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The Range
NFA & Class III Discussion
Filing individual vs trust and Why
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<blockquote data-quote="SoonerP226" data-source="post: 3952250" data-attributes="member: 26737"><p>The attorney I know who had a trust created for an NFA item did it for estate planning purposes. F'rinstance, if you don't have it in a trust and leave the item to your child, but they get a felony conviction or move to a locality where an NFA item is a no-go, what do you do? If it's in a trust, it just stays in the trust and any other trustee (assuming you didn't choose your trustees poorly) can take possession of it.</p><p></p><p>I think the trust issue has changed since he had the trust created, but that was the reasoning he explained to me at the time. (FWIW, he didn't create the trust, he had another attorney do it for him.)</p></blockquote><p></p>
[QUOTE="SoonerP226, post: 3952250, member: 26737"] The attorney I know who had a trust created for an NFA item did it for estate planning purposes. F'rinstance, if you don't have it in a trust and leave the item to your child, but they get a felony conviction or move to a locality where an NFA item is a no-go, what do you do? If it's in a trust, it just stays in the trust and any other trustee (assuming you didn't choose your trustees poorly) can take possession of it. I think the trust issue has changed since he had the trust created, but that was the reasoning he explained to me at the time. (FWIW, he didn't create the trust, he had another attorney do it for him.) [/QUOTE]
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