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The Range
NFA & Class III Discussion
Trust Question
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<blockquote data-quote="tyromeo55" data-source="post: 1371233" data-attributes="member: 1719"><p>An LLC is an option and easy to set up. The maintenance involved with companies is not that big of a deal but there are things that need to be kept up with unlike a trust (like paying your 25 bucks a year, keeping up with change of address, tax liability if any). Also, If you ever decide to dissolve the company you would need to pay the tax stamps all over again if you want to put them in your name or in a trust's name. Benefits are things like a tiered authority. The owner can have powers that agents do not like selling </p><p></p><p>I prefer a trust personally. Zero upkeep and zero hassle. There are ways of adding people as trustees (pretty easily) but as such they have the exact same power as you. </p><p></p><p>If you want a Trust tailored to fit you and your special needs I recommend speaking with an attorney and having him draw you one up useing the Quicken one as a template. If you are leaning toward the LLC route I recommend speaking with your accountant first. LLC's with NFA are all or nothing. </p><p></p><p>Hope this helps</p><p></p><p>Ty</p></blockquote><p></p>
[QUOTE="tyromeo55, post: 1371233, member: 1719"] An LLC is an option and easy to set up. The maintenance involved with companies is not that big of a deal but there are things that need to be kept up with unlike a trust (like paying your 25 bucks a year, keeping up with change of address, tax liability if any). Also, If you ever decide to dissolve the company you would need to pay the tax stamps all over again if you want to put them in your name or in a trust's name. Benefits are things like a tiered authority. The owner can have powers that agents do not like selling I prefer a trust personally. Zero upkeep and zero hassle. There are ways of adding people as trustees (pretty easily) but as such they have the exact same power as you. If you want a Trust tailored to fit you and your special needs I recommend speaking with an attorney and having him draw you one up useing the Quicken one as a template. If you are leaning toward the LLC route I recommend speaking with your accountant first. LLC's with NFA are all or nothing. Hope this helps Ty [/QUOTE]
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