So What Exactly Is Changing For NFA Trusts In July

[fishfurlife]

Yes, I also do trust amendments. Basically I just write an amendment to your trust to set it up just like my trusts. I charge the same price as writing a new trust - $200. The only thing about an amendment to an NFA trust is that you can't change the name of the trust... basically once an item is in the NFA registry with a particular trust as the owner, it can't be changed. If you have a trust with a real long name, it can be a PITA to have it engraved on an SBR/SBS/Form 1 can. In that situation, it is best to just have a second trust written with a short name and put those items in it.

Great idea except that moving an item from
One trust to another would require a change of possession and $200 more per NFA item to legally do it. That's asinine.

 

[henschman]

I wasn't talking about moving items from one trust to another -- I was talking about amending your existing trust. Amending your trust doesn't require doing a transfer of any items.

That's why I said you can't really change the name of a trust. The only real way to accomplish that would be to do what you are talking about and make a whole new trust with the name you want, and pay the transfer fee to transfer the items from one trust to the other.

I have had clients who have had a trust with an inadvisably long name ("John Jacob Doe Irrevocable Living Trust" or something like that) with only suppressors in it, and when they wanted to buy an SBR I advised them to just make a new trust and put it and all other future Form 1 items in it so it could have a shorter name engraved on it. Nothing wrong with having more than one trust... you just have to keep the trustee situation squared away. My trusts make that easy though.