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Posted: 8/31/2016 5:31:10 PM EDT
[#1]
It's none of their business to see the trust. Mine did come with a Certification of Trust that's only a couple pages...and that's the document I would show if required.
But, you really have no need for a separate bank account. |
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Posted: 8/31/2016 5:36:29 PM EDT
[#2]
Quote HistoryQuoted:
It's none of their business to see the trust. Mine did come with a Certification of Trust that's only a couple pages...and that's the document I would show if required. But, you really have no need for a separate bank account. I was told that I need to show the trust is actually holding the NFA items. So purchasing a silence, for example, through a bank account under the trust would maintain the chain of custody under the trust. |
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Posted: 8/31/2016 5:37:43 PM EDT
[#3]
I opened an account and never used it since E-Forms required a credit/debit card and there was no chance that I was going to use a debit card for an online purchase.
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Posted: 8/31/2016 5:41:04 PM EDT
[#4]
Quote HistoryQuoted:
I opened an account and never used it since E-Forms required a credit/debit card and there was no chance that I was going to use a debit card for an online purchase. Did you show your bank the entire trust or the Certification of Trust? |
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Posted: 8/31/2016 5:47:06 PM EDT
[#5]
Quote HistoryQuoted:
I was told that I need to show the trust is actually holding the NFA items. So purchasing a silence, for example, through a bank account under the trust would maintain the chain of custody under the trust. The Trust owns the items because that's the name that gets put on the Form 1 or 4. You have to pay the $200, and that money has to come from somewhere. As grantor/trustee, you're buying the item on behalf of the trust. Whether you do that directly or put money into a different account first doesn't matter. I set up an account (at my credit union) because I didn't know any better. The first two stamps were paid for using checks from that account. The remaining 118 checks will never get used. I've used personal funds (on behalf of the trust) for the next 30+ stamps. |
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Posted: 8/31/2016 5:48:42 PM EDT
[#6]
I have an account in the the name of my Trust, dba (my name.)
All NFA transactions run through this account. It's not required, but it makes the audit trail much simpler. |
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Posted: 8/31/2016 8:26:11 PM EDT
[#7]
.
I just mailed off a personal check, they cashed it. no fuss no muss. |
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Posted: 8/31/2016 9:10:48 PM EDT
[#8]
you dont need to involve a bank
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Posted: 8/31/2016 10:22:45 PM EDT
[#9]
Quote HistoryQuoted:
I have an account in the the name of my Trust, dba (my name.) All NFA transactions run through this account. It's not required, but it makes the audit trail much simpler. Maybe I'm dense. Audit trail? |
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Posted: 9/1/2016 4:39:13 PM EDT
[#10]
They just want $
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Posted: 9/1/2016 5:37:06 PM EDT
[#11]
Quote HistoryQuoted:
They just want $ Who are they? |
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Posted: 9/1/2016 5:59:21 PM EDT
[#12]
Quote HistoryQuoted:
Who are they? Quote HistoryQuoted:
Quoted:
They just want $ Who are they? ATF. |
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Posted: 9/1/2016 6:07:28 PM EDT
[#13]
Quote HistoryQuoted: you don't need to involve a bank Where are you all getting this shit? Didn't you read the FAQs first? |
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Posted: 9/3/2016 6:36:11 PM EDT
[#14]
I have 4 NFA items all done with trusts and never opened a bank account. If you are on the trust just send in the check with your name. Your over thinking this.
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Posted: 9/3/2016 6:47:12 PM EDT
[#15]
Quote HistoryQuoted:
I have 4 NFA items all done with trusts and never opened a bank account. If you are on the trust just send in the check with your name. Your over thinking this. This I did my very first trust with nfalawyers trust No bank account required. Just efiled the required trust docs as instructed by nfalawyers. |
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Posted: 9/5/2016 7:54:25 AM EDT
[#16]
Audit trail? I don't want no audit trail. Use your own check, or send a postal money order, or get a certified check at Bank for the fee. The trust owns the Nra items, but it is broke unless I buy something else. Making it way too complicated
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Posted: 9/5/2016 8:52:22 AM EDT
[#17]
Do not over think it..
NO. You do not need a Trust account with seperate bank checks or CC to purchase anything. It is your trust. You can place whatever you want in it. Edit: and... No one gets to see what accets are listed in your trust unless you want them to. Bank,ATF,etc only need to see first few pages qualifying the trust as legal within your State of residency. |
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Posted: 9/5/2016 9:24:15 AM EDT
[#18]
No trust bank account here, just my joint CC with my wife. We're both on the trust and no issues in 8-9 stamps and counting.
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Posted: 9/21/2016 12:49:36 AM EDT
[#19]
i went to my local bank and opened am account in the trust's name.
only reason being was because the way my trust is written and the way the local law reads, the trust must always have something in it's possession to be legally active. i now use the "trust account" as a savings account for play things like cans/SBR's do i think this is necessary? no, i sure don't because i have bought and paid for things with personal funds that were not labeled as the trusts name am i an impulse buyer and will spend the cash if it's in my pocket verses stashed away in the "trust account" ? yep, still working on that |
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Posted: 9/21/2016 10:05:27 AM EDT
[#20]
Don't make it complicated. submit stuff to ATF and pay with your own personal account.
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Posted: 9/21/2016 11:02:06 AM EDT
[#21]
Op... NO !
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Posted: 9/22/2016 4:53:20 PM EDT
[#22]
Quote HistoryQuoted:
i went to my local bank and opened am account in the trust's name. only reason being was because the way my trust is written and the way the local law reads, the trust must always have something in it's possession to be legally active. When I activated my trust, my lawyer had me take a five dollar bill, write the serial number on the Schedule A, and paper clip the five bucks to the original of the trust. As long as I keep the fiver, the trust always has something in its possession. No bank account needed. Problem solved. |
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Posted: 9/22/2016 9:15:12 PM EDT
[#23]
Quote HistoryQuoted:
When I activated my trust, my lawyer had me take a five dollar bill, write the serial number on the Schedule A, and paper clip the five bucks to the original of the trust. As long as I keep the fiver, the trust always has something in its possession. No bank account needed. Problem solved. Quote HistoryQuoted:
Quoted:
i went to my local bank and opened am account in the trust's name. only reason being was because the way my trust is written and the way the local law reads, the trust must always have something in it's possession to be legally active. When I activated my trust, my lawyer had me take a five dollar bill, write the serial number on the Schedule A, and paper clip the five bucks to the original of the trust. As long as I keep the fiver, the trust always has something in its possession. No bank account needed. Problem solved. That is how mine is set up as well. As long as I keep at least that bill my trust exists. |
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Posted: 9/22/2016 9:27:21 PM EDT
[#24]
My lawyer said using a USPS money order was the easier way to go but the checking acct in the trust name was also a good route to go.
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Posted: 9/22/2016 9:32:08 PM EDT
[#25]
Quote HistoryQuoted:
My lawyer said using a USPS money order was the easier way to go but the checking acct in the trust name was also a good route to go. Lawyers say a lot of things... |
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Posted: 9/23/2016 11:04:50 PM EDT
[#26]
No need... my F1's were paid for by various CC's (with my name on them and used as the billing info) some F4's were my personal checks and a couple were the dealer's checks
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Posted: 10/1/2016 9:02:10 PM EDT
[#27]
Quote HistoryQuoted:
It's none of their business to see the trust. Mine did come with a Certification of Trust that's only a couple pages...and that's the document I would show if required. But, you really have no need for a separate bank account. Actually it is their business. Their bank their rules. |
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Posted: 10/1/2016 9:07:27 PM EDT
[#28]
Quote HistoryQuoted:
Do not over think it.. NO. You do not need a Trust account with seperate bank checks or CC to purchase anything. It is your trust. You can place whatever you want in it. Edit: and... No one gets to see what accets are listed in your trust unless you want them to. Bank,ATF,etc only need to see first few pages qualifying the trust as legal within your State of residency. False, I've worked at a few different banks. Some have needed to see the whole thing some have not. I don't think there's any laws on it, just different corporate policies. |
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Posted: 10/2/2016 3:16:44 PM EDT
[#29]
This is the first I have ever heard of this.
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Posted: 10/2/2016 5:33:27 PM EDT
[#30]
Quote HistoryQuoted:
False, I've worked at a few different banks. Some have needed to see the whole thing some have not. I don't think there's any laws on it, just different corporate policies. Quote HistoryQuoted:
Quoted:
Do not over think it.. NO. You do not need a Trust account with seperate bank checks or CC to purchase anything. It is your trust. You can place whatever you want in it. Edit: and... No one gets to see what accets are listed in your trust unless you want them to. Bank,ATF,etc only need to see first few pages qualifying the trust as legal within your State of residency. False, I've worked at a few different banks. Some have needed to see the whole thing some have not. I don't think there's any laws on it, just different corporate policies. If The ATF is not entitled ..... Then neither are doushe bankers ! They do not need it ! They said they did for no other reason than they do not know any better or to vette out pain in the ass people setting up trust accounts that don't have any real wealth. Not wanting BS $1K accounts taking up time and computer space.. |
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Posted: 10/2/2016 11:14:30 PM EDT
[#31]
Quote HistoryQuoted:
If The ATF is not entitled ..... Then neither are doushe bankers ! They do not need it ! They said they did for no other reason than they do not know any better or to vette out pain in the ass people setting up trust accounts that don't have any real wealth. Not wanting BS $1K accounts taking up time and computer space.. Quote HistoryQuoted:
Quoted:
Quoted:
Do not over think it.. NO. You do not need a Trust account with seperate bank checks or CC to purchase anything. It is your trust. You can place whatever you want in it. Edit: and... No one gets to see what accets are listed in your trust unless you want them to. Bank,ATF,etc only need to see first few pages qualifying the trust as legal within your State of residency. False, I've worked at a few different banks. Some have needed to see the whole thing some have not. I don't think there's any laws on it, just different corporate policies. If The ATF is not entitled ..... Then neither are doushe bankers ! They do not need it ! They said they did for no other reason than they do not know any better or to vette out pain in the ass people setting up trust accounts that don't have any real wealth. Not wanting BS $1K accounts taking up time and computer space.. Their bank their rules. Sounds like you need to go douche a little. Have sand in your vagina? |
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Posted: 10/3/2016 12:39:27 AM EDT
[#32]
Yes. That is correct. Their bank. Move on and work with people that are interested in helping or just sit back and take it as fact with out questioning what in the hell they think they need a listing of someones personal accets held in a self managed family trust for ? There is no valid reason unless they are involved with management of that trust. It is just an account for a legal entity. For the purposes of most NFA Trusts A trust checking account is not needed. |
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Posted: 10/3/2016 7:57:32 AM EDT
[#33]
I am NOT a lawyer and I am NOT giving legal advice. However, I will repeat what my lawyer advised me for my NFA Trust and my personal circumstances;
All trusts are valid until somebody tries to claim they are not. At that point, a court will look not only at the language of the trust but how the trust has conducted itself. Does it own assets, does it represent itself by name to other entities, does it conduct itself in a manner consistent with being a recognized and responsible party for payment? So, his advice to me was open a checking account and pay debts of the trust from that account. The fact that a heavily Government regulated entity (the bank) recognizes a Trust is a compelling reason for the courts to recognize it too. He also advised me to use the Trust name when ordering parts for specific trust items (like a 12" upper for a registered SBR) this demonstrates that the Trust operates in the World of commerce, again something that compels the court to recognize the entity. I usually list my trust name in the "company name" or "Purchase Order #" box when I order accessories online and keep those receipts in my Trust file. Is any of this "required" no, but it all supports your assertion that the trust exists and is valid should anybody want to question that validity. Do YOU need to do this? I am not saying that at all. All I am saying is that I do this and my lawyer likes it. As always -YMMV. |
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Posted: 10/3/2016 1:18:04 PM EDT
[#34]
Unless state law requires a checking account, you don't need one.
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Posted: 10/3/2016 1:19:20 PM EDT
[#35]
Quote HistoryQuoted:
Lawyers say a lot of things... Quote HistoryQuoted:
Quoted:
My lawyer said using a USPS money order was the easier way to go but the checking acct in the trust name was also a good route to go. Lawyers say a lot of things... They do. Especially when they don't NFA trusts are their own special thing. |
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Posted: 10/3/2016 1:21:44 PM EDT
[#36]
Quote HistoryQuoted:
This is the first I have ever heard of this. There's a reason for that. 
Somebody got the OP all worried about a bunch of bullshit |
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Posted: 10/3/2016 1:28:01 PM EDT
[#37]
Quote HistoryQuoted:
I am NOT a lawyer and I am NOT giving legal advice. However, I will repeat what my lawyer advised me for my NFA Trust and my personal circumstances; All trusts are valid until somebody tries to claim they are not. At that point, a court will look not only at the language of the trust but how the trust has conducted itself. Does it own assets, does it represent itself by name to other entities, does it conduct itself in a manner consistent with being a recognized and responsible party for payment? So, his advice to me was open a checking account and pay debts of the trust from that account. The fact that a heavily Government regulated entity (the bank) recognizes a Trust is a compelling reason for the courts to recognize it too. He also advised me to use the Trust name when ordering parts for specific trust items (like a 12" upper for a registered SBR) this demonstrates that the Trust operates in the World of commerce, again something that compels the court to recognize the entity. I usually list my trust name in the "company name" or "Purchase Order #" box when I order accessories online and keep those receipts in my Trust file. Is any of this "required" no, but it all supports your assertion that the trust exists and is valid should anybody want to question that validity. Do YOU need to do this? I am not saying that at all. All I am saying is that I do this and my lawyer likes it. As always -YMMV. Your lawyer is overthinking things. An NFA trust operates in a different fashion and for different purposes for a typical trust. Does your lawyer do many NFA trusts? |
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Posted: 10/3/2016 1:44:23 PM EDT
[#38]
Quote HistoryQuoted:
you dont need to involve a bank This. But leave it to arfcom to over think things and write letters to the BATFE to fuck over the rest of us. MAKE IT STOP!!! |
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Posted: 10/3/2016 2:01:30 PM EDT
[#39]
Quote HistoryQuoted:
Your lawyer is overthinking things. An NFA trust operates in a different fashion and for different purposes for a typical trust. Does your lawyer do many NFA trusts? Quote HistoryQuoted:
Quoted:
I am NOT a lawyer and I am NOT giving legal advice. However, I will repeat what my lawyer advised me for my NFA Trust and my personal circumstances; All trusts are valid until somebody tries to claim they are not. At that point, a court will look not only at the language of the trust but how the trust has conducted itself. Does it own assets, does it represent itself by name to other entities, does it conduct itself in a manner consistent with being a recognized and responsible party for payment? So, his advice to me was open a checking account and pay debts of the trust from that account. The fact that a heavily Government regulated entity (the bank) recognizes a Trust is a compelling reason for the courts to recognize it too. He also advised me to use the Trust name when ordering parts for specific trust items (like a 12" upper for a registered SBR) this demonstrates that the Trust operates in the World of commerce, again something that compels the court to recognize the entity. I usually list my trust name in the "company name" or "Purchase Order #" box when I order accessories online and keep those receipts in my Trust file. Is any of this "required" no, but it all supports your assertion that the trust exists and is valid should anybody want to question that validity. Do YOU need to do this? I am not saying that at all. All I am saying is that I do this and my lawyer likes it. As always -YMMV. Your lawyer is overthinking things. An NFA trust operates in a different fashion and for different purposes for a typical trust. Does your lawyer do many NFA trusts? One of his specialties. He is an NFA collector himself. Again, I am not trying to tell anybody what THEY should do. This is simply what I do. |
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