Tag for an answer. I have a similar situation
Originally Posted By Caboose314:
I'm working on setting up a NFA trust so I can catch the tax stamp disease.
My situation is that I live alone in CO, and the rest of my family lives in Texas. I would like to start a Colorado trust with myself and my father (who lives in Texas) as the Settlors and initial Co-Trustees. I would also like to have my younger brother be the "Successor Trustee"/"Settlors' Beneficiary". Both of them are shooters and will attend a EAG course with me next year.
Are there any issues with doing this? I know I will need to get it signed/witnessed/notarized while we are both present, but I can make that happen. I'm also told that in CO I don't have to file the trust, I just send it in with my Form 1 etc?
If I can set the trust up as I described above, will an ATF Form 20 be needed to transport NFA items from my residence in Colorado to my fathers house in Texas? Can he buy and store NFA Items there, while I buy and store NFA items here?
Thanks for the help! I'm looking forward to joining the club!
The only thing I can think of is that the address of the trust needs to be the place where the NFA item is kept. If youu move, the BATFE wants to know the new locatoin of the gun, supressor, etc. If you take the gun across state lines, you need to fill out the apprpriate notification form for the BATFE
It is not really smart to have multiple settlors, especially if they live in different states. You should be the only settlor and just name your dad and bother (and yourself) as co-trustees. You will need it to be a Colorado trust, as you are the settlor. And you will be the only one that signs it. You can name whoever you want as the beneficiary, because they won't have any interest in the item until you die. If you want to move/transport your items to Texas all you need is a 5320.20 (except you don't need a 5320.20 for silencers or AOW's).
If your dad or brother is interested in setting up a trust in Texas, I charge $300 for AR15.com members to set one up.
Thanks for the help guys! I was trying to set it up that way so both I and my father could own NFA items, but it sounds like the better route is to set up our own trusts and have him as a co-trustee on mine.