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Oldfalguy · September 3, 2010, 10:20 AM

I also believe do it yourself NFA trust are fine if it works out for you-
Several trust have been kicked back by NFA branch because standard run of the mill trust have a tendency to allow the maker/grantee (you) also a beneficiary- That is a no-no with ATF Legal. They must also be Revocable or else you wouldn't be able to amend them as you purchase other NFA.
The grantee (you) can be a trustee.Thats it.
I also think these NFA trust can also be used to hold other property like standard trust can do making them more useful.
I have several Irrevocable trust I have set up over the years but they are for estate planning and protection in that I am the beneficiary and upon my tearful demise another beneficiary steps in to it. Funds continue to flow to her without a time period waiting for a Court to probate a portion for her to live on while heirs attempt to cause a problem. My wife would be the sole beneficiary of the NFA trust also until such time as a younger future heir can be appointed.
I would only do one if there was something I wanted and didn't want to bother with a CLEO- HE will sign it just takes them forever- He has done 7 for me. Using it to allow other trustees to use or possess the NFA items is not my intent.

September 3, 2010, 10:20 AM	#38
Oldfalguy Senior Member Join Date: January 25, 2009 Location: Central Texas Posts: 126	I also believe do it yourself NFA trust are fine if it works out for you- Several trust have been kicked back by NFA branch because standard run of the mill trust have a tendency to allow the maker/grantee (you) also a beneficiary- That is a no-no with ATF Legal. They must also be Revocable or else you wouldn't be able to amend them as you purchase other NFA. The grantee (you) can be a trustee.Thats it. I also think these NFA trust can also be used to hold other property like standard trust can do making them more useful. I have several Irrevocable trust I have set up over the years but they are for estate planning and protection in that I am the beneficiary and upon my tearful demise another beneficiary steps in to it. Funds continue to flow to her without a time period waiting for a Court to probate a portion for her to live on while heirs attempt to cause a problem. My wife would be the sole beneficiary of the NFA trust also until such time as a younger future heir can be appointed. I would only do one if there was something I wanted and didn't want to bother with a CLEO- HE will sign it just takes them forever- He has done 7 for me. Using it to allow other trustees to use or possess the NFA items is not my intent.