Hornsj2 27 Posted November 6, 2014 Report Share Posted November 6, 2014 If I am reading the trend graphs on NFA tracker correctly, there is a significant processing time difference between form 4 trusts and form 4 individual, as well as between form 1 individual and form 1 trust. Does anyone know why it takes so much more time for individual over trust? The difference is on the order of months. Quote Link to post Share on other sites
corbin 621 Posted November 8, 2014 Report Share Posted November 8, 2014 My dealer just called yesterday, saying the tax stamp was in for my trust's very first NFA item. I filled it in June, I think it was. Actually, I was going to have the dealer efile it in late April, but after a month and a half, the system was still down, so I just snail mailed it myself. Quote Link to post Share on other sites
Hornsj2 27 Posted November 8, 2014 Author Report Share Posted November 8, 2014 Yeah estimated time for paper individual is like 7 months. 1 Quote Link to post Share on other sites
gunfun 3,931 Posted November 8, 2014 Report Share Posted November 8, 2014 I would guess because people who know what they are doing are more likely to do a trust. The primary reason to do individual is because you don't know better. Therefore, those people probably have way more mistakes in their paper work and slow the que way down. Quote Link to post Share on other sites
XdamagedX 248 Posted November 9, 2014 Report Share Posted November 9, 2014 I was told 9 months last time I called…. might be time to call again Quote Link to post Share on other sites
Hornsj2 27 Posted November 9, 2014 Author Report Share Posted November 9, 2014 I would guess because people who know what they are doing are more likely to do a trust. The primary reason to do individual is because you don't know better. Therefore, those people probably have way more mistakes in their paper work and slow the que way down. I take it you mean trained lawyers are handling the trust paperwork? My CLEO had no problem signing, so I wanted the firearm registered to me. I was told 9 months last time I called…. might be time to call again Could be 9 months, but the charts indicates 7 months or so. Quote Link to post Share on other sites
gunfun 3,931 Posted November 9, 2014 Report Share Posted November 9, 2014 I would guess because people who know what they are doing are more likely to do a trust. The primary reason to do individual is because you don't know better. Therefore, those people probably have way more mistakes in their paper work and slow the que way down. I take it you mean trained lawyers are handling the trust paperwork? My CLEO had no problem signing, so I wanted the firearm registered to me. That's probably true too, but that wasn't what I meant. I mean that anyone taking things seriously is most likely to choose a trust. That careful person is going to be more thorough and meticulous with the forms whether the trust is self made or copied from a forum or done by a lawyer. I've seen badly done trusts that lawyers were using for themselves though. IMO I would trust something specific to your state from silencertalk over something done by a random lawyer, and something done by a lawyer who knows the field well. Quote Link to post Share on other sites
Hornsj2 27 Posted November 9, 2014 Author Report Share Posted November 9, 2014 I would guess because people who know what they are doing are more likely to do a trust. The primary reason to do individual is because you don't know better. Therefore, those people probably have way more mistakes in their paper work and slow the que way down. I take it you mean trained lawyers are handling the trust paperwork? My CLEO had no problem signing, so I wanted the firearm registered to me. That's probably true too, but that wasn't what I meant. I mean that anyone taking things seriously is most likely to choose a trust. That careful person is going to be more thorough and meticulous with the forms whether the trust is self made or copied from a forum or done by a lawyer. I've seen badly done trusts that lawyers were using for themselves though. IMO I would trust something specific to your state from silencertalk over something done by a random lawyer, and something done by a lawyer who knows the field well. Not knowing me at all, I am sure you were not directing that at me, so I guess I don't understand exactly why that highlighted statement is true. I believe I am taking this very seriously, and opted to go with individual. Is there a particular reason you believe that individual forms are not a serious option? 1 Quote Link to post Share on other sites
Joe**Dirt 21 Posted November 9, 2014 Report Share Posted November 9, 2014 I have a trust. I did a paper form1 right before they came back online it took 4 months and 6 days. I did an eform1 on Sept 23 I got it back in 36 days. Quote Link to post Share on other sites
gunfun 3,931 Posted November 9, 2014 Report Share Posted November 9, 2014 (edited) I am not saying that no serious person will opt for direct ownership, so please don't take that as an insult. I am saying that most people who are taking it seriously will quickly discover the significant advantages from trust form. I believe they are seldom the best course for many reasons. Trusts have these advantages: 1. multiple beneficiaries. 2. privacy from CLEO- also possible private from certain transactions. i.e. you can give them away privately in death without the other family members, etc having to know that you had them at all, let alone what you did with them. 3. Lack of need of CLEO sign off. 4. Avoidance of insta felon situations in certain transfers by operation of law. 5. Greater flexibility in time and manner of transfer. 6. Ability to avoid forfeiture in situations where you or your heir might be disqualified from possession. 7. possible delay of transfers if necessary for future legal situations. If the property can be held for say 90 years by an undying entity without having to transfer, it may be kept if an item becomes non-transferable. - I'd give the trustee fairly broad powers to choose when or whether to transfer. 8. Multiple people can contribute property to the trust, and they can all be beneficiaries. * currently there is some question of whether only the trustee needs the background crap. Previously that was the case, but the present proposed rule changes are somewhat ambiguous on this point. 9. The trust itself can be used to guide your heirs through the transfer process to avoid mistakes of ignorance. Direct ownership: 1: Slightly simpler to arrange. 2: no additional cost for professional assistance. (Not necessarily required, but obviously I strongly recommend it. IMO, the risk of forfeiture or criminal consequences to a botched trust make professional NFA trusts set up by someone familiar with them money well spent. ) Edited November 9, 2014 by GunFun Quote Link to post Share on other sites
Hornsj2 27 Posted November 9, 2014 Author Report Share Posted November 9, 2014 good info. Thank you. Quote Link to post Share on other sites
corbin 621 Posted November 12, 2014 Report Share Posted November 12, 2014 (edited) Thought folks might be interested in this: Industry group issues update on ATF’s gun trust rule changes, NFA Backlog /http://www.guns.com/2014/11/08/industry-group-issues-update-on-atfs-gun-trust-rule-changes-nfa-backlog Edited November 12, 2014 by Corbin Quote Link to post Share on other sites
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