Trust Question - Gold/Silver?

Semper Noctem · May 17, 2015

I know some people will fund their NFA trust with a dollar bill paper clipped to the actual document and listing it on the schedule A.

But, have any of you heard of funding a trust with a piece of gold or silver - like a gold or silver eagle?

BigDaddy · May 17, 2015

Can't decide if that is classy or Mr. T

outrider58 · May 17, 2015

If you're talking coins or ingots, I don't see why not. I don't think i'd use a ring or a watch or something along those lines. I keep a free checking account in the name of my trust. It serves as a savings acct for more goodies and if I were to meet my demise, Wife and daughter have access to it as they are on my trust as well.

SWO Daddy · May 17, 2015

Semper Noctem said:
I know some people will fund their NFA trust with a dollar bill paper clipped to the actual document and listing it on the schedule A.

But, have any of you heard of funding a trust with a piece of gold or silver - like a gold or silver eagle?

Sure, you could probably fund it with a stick of gum if you wanted to. Not sure why you would want to do that, though.

BigDaddy · May 17, 2015

You do know Mr. Roosevelt made ownership of gold coins illegal?
And he did it by......EXECUTIVE ORDER

Guess who inherited his playbook.

dontpanic · May 18, 2015

Fund it with whatever you want. $1 bill does not tie up any liquid assets like 1oz of gold would.

You could use your son's dirty soccer cleats if you want to.

Semper Noctem · May 18, 2015

I'll probably throw a $2 bill in the Schedule A and call it a day. I was just thinking about different funding options.

Thanks everyone!

Wfilardo · May 18, 2015

The ATF doesn't care if there is anythingin there when you apply for your first stamp. After you get the first one enter that and you will be good to go.

CharlieFoxtrot · May 18, 2015

Wfilardo said:
The ATF doesn't care if there is anythingin there when you apply for your first stamp. After you get the first one enter that and you will be good to go.

+1

rob-cubed · May 18, 2015

The funny thing about trusts is they don't exist until they are funded. It's that initial property that's gifted--whether it's a piece of gold or $2 bill--that makes the trust legitimate and gives it the ability to act on its own. The ATF has no jurisdiction or ability to confirm the legitimacy of a trust. If the paperwork is present and meets a cursory inspection, it is approved.

So it's not that "the ATF doesn't care", more accurately the ATF can't deny it. YET. It's not a big deal to follow best practices. They may not be necessary. But as time goes by, the restictions against NFA Trusts are guaranteed to start piling up.

Pinecone · May 18, 2015

How about another way to look at it. If you are doing a Form 4 transfer, you normally pay for the item before filing for the tax stamp. So at the point the trust owns the item, it just not have possession of it.

If the tax stamp is denied, the trust will get some of the money back, but then again, who cares, if ATF will not approve your trust purchases, the trust is now a piece of paper, without value to you.

md_al · May 22, 2015

I did not even put my Trust Acct on the Schedule A although I did use it to pay for the Form1. I still got my stamp.

Trust Question - Gold/Silver?

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