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  1. #1

    online easy trusts

    I have/had a few plans this year. First off I want to form 1 my 6920 and make it an SBR. After that I would like at least a pistol suppressor, a 22 cal suppressor and eventually like something for a rifle down the road. This wouldn't be all in a year but at the very least the SBR and likely one of the suppressors.

    So with that in mind there really wouldn't be a ton of stuff for the trust. I see the online cheap trusts and they appear to be a good deal but Ive read things like they are basically just the bare minimum to keep everything legal and if the trust actually had to be used as a trust, ie when one dies and asset transfer, they may not be that great.

    So my situation is relatively simple, I think, a few NFA items, no MGs. Only 2 maybe 3 responsible persons, myself included, and a provision that when I die my sons get the stuff and dont have to deal with probate BS. Is this something that one of the cheap online trusts would work for or do I need to speak with one of the local lawyers here to get something set up?

    cost is obviously a factor here but cheap also doesn't matter if the trust doesn't do what its supposed to do either.

    Thanks

  2. #2
    I am sure many will chime in and agree, I used Shyster.... was so easy, and he is wonderful to work with. Not the cheapest route, but I feel like it was well done by someone who understands the laws around it all.

  3. #3
    MGO Member balrog006's Avatar
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    Quote Originally Posted by sfineone View Post
    I am sure many will chime in and agree, I used Shyster.... was so easy, and he is wonderful to work with. Not the cheapest route, but I feel like it was well done by someone who understands the laws around it all.
    Another vote for our forum Trust expert lawyer Shyster. There is only one best at them and it is him. Online “easy” trusts are just that, easy-generic-non specific to Michigan-usually non supported and non serviceable. Shyster provides excellent service before and after writing your trust, it’s written to do what you want and it’s written specifically for you and Michigan-there isn’t even a real comparison here.
    NRA Benefactor-Life Member

  4. #4
    Ok so the next question then and maybe it would be better just to ask Shyster directly but Ill see if you all know. Since the initial cash outlay for the trust is so much more is it something I can do in advance, so set up the trust but not put anything on it for a while?

    Also I just found out that even if you file as an individual I can form 5 everything to my kids with no transfer fee. So is a trust even the better option at this point? Though Im pretty sure I already know the answer to that one too. At this point I cant imaging anyone needed to use my stuff when Im not around but in 20 years who knows.

  5. #5
    MGO Member balrog006's Avatar
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    Quote Originally Posted by loki993 View Post
    Ok so the next question then and maybe it would be better just to ask Shyster directly but Ill see if you all know. Since the initial cash outlay for the trust is so much more is it something I can do in advance, so set up the trust but not put anything on it for a while?

    Also I just found out that even if you file as an individual I can form 5 everything to my kids with no transfer fee. So is a trust even the better option at this point? Though Im pretty sure I already know the answer to that one too. At this point I cant imaging anyone needed to use my stuff when Im not around but in 20 years who knows.
    Answer to your first question is yes. The trust is simply a vehicle for you to use for later purchases and maintain the NFAItems over their lifetime-it does not matter if an item is placed in it 1 second after it is finalized or 10 years.

    No idea in your second question, never heard of a form5 and a tax free transfer to children. That is only one of the benefits of a Trust-there are numerous others both large and less apparent-don’t let the cost or seeming complexity deter you-after one stamp you will be loosing money in almost every case in comparison to the cost of a trust.
    NRA Benefactor-Life Member

  6. #6
    MGO Member
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    Quote Originally Posted by loki993 View Post
    Ok so the next question then and maybe it would be better just to ask Shyster directly but Ill see if you all know. Since the initial cash outlay for the trust is so much more is it something I can do in advance, so set up the trust but not put anything on it for a while?

    Also I just found out that even if you file as an individual I can form 5 everything to my kids with no transfer fee. So is a trust even the better option at this point? Though Im pretty sure I already know the answer to that one too. At this point I cant imaging anyone needed to use my stuff when Im not around but in 20 years who knows.
    Feel free to call and discuss, but the short answer is:

    Yes, they can, upon your death, Form 5 the items as a one time tax free transfer to the heir of your estate, not necessarily to anyone willy nilly whenever you want to.

    I always recommend folks with a wife/children take the trust route, as it is a tool that allows long-term ownership, and sharing/usage between Trust members. The trust just allows peace of mind that when you do die, that all the NFA items are a non-issue that has to be dealt with upon your untimely death. The family will have enough other pressing issues to deal with, NFA items is one thing that will no longer be a concern or hassle for them.

    I am able to discuss whenever your curious, give me a call, and we can go down the rabbit hole together, and make sure you do it all the best route the first time and save hassles and money.

    Jason
    Jason Ebig
    L & L Arms LLC
    586-321-6056
    01 FFL & Class 3 SOT Dealer

  7. #7
    Quote Originally Posted by ZYA_LTR View Post
    Feel free to call and discuss, but the short answer is:

    Yes, they can, upon your death, Form 5 the items as a one time tax free transfer to the heir of your estate, not necessarily to anyone willy nilly whenever you want to.

    I always recommend folks with a wife/children take the trust route, as it is a tool that allows long-term ownership, and sharing/usage between Trust members. The trust just allows peace of mind that when you do die, that all the NFA items are a non-issue that has to be dealt with upon your untimely death. The family will have enough other pressing issues to deal with, NFA items is one thing that will no longer be a concern or hassle for them.

    I am able to discuss whenever your curious, give me a call, and we can go down the rabbit hole together, and make sure you do it all the best route the first time and save hassles and money.

    Jason
    Appropriate that. I pop in and pop out of here, one day I will ca, wne I get closer to doing it.

  8. #8
    MGO Board of Directors

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    Another vote for Shyster's trust
    I was able to loan some stuff to my sister's family, leave some stuff with my parents when necessary, etc. And he always answered questions pretty fast.
    When you're ready, you'll pay, he'll ask you some basic info, and you'll probably have the documents to your email inbox by the next morning.
    DISCLAIMER: Disclaimer. The opinions expressed in this post are those of the author, DrScaryGuy. They do not purport to reflect the opinions or views of MGO, its board of directors, or its members.

  9. #9
    Legal Forum Contributor / Super Moderator esq_stu's Avatar
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    I used Shyster as well.

    (I hated wills and trusts in law school.)
    All the best,

    --esq_stu
    NRA Life Member
    NRA Certified Instructor: Basic Pistol, Personal Protection in the Home, Personal Protection Outside the Home


    The above comments are not intended to be and do not constitute legal advice to anyone.

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