The Firing Line Forums

Go Back   The Firing Line Forums > The Hide > NFA Guns and Gear

Reply
 
Thread Tools
Old August 13, 2013, 08:55 PM   #1
banger
Member
 
Join Date: December 31, 2009
Location: Alabama
Posts: 21
Schedule A question

On my NFA trust, I want to change the bank account funding the trust. What's the best way ? Shall I simply remove the old account and replace with the new one. Or, leave the old one on the schedule A with a comment that it is no longer valid while adding the new one ?
banger is offline  
Old August 13, 2013, 10:04 PM   #2
JustinBiscuit
Senior Member
 
Join Date: September 18, 2011
Location: Wisconsin
Posts: 184
I don't list or even have a "funding" account for my trust. I am not an expert or a lawyer but I think the ATF cares how you pay for your NFA items.
JustinBiscuit is offline  
Old August 14, 2013, 07:13 AM   #3
kimbershot
Senior Member
 
Join Date: September 27, 2008
Posts: 119
i have a trust in sc--i have no accounts associated with the trust. trust very simple and complies with state guidelines. i was approved for a sbr build--paid for tax stamp with a money order that i signed as trustee. it ain't complicated.
kimbershot is offline  
Old August 14, 2013, 05:36 PM   #4
banger
Member
 
Join Date: December 31, 2009
Location: Alabama
Posts: 21
It's my understanding, in my state, a trust must be funded to be valid. I don't have the option of my trust not being funded.

If anyone has any insight or opinion on my original question of changing bank accounts as it would be documented on my schedule A, I appreciate your comments.
banger is offline  
Old August 14, 2013, 06:46 PM   #5
Coach Z
Senior Member
 
Join Date: February 18, 2011
Location: CT / RI
Posts: 683
Sorry can't say as this has come up with my trust, I'd suggest asking whomever setup the trust for you. They should be well versed in appropriate regulations etc.

It seems that if you setup the new one before canceling the original then you never would have broke the trust being funded...
__________________
Love my guns
Coach Z is offline  
Old August 15, 2013, 03:56 PM   #6
Bartholomew Roberts
Senior Member
 
Join Date: June 12, 2000
Location: Texas and Oklahoma area
Posts: 5,644
Banger, you are correct that trusts must possess property at the time of their creation in order to be valid. That property can be cash, ammunition, rifles, etc. the nice thing about a bank account is it offers a nice, verifiable way to prove the trust was funded at its creation in a way that is admissible.

As to what the best way would be, that is really a question for whoever drafted it. A trust is a complete document. Depending on how it is written, changes in one part of the trust may have unintended effects on the other aspects of the trust.
Bartholomew Roberts is offline  
Old August 15, 2013, 11:28 PM   #7
balyon85
Senior Member
 
Join Date: February 13, 2013
Location: Lochbuie, CO
Posts: 140
Re: Schedule A question

Don't you just use a "revised"schedule A as you would when the nfa item comes back approved and is added to the trust?
balyon85 is offline  
Old August 17, 2013, 02:02 PM   #8
banger
Member
 
Join Date: December 31, 2009
Location: Alabama
Posts: 21
After reviewing my original post, I see I could have been a lot clearer. Allow me to restate my question....simply put, when you remove an asset from the trust's schedule A, regardless if it is funding, a rifle, or etc., is it better to completely remove the item off the schedule A, or leave it on with a notation that it is has been removed from the trust ?
banger is offline  
Old June 20, 2014, 09:01 AM   #9
boltomatic
Member
 
Join Date: March 25, 2014
Posts: 61
Please don't listen to what others are saying about not needing a bank account. Just because people aren't getting in trouble for it now doesn't mean they won't in the future. All we need is some psycho to shoot up a school with a suppressed gun and the NFA will come under intense scrutiny and that's when all those minor violations people have made will be discovered.

Considering how easy it is to open the account, there is really no reason not to do it.

As for your original question, schedule A's are not ideal, if possible you should contact your lawyer and have the schedule A removed and use assignment sheets instead. But for the new account, you will need to update the schedule A to reflect the new account.
boltomatic is offline  
Old June 20, 2014, 10:46 AM   #10
Willie Lowman
Senior Member
 
Join Date: March 5, 2009
Location: Uh-Hi-O
Posts: 2,410
My attorney told me to open a bank account in my trust's name before doing anything else. I pay for all the trust's purchases and tax stamps with it's account. When not about to buy another suppressor + stamp I keep a few dollars in the account.
Willie Lowman is offline  
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 09:11 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
This site and contents, including all posts, Copyright © 1998-2014 S.W.A.T. Magazine
Copyright Complaints: Please direct DMCA Takedown Notices to the registered agent: thefiringline.com
Contact Us
Page generated in 0.08197 seconds with 9 queries