Trusts, New Exec Orders, and Urgency/Deadlines?

[tbhausen]

Could someone please link me to an explanation, or help me understand what the fuss is all about? I've never purchased an NFA Item, nor have I formed a trust yet. I know, the habit/hobby can grow to unplanned places, but I'm just currently interested in cans for rimfire and centerfire out to 308... Thanks.

 

[SteveM4A1]

In July, the new changes take effect. If your form 1/4 isn't already being processed, then you must do everything for trustees that you had to do for an individual before (fingerprints, passport photo). No more CLEO signoff, but CLEO must be notified, whatever that means.

 

[Trigger Time]

Your forms must be post marked by July 13 to get grandfathered in. After that date the new rules take effect

 

[dbrier]

Are you saying that if I was thinking about forming a trust I should do it soon?

 

[Rookie]

It depends. Are you planning on getting anything before July 13th? Are you willing to put up with the additional hassle after July 13th?

 

[DanVoils]

Even though I have a Trust after the new BS takes affect I can apply on my own and not with the Trust. Having a Trust now gives me the advantage of both worlds.

 

[tbhausen]

So this is all a matter of convenience rather than additional restriction or diminished ability to purchase and possess?

 

[Rookie]

Correct.

 

[tbhausen]

Thanks.

 

[Beowulf]

To be clear, the only real additional hassle that will exist for trust holders after 41F goes into affect is that IF you have multiple controlling trustees on your trust, you will need to provide their pictures and fingerprints along with yours (with the specifics on when that occurs a bit unclear). If you have a trust (like I do) where you are the only controlling trustee, with other people as the beneficiaries, no extra hassle at all.

 

[Cldedhnds]

So if I form a trust that includes my 10 & 7 yr old sons, does the fingerprinting and photo requirement present a problem after July & are they considered responsible people or does that also become an issue? Does being a controlling trustee allow the beneficiaries of the trust to avoid the pics and prints and can they be moved around inside the catagories. Trying to wrap my head around taking the dive and how big a hit I can take now or over some time...

 

[SteveM4A1]

So if I form a trust that includes my 10 & 7 yr old sons, does the fingerprinting and photo requirement present a problem after July & are they considered responsible people or does that also become an issue? Does being a controlling trustee allow the beneficiaries of the trust to avoid the pics and prints and can they be moved around inside the catagories. Trying to wrap my head around taking the dive and how big a hit I can take now or over some time...

Give one of the attorneys a call so they can answer your questions.

 

[Cldedhnds]

Just asking in general to those here who might know. Taking the dive included calling a lawyer.....

 

[ryknoll3]

Your kids won't have to get prints and pics. They can't legally possess the stuff yet.