Almost ready to do Form 1 using a "Trust"..... Questions??

[Bradman]

First of all thanks to many of you for fielding my questions about how to do this. I'm not interested in violating the law, whether I think it's right or wrong. I can't go to prison, lose my gun rights, pay attorney's fees and bring embarrassment on my family.

My goal is to Form 1 some solvent traps. As a newbie, it's hard to come up with $1k for a 5.56 suppressor, when I can make one for $50. I also want a few 22lr suppressors for different rifles and came make them so cheap once I have the Form 1 approved and in hand.

I have a family member that is a machinist that will complete my suppressor, following the ATF guidelines.

So, here are my questions..........

Forgive my ignorance, but I'd like to to know what to do with the cash that goes with my trust?
I just got the trust notarized and witnessed yesterday. Do I just keep the $20 note with the trust paperwork or do I have to do something else with it?

I also put one of my rifles on the trust as suggested by thetrustshop.net. Was that the right thing to do?

I'm waiting for an ink pad that I ordered to come in but otherwise have the fingerprint cards, my passport photos and the Form 1 packets with the Certification letters. Getting the suppressor engraved is coming.

Thanks for the help.

 

[BigWaylon]

Before I forget, I personally wouldn’t engrave until the first stamp is approved for that trust...just to make sure there’s not an issue with the name used or any other detail.

IANAL...but the basic idea is that a trust has to be funded in order to be legit. The purpose of one is to hold property, so without any property it’s not valid. Most people put a dollar bill in it as the initial funding simply because it has a serial number.

For my first trust, I funded it with $200 and then used that $200 for the first stamp. For my second, I think I assigned a lower?

Some trusts use Schedules to keep track of property. My first one did. I filed 30+ forms with that trust and never sent them anything other than that initial Schedule A that listed $200. I kept the updated one at home.

My new one doesn’t use Schedules. It uses Assignment sheets. I create one for whatever item I’m filing and include it with trust document when I mail/upload. For my last ones (one paper forms and two EForms) I created the Assignment document but simply filed it away. That’s because I didn’t send in a copy of my trust...just a certification to say it hasn’t changed since the last approval.

 

[Bradman]

Awesome. Thank you