Schedule A
Schedule A
I read I can send in a blank Schedule A. I do not have anything in the trust until the transfer is approved correct? I also read people putting 10 dollars to start on the Schedule A is this necessary?
- silent_grizz
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- dangerdan87
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The Schedule A is a new thing to me. Yeah, I haven't set up my trust yet.
So is it OK as far as a legal trust goes to hold actual cash that is not in a bank account? I would hope a trustee could hold a piece of money.
Obviously it won't be an issue once actual NFA assets are in the trust.
I don't want a separate bank account for the trust. It's not for holding money. I plan on using either Postal Money Orders or just checks made out by the grantor / settler for the tax stamps.
So is it OK as far as a legal trust goes to hold actual cash that is not in a bank account? I would hope a trustee could hold a piece of money.
Obviously it won't be an issue once actual NFA assets are in the trust.
I don't want a separate bank account for the trust. It's not for holding money. I plan on using either Postal Money Orders or just checks made out by the grantor / settler for the tax stamps.
- wakerider017
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- wakerider017
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$2 bill, now that is an idea! Haha.Diomed wrote:It's just a common practice. Some do use other bills.wakerider017 wrote:Why does everyone use $10?
What's wrong with $1 or $5 or even a Benjamin? They all have serials?
If I'd been thinking I would have used a $2 bill.
So just to clarify, it is definitely bad practice to put the silencer in the trust before it is approved? Even if you have all the information / serial # on it.
And I remember hearing, that you need to add something to the trust within a certain amount of time, so I agree something needs to be in there. Just making sure the silencer can't go in.
Where did you see or hear that it is bad practice to put the item in the Schedual A? I should be getting my paper work any day now and we will see if it does matter. The guy who helped me with my trust has a suppressor and he put it on the schedual A when he submitted the forms.wakerider017 wrote: So just to clarify, it is definitely bad practice to put the silencer in the trust before it is approved? Even if you have all the information / serial # on it.
Jeremy
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- wakerider017
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Mixed opinions on the net, but this seems to be the general consensus.J Krammes wrote:Where did you see or hear that it is bad practice to put the item in the Schedual A? I should be getting my paper work any day now and we will see if it does matter. The guy who helped me with my trust has a suppressor and he put it on the schedual A when he submitted the forms.wakerider017 wrote: So just to clarify, it is definitely bad practice to put the silencer in the trust before it is approved? Even if you have all the information / serial # on it.
Jeremy
I guess it might not be a bad idea to call the NFA and ask?
Anyway, in your post you wrote you own it, which is false in your situation. The trust owns your silencer.
Can the trust really, truly own the silencer before it is approved? I would guess no, but I am unsure.
wakerider017 wrote:Anyway, in your post you wrote you own it, which is false in your situation. The trust owns your silencer.J Krammes wrote:Where did you see or hear that it is bad practice to put the item in the Schedual A? I should be getting my paper work any day now and we will see if it does matter. The guy who helped me with my trust has a suppressor and he put it on the schedual A when he submitted the forms.wakerider017 wrote: So just to clarify, it is definitely bad practice to put the silencer in the trust before it is approved? Even if you have all the information / serial # on it.
Jeremy
Can the trust really, truly own the silencer before it is approved? I would guess no, but I am unsure.
Good point. But, I do know at least 2 people who used a trust and put the silencer in the schedule A and got approved. One guy has one silencer and the other guy has 4 silencers and 2 SBR's and all were done the way I did mine. like I said, I will see any day now. I can see some new rules comming out from the ATF about trusts soon. Wheather it will be good or bad, who knows.
Jeremy
Some of my work. www.jkknives.com
Was money exchanged? If so (and such moneys should have belonged to the trust), then yes, the trust owns the item. The NFA process is to lawfully change possession, it's not a title.wakerider017 wrote:[Can the trust really, truly own the silencer before it is approved? I would guess no, but I am unsure.
If the item hasn't been paid for, then it can't belong to the trust because it's still owned by whoever's selling it.
- wakerider017
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Um, in that case isn't money always exchanged?Diomed wrote:Was money exchanged? If so (and such moneys should have belonged to the trust), then yes, the trust owns the item. The NFA process is to lawfully change possession, it's not a title.wakerider017 wrote:[Can the trust really, truly own the silencer before it is approved? I would guess no, but I am unsure.
If the item hasn't been paid for, then it can't belong to the trust because it's still owned by whoever's selling it.
I am sure there are some dealers out there that don't require money, but you need the serial number for the form 4 and a dealer has to hold that silencer for you. I would think the majority of dealers collect money.
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My trust bought a first suppressor last month, and I wanted to have all the paperwork ready to go when I met with the dealer so I called my previous examiner to ask this question.wakerider017 wrote:I guess it might not be a bad idea to call the NFA and ask?
She said do not add the suppressor to the Schedule A before the approved Form 4 is received.
They don't always give good info, so take it for what it is worth.
That usually is the case, but not always. Some dealers are very trusting and will wait to collect upon transfer.wakerider017 wrote:Um, in that case isn't money always exchanged?
I am sure there are some dealers out there that don't require money, but you need the serial number for the form 4 and a dealer has to hold that silencer for you. I would think the majority of dealers collect money.
I paid for my suppressor up front...from the Trust account. I called the examiner who said to go ahead and but said suppresson on the schedule A when submitting since the Trust did, in fact, "own" it, even though it can not yet legally "possess" it. We'll see. I don't have my stamp yet.
"I'm from the government...I'm here to help."
I think I've got a simple solution for the Schedule A.
If it works in PA the way you guys are saying that it works and something needs to be on it, then I shall simply put my Ruger MKII that I want to build an integral for.
It's still a Title I handgun. So I won't have to pay $200 to transfer it to the trust. No one can argue that it isn't property.
If it works in PA the way you guys are saying that it works and something needs to be on it, then I shall simply put my Ruger MKII that I want to build an integral for.
It's still a Title I handgun. So I won't have to pay $200 to transfer it to the trust. No one can argue that it isn't property.