
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Yes, full description and serial number goes on the scedule A property list.
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Old May 29, 2011, 05:43 PM   #56
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Be sure to include the new NFA item(s) to the trust before mailing in the forms and the copy of the trust.

You can always add items to the trust just by adding them to the list; cars and real estate property require additional steps.

You can also remove items from the trust; other than NFA items. Never remove them until they are sold and the new owner has his/her stamp in hand.

You can also grant others access to the items by making them trustees of your trust; even if only for a temporary basis.
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Old May 29, 2011, 06:42 PM   #57
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so i am assuming that i would have to purchase it from the dealer first so i can get all the information from the product to add to the list then i send it in right?
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Old July 26, 2011, 09:34 PM   #58
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No. I set up my trust with a blank copy provided from a gun store (for free). I have my suppressor on my trust. The problem with the CLEO sign off is, if you want to move your can over to your trust at a later date, you will have to pay another $200 to do so.
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Old November 25, 2011, 01:43 AM   #59
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I think that you are putting your family into risk and trouble by using the Quicken Will maker software for making the revocable living trusts. You should better consult your lawyer for that
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