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Question - If you do a living trust and buy one NFA item, on any subsequent purchase do you need to amend or re-do the trust? I'm guessing you will have the items listed in your trust. I've just started looking into the trust thing.
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Yes, you add every approved item to the “Schedule A”, that’s all you have to update.
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1. Quicken never updates its language. If one of its forms is later proved invalid in a court battle, you won't even know it happened, let alone know what language needs to be changed in the trust.
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If I had my trust set up by a lawyer in 1970 or last year for that matter, could the same thing be true?
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If you are thinking about putting any type of machinegun in a Quicken trust, that is just a bad idea. Even a cheapo Cobray costs $5,000. Spending $600 is cheap insurance to make sure you don't lose an investment that is only going to increase in value as long as the 922(o) is around.
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Untrue, you can get them under $3k go check out subguns.com. $600 also happens to be the price of 3 additional tax stamps.