TRUST?

rugerdawg · March 18, 2011, 01:43 PM

What is really the first step in forming a trust? I know getting an attorney would probably be the quickest route but I presume that there must be a standard form or format available to us "po" folks to make it easier.

srryan1 · March 19, 2011, 07:12 AM

http://www.lodmell.com/

The Law · March 19, 2011, 06:39 PM

Quote:

What is really the first step in forming a trust? I know getting an attorney would probably be the quickest route but I presume that there must be a standard form or format available to us "po" folks to make it easier.

A standard form won't cut it, at least not in the long run. You might get your trust through, but when it comes time for distribution, you could run into problems (e.g., illegal transfers). Most standard form trusts don't take into account NFA transfer restrictions, possession issues, and other nuances. Be careful.

Obviously an attorney created trust is the best route, but some can overcharge. If it costs more than $200-$300 for an NFA trust, I think you're being overcharged (that flat rate is what I typically charge).

raisitup · March 31, 2011, 09:12 PM

IMO several thousands of dollars worth of NFA firearms makes a few hundred dollars spent on a lawyer-created trust worth it.

Wag · March 31, 2011, 10:56 PM

You can do a lot of the preliminary work yourself. See Nolo Press' web site for some starter material.

However, be SURE you get an attorney to do the final legwork for you. The reading and study you do ahead of time may actually save you some billable hours from the attorney but he's going to make SURE it's right. It's worth the money. You do NOT want to have a forced liquidation because you made a stupid mistake.

There are a few things that make an attorney worth their money and this is one of them.

--Wag--

jasonleevandyke · April 11, 2011, 08:39 AM

I will add that I am an attorney and I actually paid another attorney to create an NFA Trust for me. It's worth the money and the protection.

silvercorvette · April 13, 2011, 11:23 PM

I am kicking myself for not doing a trust, I paid $600 for the stamps on three guns and will have to paid $600 again to put them on a trust. Have I know then what I now know I would have gotten a trust.

TENFAN · April 25, 2011, 01:57 PM

Check your state laws to make sure everything is OK. Might want to look at legalzoom.com also

glock20c · April 25, 2011, 06:56 PM

if you live in central Fl area,we use a attorney here.there fee is $395.00...go with the attorney route!!

Glamdring · April 25, 2011, 06:56 PM

Why trust instead of a LLC?

glock20c · April 25, 2011, 07:12 PM

a LLC is more expensive to run as a company,trust will provide privacy...our cleo does not sign off,and were in FL!!

Will Beararms · April 28, 2011, 11:59 PM

I am no attorney but I have been there and done that with estates.

#1 Find a lawyer you can trust and pay the money to get it done right.

#2 Any lawyer who advises his client against probating a will cannot be trusted.

#3 ALWAYS probate a will. If you do not, things that seem simple now can come back and bite you or your heirs and make their life miserable.

#4 DO NOT use a small town lawyer or banker. Being a small town lawyer or banker means there will be a conflict of interest. They are in a tough spot. Hire a lawyer from a major city in the state you are in.

#5 Find a Lawyer with in depth experience in the exact type of trust you want. Get references.

A/C Guy · May 29, 2011, 06:06 PM

Quote:

Why trust instead of a LLC?

Trusts can be free. LLC's require start up fees, licenses, annual fees, tax reporting, registering NFA items with your state, etc

Trusts are private, discrete, and can be free once you do the first one properly.

My first trust cost $40 for the guaranteed approved forms with free online help. Unlimited free changes and copies.

TENFAN · May 29, 2011, 07:07 PM

I just copied my friend's trust that was prepared by a lawyer

April 13, 2011, 11:23 PM	#7
silvercorvette Senior Member Join Date: October 26, 2010 Location: Anderson SC Posts: 466	I am kicking myself for not doing a trust, I paid $600 for the stamps on three guns and will have to paid $600 again to put them on a trust. Have I know then what I now know I would have gotten a trust. __________________ I am broke, I spent my money on fast cars, guns, reloading equipment and ammo, the rest my money was wasted on nonessential stuff

April 25, 2011, 06:56 PM	#10
Glamdring Senior Member Join Date: April 23, 2000 Location: MN Posts: 1,388	Why trust instead of a LLC? __________________ "A traveler has no protection besides his fire-arms; and the constant habit of carrying them is the main check to more frequent robberies" --Charles Darwin from The Voyage Of The Beagle

April 28, 2011, 11:59 PM	#12
Will Beararms Senior Member Join Date: October 12, 1999 Location: North Texas Posts: 2,834	I am no attorney but I have been there and done that with estates. #1 Find a lawyer you can trust and pay the money to get it done right. #2 Any lawyer who advises his client against probating a will cannot be trusted. #3 ALWAYS probate a will. If you do not, things that seem simple now can come back and bite you or your heirs and make their life miserable. #4 DO NOT use a small town lawyer or banker. Being a small town lawyer or banker means there will be a conflict of interest. They are in a tough spot. Hire a lawyer from a major city in the state you are in. #5 Find a Lawyer with in depth experience in the exact type of trust you want. Get references. __________________ "Without a rifle you are nothing, worthless, you are waiting for death, any minute, any second." -- Aron Bielski

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March 18, 2011, 01:43 PM	#1
rugerdawg Member Join Date: February 18, 2009 Posts: 68	TRUST? What is really the first step in forming a trust? I know getting an attorney would probably be the quickest route but I presume that there must be a standard form or format available to us "po" folks to make it easier.

March 19, 2011, 07:12 AM	#2
srryan1 Junior Member Join Date: November 23, 2008 Posts: 2	http://www.lodmell.com/

March 31, 2011, 09:12 PM	#4
raisitup Member Join Date: January 2, 2010 Location: Orlando, FL Posts: 56	IMO several thousands of dollars worth of NFA firearms makes a few hundred dollars spent on a lawyer-created trust worth it.

March 31, 2011, 10:56 PM	#5
Wag Senior Member Join Date: October 22, 2010 Location: Albuquerque, NM Posts: 988	You can do a lot of the preliminary work yourself. See Nolo Press' web site for some starter material. However, be SURE you get an attorney to do the final legwork for you. The reading and study you do ahead of time may actually save you some billable hours from the attorney but he's going to make SURE it's right. It's worth the money. You do NOT want to have a forced liquidation because you made a stupid mistake. There are a few things that make an attorney worth their money and this is one of them. --Wag-- __________________ "Great genius will always encounter fierce opposition from mediocre minds." --Albert Einstein.

April 11, 2011, 08:39 AM	#6
jasonleevandyke Junior Member Join Date: April 8, 2011 Location: Frisco, TX Posts: 11	I will add that I am an attorney and I actually paid another attorney to create an NFA Trust for me. It's worth the money and the protection.

April 25, 2011, 01:57 PM	#8
TENFAN Member Join Date: February 13, 1999 Location: Tallahassee,FL USA Posts: 27	Check your state laws to make sure everything is OK. Might want to look at legalzoom.com also

April 25, 2011, 06:56 PM	#9
glock20c Member Join Date: April 18, 2011 Location: Central Florida Posts: 89	if you live in central Fl area,we use a attorney here.there fee is $395.00...go with the attorney route!!

April 25, 2011, 07:12 PM	#11
glock20c Member Join Date: April 18, 2011 Location: Central Florida Posts: 89	a LLC is more expensive to run as a company,trust will provide privacy...our cleo does not sign off,and were in FL!!

May 29, 2011, 07:07 PM	#14
TENFAN Member Join Date: February 13, 1999 Location: Tallahassee,FL USA Posts: 27	I just copied my friend's trust that was prepared by a lawyer