Armory Sponsor
Posted: 7/30/2014 3:09:25 PM EDT
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Ok another question for those that have used a trust. i am setup notorized and have my trust funded bank account ect...
Whats the process for transferring unbuilt lower to the trust? a simple bill of sale i assume. After that I assume I file the form 1 for the SBR correct? |
I also just established my NFA Trust. At least in PA, I simply have to record the asset on the assets page in the Trust. (model, serial #, etc.) I can't imagine records of sale would hurt in any way but they aren't necessary. (again, at least in my state) Of course, I am no lawyer... 
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Quoted:
And for the record, the effort you spent setting up the bank account could've been spent on something more productive. It's completely unnecessary. 
Wish I'd known that before I did mine. In Texas the law says the Trust to be valid has to be funded. According to the lawyer this is the simple way to satisfy that requirement |
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Quoted:
In Texas the law says the Trust to be valid has to be funded. According to the lawyer this is the simple way to satisfy that requirement Quoted:
Quoted:
And for the record, the effort you spent setting up the bank account could've been spent on something more productive. It's completely unnecessary.
Wish I'd known that before I did mine. In Texas the law says the Trust to be valid has to be funded. According to the lawyer this is the simple way to satisfy that requirement Almost every state requires a trust to be funded to be valid. Has nothing to do with a bank account. Mine was funded with the $200 I used for my first stamp. A lot of people here funded their trust with a $1 bill...or if they were a high roller they used a $2 bill. The dollar bills are used because you can list the serial number.
The ATF doesn't care where the money comes from for a stamp. I did use checks from my trust for the first two...the next 11 were paid for either by personal credit card, or the local dealer paid them and I reimbursed the dealer. So, I have 148 checks sitting here that will never be used. Doesn't hurt to have one...just isn't necessary. |
| In Texas your trust has to have some kind of asset to be valid, could be money or some item like a gun, box of ammo etc.... Mine was established with a 1 dollar bill initially and I have no separate bank account for it. I write checks out of my personal bank account for trust items, my dad or brother could also write checks out of their own checking accounts to buy stuff, they don't care where the money comes from. When you list something on the Assignment of property, you are giving up your personal rights to the item and assigning it to the trust. |
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