Another NFA Trust thread

[devil07]

Greetings all, I don't normally post on here often, but I recently developed a question that I can't seem to answer simply by searching. So, I bring it to INGO. Note, I did not exercise my google-fu prior to creating this post, so if it turns out to be that simple...

I have decided to move forward with setting up a NFA trust, so I can stop talking about getting into NFAs and actually do so. Approximately 2 years ago I began to look into this and was referred to a local attorney. I contacted this attorney's office about a week ago reference setting up the trust. After no callback and my calling for a follow up, I was advised the attorney was no longer doing NFA trusts be they are "going away." This is per the secretary that answered the phone, never actually talked to him. Needless to say, this confused me. I hadn't heard anything about the trust option going away.

So, here's the question: Is there any merit to "they're going away?" Any new moves at the Fed level I'm unaware of, or indicators this is happening?

Next, besides Mr. Liston in Ft. Wayne. Are there any other recommended attorneys for setting up one of these trusts? Preferably one local to the greater Indianapolis area. Although not a deal breaker, I would kind of like to be able to drive to my attorney's office, with out planning a short road trip.

Thank you in advance,

Devil

 

[Rookie]

I'll answer the second...
You don't need to plan a road trip. Mine was done via email. Grant Liston had it to me in less than a week and all it took was three emails.

 

[devil07]

I'll answer the second...
You don't need to plan a road trip. Mine was done via email. Grant Liston had it to me in less than a week and all it took was three emails.

I appreciate that, I read that I could receive it via email/regular mail. The road trip has less to do with obtaining the trust documents and more with "in the event I need to visit" for face to face. Call me weird, but I like being able to speak to someone face to face if the matter is serious or complicated. I also like keeping business local. Mr Liston is first on my list, but I wanted to double check there wasn't someone closer. Thank you for the quick response.

 

[T.Lex]

With regard to the first part, there may be some confusion about local LEO sign-off. Historically, and currently, a trust (or LLC/corp) does not need local LEO to "approve" of the application. An individual does. So, that is a benefit to using trusts, they (usually) go quicker through the system.

I believe the ATF proposed a rule change that would require LEO approval of the other forms of NFA ownership (trust/LLC/corp). But, as far as I know, that rule change has not been adopted.

The ability for a trust to "own" the NFA items is not subject to ATF regulation (for now). So, it won't "go away" in that sense. The ATF might reduce the benefits of using a trust, but that's different.

This is my own understanding, subject to correction by people deeper into the situation.

 

[Rookie]

That's also my understanding, but I'm not sure enough to say either way.

Also, I'm pretty sure any lawyer can write up a living trust that can be used for NFA.

 

[ryknoll3]

ANY living trust is valid for NFA. There's nothing special about an "NFA trust" other than some attorneys have instructions on how to Form 5 the items to the beneficiary upon the grantor's passing. Any estate planning attorney can set you up with a trust. Any valid trust will be accepted by the ATF.

 

[tatic05]

I used Marc. I sent him my info last Friday and in about an hour or two I had all my docs. He was less in cost vs Grant and answered all the questions I had. Either one would be a good choice and they both would be helpful. If you want someone in the Indy area check him out. If location dosent matter then speak to both of them (Grant and Marc), then decide.

Marc Halata
484 E. Carmel Drive
Suite 203 Carmel, IN 46032
PH 708-307-7973
Email: marc@halatalaw.com

 

[devil07]

Thank you all for your responses. I believe I have the answers I'm looking for at this time. INGO comes through again.

 

[dnurk]

Tagging for future reference. Thanks INGO.

 

[1milehigher]

Don't Trusts need a federal ID number and file tax returns?

 

[DanVoils]

Don't Trusts need a federal ID number and file tax returns?

In all reality they are "Revocable Family Trusts" and don't need to file tax returns. The way mine is setup it uses my SSN instead of an EIN/Federal ID number.