Help w/ NFA Gun Trust & Sequence of Events
Help w/ NFA Gun Trust & Sequence of Events
So here is my scenario: I currently posses 2 stamps submitted by me as an individual. I plan on submitting several form 1’s for diy cans and a few sbr’s in the very near future. I would like to setup an NFA Gun Trust for use/access by multiple users and for ease of passing the items on when I die.
My questions:
- I’ve read you don’t want to add trustees until after your forms have been approved, otherwise ALL trustees have to submit paperwork, prints etc for each form. Is this accurate?
- If Q1 above is accurate, can you establish a trust with just yourself on it, no trustees?
- If the answer to Q2 is yes, it would seam the easiest course of action would be to setup my trust with just myself, once that’s complete submit two form 4’s to transfer my existing items into the trust, submit my flurry of form 1’s through the trust (not as an individual), wait for all approvals to come through, then when I’m satisfied I am done submitting forms (for the time being of course) amend the trust to add my trustees. Does that sound accurate?
- If the answer to Q2 above is no, then what is the best course of action to accomplish my end goal?
- I have read that to establish the trust I will have to file for a EIN from the IRS, and that I will need to open a bank account to fund the trust. Is that accurate?
- I have read that you shouldn’t purchase NFA items that are being added to the trust with your own money, you should only use the bank account which was opened by the trust. Is that accurate?
- What kind of tax filing is required once a trust has been established? Or is there any tax filing required?
- What else do I need to know or keep in mind for this venture?
Thanks in advance for your help!