Armory Sponsor
Posted: 2/28/2011 4:23:24 PM EDT
| I am military and as most of you know constantly moving from state to state. Could I create a trust in Texas, where I'm stationed now, and then have the trust move with me when stationed in another state? |
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That depends solely on the legality of the trust, not only in the state your moving to, but the state the trust was created in. Most states have little or no regulation of trusts, leaving you open to all sorts of issues. You will have to retain a lawyer to get a reliable answer. |
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I asked my lawyer this same question and he told me that there is never a need to "move" a Trust. Once the trust is established, holds assets of value and recognized as a legal entity that it remains in effect until it holds no assets. You can move freely about the World, the trustees and benificiaries can move away but the Trust will remain in effect. However, the Trust will be subject to the laws of the state the declaration of trust was made regarding any legal claims or actions. At least that is the position I am in.
If you try to dissolve one Trust and move the assets into another ATF will view this as a transfer and will require a new form 4 and $200 for each item being transfered. Also, keep in mind that you need to submit a Form 5 prior to moving any NFA items to a new address. The legality of possession of NFA items in a given juristiction will be an issue independent of the the Trust. For you this is second-hand legal advice so...YMMV. |
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Quoted:
I asked my lawyer this same question and he told me that there is never a need to "move" a Trust. Once the trust is established, holds assets of value and recognized as a legal entity that it remains in effect until it holds no assets. You can move freely about the World, the trustees and benificiaries can move away but the Trust will remain in effect. However, the Trust will be subject to the laws of the state the declaration of trust was made regarding any legal claims or actions. At least that is the position I am in. If you try to dissolve one Trust and move the assets into another ATF will view this as a transfer and will require a new form 4 and $200 for each item being transfered. Also, keep in mind that you need to submit a Form 5 prior to moving any NFA items to a new address. The legality of possession of NFA items in a given juristiction will be an issue independent of the the Trust. For you this is second-hand legal advice so...YMMV. that's how i understand this as well, your trust is never null and void, unless you have some verbage from one state that makes the trust null and void in another in which case, when you amend the trust with your new address, you amend the trust so that it is legal in your new state. you fill out a 5320.20 for an interstate transport and indicate "permanent change of address". the form 5 is not used for this purpose as you aren't transferring anything. |
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Quoted:
Quoted:
I asked my lawyer this same question and he told me that there is never a need to "move" a Trust. Once the trust is established, holds assets of value and recognized as a legal entity that it remains in effect until it holds no assets. You can move freely about the World, the trustees and benificiaries can move away but the Trust will remain in effect. However, the Trust will be subject to the laws of the state the declaration of trust was made regarding any legal claims or actions. At least that is the position I am in. If you try to dissolve one Trust and move the assets into another ATF will view this as a transfer and will require a new form 4 and $200 for each item being transfered. Also, keep in mind that you need to submit a Form 5 prior to moving any NFA items to a new address. The legality of possession of NFA items in a given juristiction will be an issue independent of the the Trust. For you this is second-hand legal advice so...YMMV. that's how i understand this as well, your trust is never null and void, unless you have some verbage from one state that makes the trust null and void in another in which case, when you amend the trust with your new address, you amend the trust so that it is legal in your new state. you fill out a 5320.20 for an interstate transport and indicate "permanent change of address". the form 5 is not used for this purpose as you aren't transferring anything. Thank you Hellbound. You are correct. I don't know what I was thinking when I wrote "Form 5" 
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