Trust question

[ryknoll3]

The ONLY reason to set up a bank account or try to funnel money to your trust is to separate it for liability or asset protection's sake. I don't really know how a court would view this though, if you're just dumping money into the trust.

There's no need to do it to comply with Indiana law or NFA law.

 

[MontereyC6]

The ONLY reason to set up a bank account or try to funnel money to your trust is to separate it for liability or asset protection's sake. I don't really know how a court would view this though, if you're just dumping money into the trust.

There's no need to do it to comply with Indiana law or NFA law.

Exactly. Seperating the money from yourself to your trust is mostly just a CYA thing. It provides seperation from you and your trust.

 

[david890]

I currently own several NFA items (SMGs, suppressors). I also have a trust that was established back in 1999. It is possible to transfer the personally owned items from me to the trust, with no cost and only paperwork?

With my Trust, I'm the Settlor and the sole Trustee, so whatever I do is known to me and doesn't require anything more than updating Exhibit 1, which for me is simply an Excel spreadsheet showing everything in the Trust, when it was added (or removed), the dollar amount, etc.

If you have additional Trustees, then they need to be informed, and I'd recommend either registered or certified mail (keep copies for your records).