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boltomatic · June 20, 2014, 08:39 AM

I highly suggest opening a bank account in the name of the trust and paying for all NFA items and tax stamps with that bank account. Right now, its not really an issue, but if liberals crack down on NFA items in the future and start auditing past purchases, they might consider paying for an NFA item personally, when its registered to the trust, an "unapproved transfer" and possible confiscate the item and put you in jail.

That's of course the worst case scenario, its more likely that it would just be a headache while you cleared things up, by why even take the risk?

For me it was great, my local bank was running a promotion where you got $200 cash for opening up an new account so not only did I make the trust and NFA purchase rock solid, I covered the cost of the tax stamp!

So again, opening a bank account for the trust isn't strictly necessary, but its so easy and provides another layer of protection. If you do pay with your own money, you can attach a letter to the trust stating you contributed the purchase price to the trust by paying for the item with your money on behalf of the trust, but its easier and more legit to write a check from a bank account in the name of your trust, that way there is no doubt that the trust is paying for the item.

June 20, 2014, 08:39 AM	#15
boltomatic Member Join Date: March 25, 2014 Posts: 98	Get a bank account. I highly suggest opening a bank account in the name of the trust and paying for all NFA items and tax stamps with that bank account. Right now, its not really an issue, but if liberals crack down on NFA items in the future and start auditing past purchases, they might consider paying for an NFA item personally, when its registered to the trust, an "unapproved transfer" and possible confiscate the item and put you in jail. That's of course the worst case scenario, its more likely that it would just be a headache while you cleared things up, by why even take the risk? For me it was great, my local bank was running a promotion where you got $200 cash for opening up an new account so not only did I make the trust and NFA purchase rock solid, I covered the cost of the tax stamp! So again, opening a bank account for the trust isn't strictly necessary, but its so easy and provides another layer of protection. If you do pay with your own money, you can attach a letter to the trust stating you contributed the purchase price to the trust by paying for the item with your money on behalf of the trust, but its easier and more legit to write a check from a bank account in the name of your trust, that way there is no doubt that the trust is paying for the item.