bigred
Ultimate Member
ok thanks! Any idea of cost?
ok thanks! Any idea of cost?
and it works? you've successfully sent it in and had items aprroved? i just want to make sure because there are alot of horror stories associated with trusts. i got a willmaker off of ebay but wasn't sure it would work. thanks
Does anyone have a trust that is known to have worked, ie you got your stamp using it?
Are there annual fees associated with a trust itself or just the initial filing fee?
Question about funding.
Let's say my Trust needs to be funded. Do I just put a $1.00 bill in an envelope and attach it to the other trust documents?
Do I need to make an entry on Schedule A from me to the trust for 1.00 and enter the serial number of the dollar bill?
Who says it needs to be "funded"? We are heading down the path of paralysis through over-analysis.
Seriously, you all over over-thinking this whole thing.
Can't you just go to Lexis and look up the statutory requirements for a Trust - I mean the law is out there for free and it's not really that complicated.
Just off the top of my head here fellas - the dealings I have had with the creation/management and evaluation of three legally valid Trusts, nary a single one was "funded." Where this idea came from, I really wonder.
Just as an aside - if you have Trust property in a Trust, why in the world would you think you's have to send it to the ATF? Like if you had a car, or previously acquired NFA items, you wouldn't send that would you?
This whole line of what-if reminds me of a 8 year old I know - no insult intended. I basically answer her what-ifs with: What if the moon crashes into the Earth as we sleep? We won't have to concern ourselves with an unending string of "what-ifs."
This topic is NOT complicated. Create a Trust, have it notarized, send the thing (copy) and required paperwork to the ATF. Relax and wait. That's it!
My lawyer told me that I needed to fund my trust. I am fairly ignorant on this and the Notary Public said that she does not know about firearm trust. The only trust she knows of will need to have a separate account created if I do not want to use my SSN.
My lawyer is a tad busy kinda why I posted the question here.
That's fine. The lawyer told me it needs to be funded. Personally, I am not a lawyers and I am not going to question your experience on this matter. You have trusts, I do not. It's my first time and since I dont want to have any issues when I send my paperwork in I went the lawyer route.
Personally, I dont mess around to much when it comes to the law. I'll go ahead and wait for the reply to my email from the lawyer.
My lawyer told me the same.
But by 'funded', he meant that NFA items needed to be paid for from the trust bank account.
When I had my trust paperwork notarized at my credit union, I also established a checking and saving account for the trust at the same time.
Both the notary work and the establishing of the trust account(s) was free.
When my check went to the BATFE along with my form 1's, the check was written from the trust account with me as trustee.
Same when I bought my suppressor. It (and the tax stamp) was purchased with a check from the trust account.
The way the lawyer explained it, items being bought for the trust should be paid for from the trust account.
That way the trust money and my money stay separate and there can never be any question in an audit.
Moving money from my account to the trust account to 'fund it' is as easy as a couple of mouse clicks, and that too is free.
As far as I'm concerned, it didn't (and doesn't) cost me anything extra, so it's a no brainer.
Funding A Trust concerns retitling or legally assigning assets to the trust. It does not require you to purchase the assets from a trust-owned bank account.
http://wills.about.com/od/howtofundatrust/qt/typesoffunding.htm
For the trust to exist, it needs at least one item of property, hence you need to "fund the trust" for it to exist and be able to be acceptable for NFA purposes.
Common ways of funding the trust are to assign a piece of property or nominal quantity of cash. e.g. a $1 bill, firearm or something else tangible.
Well we are back to that again. Ok - well if it's not too much trouble - ask him where this Trust bank account advice came from. Seriously - maybe I will learn something.
I don't know. He went to law school. I went to a different school..
If you'd like his number, I'll PM it to you and you can ask him.
For me... I'm doing what I paid him to do. Advise me.
Sure send it - if you are too intimidated to ask, I'll do it for you.