Banks that do NFA trust checking accounts?

Arcamm · Jan 22, 2015

outrider58 said:
It would seem that a 'trust account' is no more property of the trust than your bank account is property of your mortgage. I realize it's a little different but, think of it. It funds the trust, it's not an item of the trust.

dontpanic said:
Schedule A is for listing assets of the trust. Does not have to be a NFA item. It can be anything the trust owns. Your trust is not active until you have property listed in the schedule A.

I think this is the point of having an EIN. The EIN adds a level of "existence" to the trust. The bank account is tied directly to the trust via the EIN, thus funding it.

outrider58 · Jan 22, 2015

OrbitalEllipses said:
Talking with a friend about his trust; he has a separate account just for the trust. Do his deposits into that account require an assignment of property/do they need to be noted on the trust's Schedule A? I say yes, he says no...but neither of us is lawyers.

Short answer is no. Money is not an item "of" the trust. Only a mechanism of it. And I am not a lawyer. I'm a knuckle dragging cave man.

OrbitalEllipses · Jan 22, 2015

dontpanic said:
Schedule A is for listing assets of the trust. Does not have to be a NFA item. It can be anything the trust owns. Your trust is not active until you have property listed in the schedule A.

outrider58 said:
Short answer is no. Money is not an item "of" the trust. Only a mechanism of it. And I am not a lawyer. I'm a knuckle dragging cave man.

More disagreement. Can we get Rusty in here? He's a fan of using the trust account.

outrider58 · Jan 22, 2015

dontpanic said:
Your trust is not active until you have property listed in the schedule A.

I thought your trust was activated the moment you sign and have it notarized. At that moment it is ready to receive its first item. You can't have an ''uncaused first cause'' i.e you can't buy and register an NFA into/via a trust without first having a trust.

namelessname120 · Feb 2, 2015

Does the ATF accept electronic payment or do I have to send them a check?

OrbitalEllipses · Feb 2, 2015

namelessname120 said:
Does the ATF accept electronic payment or do I have to send them a check?

For? eForm 1, they only accept electronic payment. Paper Form 4? That's a cheque, sir.

Lex Armarum · Feb 11, 2015

OrbitalEllipses said:
More disagreement. Can we get Rusty in here? He's a fan of using the trust account.

The short answer is that the Schedule A is a mechanism for keeping track of property in the trust. Cash/money is property of the trust. You should keep track of it. I recommend that clients simply update the account balance on the Schedule A any time money is debited/credited to the trust bank account and keep records of deposits/expenditures of trust funds.

Banks that do NFA trust checking accounts?

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