It depends. You should talk to an estate lawyer about your own specific situation.Should a trust formed for NFA items only be used for NFA items?
What about large assets like real estate? Or would it be more wise to establish another trust for things of that nature?
Should a trust formed for NFA items only be used for NFA items?
What about large assets like real estate? Or would it be more wise to establish another trust for things of that nature?
OK, T.Lex said something that gets my wheels turning. What would happen if the trust ceased to exist (were revoked)? I have a beneficiary listed, and a trustee to hold the stuff until they are of age. So, does the trust cease to exist really until that point? Or do we have unowned NFA items floating around out there?
I also have a situation I've been pondering - let's say one has a pending form 1 or form 4 with a trust. And during the wait time, they move, say out of state. What happens in this case? I believe the trust still exists. But the trustor/trustee is no longer where they were when they submitted the paperwork.
Is there an age limit for a NFA trust? For example, I would like to set one up with myself and my family. My son is ALMOST one, but I want him included on there (with someone I trust with my NFA property) in case something were to happen to my girlfriend and me so he may possess them once he turns 18. Is that possible, or does he have to be of legal age to legally possess the item in question?
Generally speaking, who (what?) is listed as the 'Grantor'?
And are the 'Trustee'(s) those members of the trust that are to have access/rights to the property in question?
I believe for NFA items they need to be 21. They can be on the trust but can't take possession until they are if age.
I do err on the side of caution. I set them up so that if you die before your beneficiaries reach 21 that the trustees take care of the property until your beneficiaries reach 21.
Okay, if you would not include them on the trust, what would you recommend for them? I am not in a high risk lifestyle or career, but I drive a lot and accidents happen. If I were to die before my son hit 18, what would the options be? Obviously, I could have money set aside for items to be transferred either to him or to a new trust, but aside from that?