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The Range
NFA & Class III Discussion
NFA Trust bank account
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<blockquote data-quote="djcorrell" data-source="post: 2409598" data-attributes="member: 12752"><p>Not trying to stick my nose where it does not belong. However, I am not an attorney, but are trusts mostly what they do? The only reason to have a bank account in the name of the trust is to allow it to be managed by the trustees, or you until you die, if that is how it is set up. The asset, ie. Nfa item, is transferred from the seller to the trust, as shown on schedule A. You are simply funding it. I see no point in a separate account, and I do have a great trust lawyer. I will say the the trust laws for nfa items are changing. So may bee they are more up to date than I.</p></blockquote><p></p>
[QUOTE="djcorrell, post: 2409598, member: 12752"] Not trying to stick my nose where it does not belong. However, I am not an attorney, but are trusts mostly what they do? The only reason to have a bank account in the name of the trust is to allow it to be managed by the trustees, or you until you die, if that is how it is set up. The asset, ie. Nfa item, is transferred from the seller to the trust, as shown on schedule A. You are simply funding it. I see no point in a separate account, and I do have a great trust lawyer. I will say the the trust laws for nfa items are changing. So may bee they are more up to date than I. [/QUOTE]
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