RocketScott wrote:
Guns4Liberty wrote:
Sinus211 wrote:
Bennngeeee wrote:
I did just see on their site that if you bought a trust prior to 2019 you need to pay $50 to update it? Does anyone know what the hell that is about?
Interesting, I’ll have to look into that. I just used my trust from them for 2 form 1 sbr’s. Quite literally approved days ago. Wonder what the issue is?
It has to do with ATF Rule 41F. However, when I called about it, they said it was going to cost me the full amount of a Silver Trust ($400) to change, so I said screw that. ATF apparently doesn't care or doesn't notice because I have used my trust after 41F to secure tax stamps, so I see no need to upgrade.
41F didn't change trust laws. Your trust is still valid. What it did do is change who is considered a responsible person and what info needs to be submitted when applying for a form 1/4. It got rid of trusts as sole entities and required the RPs of the trust to submit data
I'm only repeating what NW Gun Law Group told me was the reason that their trusts formed pre-41F "need" to be updated. I questioned their reasoning and was not given a satisfactory answer, which is why I applied for my stamps without upgrading. Turns out that was the right move.
If anyone is able to get a good (detailed) explanation from them on why the upgrade is "necessary", please share.EDIT: I decided to just call today and dig deeper into this. I got the answer I was looking for (not sure why I didn't get it the last time I called, as I'm pretty sure I talked to the same person). Anyway, she said that around the end of 2018, ATF started rejecting "quite a number" of NFA applications that were filed using their (NW Gun Law Group's) trusts, citing the language surrounding Lifetime Beneficiaries. Apparently, ATF wasn't "comfortable" with it. So, in response, NWGLG decided to craft amendment language for their Silver trusts; Bronze trusts would have to be re-stated. The cost of amending a Silver trust is $49; the amendment revises the Lifetime Beneficiary language (to what, she didn't say) and also revises/clarifies some of the definitions laid out in the trust. But other than that, the trust remains largely the same. So, apparently, the upgrade has nothing to do with 41F, as I was previously told (or at least as I previously understood). She also said she was surprised that people with the "old" versions of the Silver trust (like me) are still getting stamps approved post-2019, saying that I'm "one of the lucky ones". She would have expected ATF to reject the application based upon the Lifetime Beneficiary language in my trust.
So, hopefully that info helps shed some light on things.
