nfa trust bank account

[alvins]

Anyone setup a bank account for their trust? My credit union says they dont offer them. anyone know of a good place in south houston pearland friendswood area?

[Middle Age Russ]

No bank account was necessary for our trust, so I can't help you with possible banks. I would assume that the trustees would be named as signatories on the account.

[zero4o3]

No bank account was necessary for our trust, so I can't help you with possible banks. I would assume that the trustees would be named as signatories on the account.

its my understanding that any NFA items purchased under the trust, the 200 dollar tax has to be paid from an account in the name of the trust. or is it just in the name of the trust holster?

[Carry-a-Kimber]

No bank account was necessary for our trust, so I can't help you with possible banks. I would assume that the trustees would be named as signatories on the account.

its my understanding that any NFA items purchased under the trust, the 200 dollar tax has to be paid from an account in the name of the trust. or is it just in the name of the trust holster?

The BATFE does not require that the check be in the name of the trust. They don't even require a check, a money order will do.

[alvins]

well im the settlor and trustee. i was just going to send a personal check with the trust name written on the top and settlor/trustee written in the notes section..

[Carry-a-Kimber]

That should work.

[G.A. Heath]

Unless I am mistaken for a trust to be valid you must "fund" it. Funding can come in the form of money or property (such as the NFA item). In order to reduce the risk of a stay in club fed you have to have a valid trust in order to get your NFA item. That's just my limited understanding based on my research into trusts and NFA items. I however will use a professional (read that as meaning "attorney who is qualified") when I start the process.

[alvins]

Unless I am mistaken for a trust to be valid you must "fund" it. Funding can come in the form of money or property (such as the NFA item). In order to reduce the risk of a stay in club fed you have to have a valid trust in order to get your NFA item. That's just my limited understanding based on my research into trusts and NFA items. I however will use a professional (read that as meaning "attorney who is qualified") when I start the process.

sean cody did my trust. it should already be funded based on my inventory sheet showing 10 dollars.

[G.A. Heath]

When everything goes through let me know how it all works out. I am considering having my FS2000's barrel shortened and adding a suppressor to my collection. I may just have a SBR built on an AR15 in stead of altering the FS2K.

[zero4o3]

No bank account was necessary for our trust, so I can't help you with possible banks. I would assume that the trustees would be named as signatories on the account.

its my understanding that any NFA items purchased under the trust, the 200 dollar tax has to be paid from an account in the name of the trust. or is it just in the name of the trust holster?

The BATFE does not require that the check be in the name of the trust. They don't even require a check, a money order will do.

good info, thanks

[Middle Age Russ]

The trust clearly has our names as trustees and settlors, and the names on our joint checking account are the same. It seems BATFE examiners are able to make the mental leap that bridges the two. On the other hand, since the check or MO goes in with the application in one envelop they may not care who's name is on the check -- but I don't have any way of knowing for sure.

[CleverNickname]

By law (26 USC 5811(b)), the transferor is the one who owes the transfer tax, not the transferee. If the dealer paid it, it would just raise the fee he charged you by $200 though, so effectively the transferee pays it. The ATF really doesn't care what the name on the check says, as long as they get the money.

[bayouhazard]

Yes. When ATF was under Treasury, they considered the seller as the taxpayer legally. It looks like that's still true, so I don't think it matters if the check matches you or your trust,because either way it won't match the seller.