Armory Sponsor
Posted: 7/9/2014 5:07:30 PM EDT
|
Can I have a trust written in a state other than the one I live in?
My wife and I currently live in Indiana but we will be moving to South Dakota in just under 2 years when her contract is up at her current job. I want to start my NFA collection. It appears that South Dakota allows perpetual trusts but Indiana does not. I would prefer a perpetual trust over a living/revocable. So as I asked at the begining, could I have a trust written up under South Dakota law while I live on Indiana? |
|
Quoted: Can I have a trust written in a state other than the one I live in? My wife and I currently live in Indiana but we will be moving to South Dakota in just under 2 years when her contract is up at her current job. I want to start my NFA collection. It appears that South Dakota allows perpetual trusts but Indiana does not. I would prefer a perpetual trust over a living/revocable. So as I asked at the begining, could I have a trust written up under South Dakota law while I live on Indiana? It won't be valid in IN in the meantime.
|
|
Quoted: Again, the way I understand it, a trust is governed by the laws of the state that it is formed in and not the state in which the party lives in. Correct, but you won't be able to apply for a stamp in Indiana in the mean time. ETA If you set up in SD and had some sort of residency there you could obtain the items there. What you can't do is have the item sent there then take possession as an IN resident, at least that is my understanding. You still have to be able to fill out a 4473 as an agent of the trust. Another option would be if you had a family member there on your trust that could take possession of the item. You could go that way and use a 5320.20 to take the item to another legal state in the meantime. Maybe this is more of what you were asking. |
|
No relatives in SD.
The way you are explaining it makes it sound as though if someone were to set up a trust and then move to a different state, the person would no longer be able to use that trust since it was formed in a different state. I may just have to talk to a couple lawyers. (one in SD and one in IN) |
|
Quoted: No relatives in SD. The way you are explaining it makes it sound as though if someone were to set up a trust and then move to a different state, the person would no longer be able to use that trust since it was formed in a different state. I may just have to talk to a couple lawyers. (one in SD and one in IN) |
|
Quoted: No relatives in SD. The way you are explaining it makes it sound as though if someone were to set up a trust and then move to a different state, the person would no longer be able to use that trust since it was formed in a different state. I may just have to talk to a couple lawyers. (one in SD and one in IN) I would advise talking to a lawyer. I believe a trust needs to be valid in the state that it is purchasing an item in.
|
Armory Sponsor