mike todd

need help with trust transfer

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well it finally happened, someone bought a NFA item from me that has a trust and wants it transferred to it. I have zero experience with them . I am an individual, the item is on a form 4 here in Texas and he is a Texas resident. his trust is what I know as a "living trust" but NFA weapons are listed as part of the trust and mainly as assets. my question is if he is the only person in the trust that will have access and use of them while he is alive is he the only one we need to list and provide finger print cards etc for?  his minor child is sole beneficiary of the trust. I am on my own with this paper work and any help/thoughts/warnings would be a BIG HELP for me so please  let me know what you can. THANX MIKE


I only accept postal money orders. contact me DIRECTLY before sending any funds                                           email  myoldiron@outlook.com        

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Hi Mike, the new trust laws require any one in the trust must include fingerprints and photographs with every transfer, unless several are in the same package along with a copy of the trust.

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thanx for the info!  would that include the future BENIFICIARY of the trust? the only OTHER person named in the trust is a minor child that is the beneficiary should he pass on. hope I get this right the first time (sigh)  


I only accept postal money orders. contact me DIRECTLY before sending any funds                                           email  myoldiron@outlook.com        

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I was told anybody in the trust must be fingerprinted and photographed because they have access to the weapons.

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I had heard the same thing from folks that did a trust just for that reason . that way family members and select friends had the legal use of them. I wonder if there are differences in the type of trust?  IE; NFA trust  and  "Living Trust" with nfa as assets. ? I do know all his existing NFA has the trust as the "transferee" so its the legal registered entity of the arms.  What I am faced with in this case is the ONLY other person named in this trust is the beneficiary a minor child under 8 yrs of age that could not possess or be in control of any of the weapons for quite some time under any circumstances . I guess I will have to take a chance, print the named trust holder ONLY and see what happens.  thanx again for your thoughts ! mike


I only accept postal money orders. contact me DIRECTLY before sending any funds                                           email  myoldiron@outlook.com        

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Just call the branch and speak with them. They are always helpful. At least that’s been my experience.

 

Matt

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MATT  thanx, I had thought of that route but do you call a local branch or main office. all I ever get is voice mail ? my last issue it was 3 weeks back and forth b-4 I actually got a human


I only accept postal money orders. contact me DIRECTLY before sending any funds                                           email  myoldiron@outlook.com        

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Posted (edited)

 

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Who is a Responsible Person?

In the case of an unlicensed entity, including any trust, partnership, association, company (including any Limited Liability Company (LLC)), or corporation, any individual who possesses, directly or indirectly, the power or authority to direct the management and polices of the trust or entity to receive, possess, ship, transport, deliver, transfer, or otherwise dispose of a firearm for, or on behalf of, the trust or legal entity.

In the case of a TRUST, those persons with the power or authority to direct the management and policies of the trust include any person who has the capability to exercise such power and possesses, directly or indirectly, the power or authority under any trust instrument, or under State law, to receive, possess, ship, transport, deliver, transfer, or otherwise dispose of a firearm for, or on behalf of, the trust. 

Examples of who may be considered a responsible person of a trust or legal entity include:

  • Settlors/Grantors
  • Trustees
  • Partners
  • Members
  • Officers
  • Board members
  • Owners
  • Beneficiaries – if said beneficiary has the capability to exercise any of the powers or authorities enumerated above.

 

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Mr. Todd,

I believe these links may be of assistance to you.

 

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Edited by MontanaRenegade86
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THANX ! there you go! that got it all answered . I just didn't know where to look . I don't surf webb sites very well and get lost EASY  I should be able to get it right the first time with what you sent.  PROOF POSITIVE STURM IS  WORKING! AND FULL OF GOOD FOLKS. CHEERS MIKE

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I only accept postal money orders. contact me DIRECTLY before sending any funds                                           email  myoldiron@outlook.com        

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On 8/19/2018 at 0:54 PM, mike todd said:

THANX ! there you go! that got it all answered . I just didn't know where to look . I don't surf webb sites very well and get lost EASY  I should be able to get it right the first time with what you sent.  PROOF POSITIVE STURM IS  WORKING! AND FULL OF GOOD FOLKS. CHEERS MIKE

Very glad to be of assistance, Mr. Todd. I've learned a lot from you and the other good people of Sturm over the few years I've been in the community. I hope to be able to render assistance when possible.

Best Regards,

Kristopher

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