I had opened a bank account for my trust to fund it but now I'm wondering if I still need it. The trust has an asset now, so is it funded by the asset or do I need to maintain the account?
Maintaining a Trust bank account
- Thread starter Arcamm
- Start date
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safecracker
Unrepentant Sinner
- Feb 26, 2009
- 2,405
FWIW, I've never had a bank account for my trust. I personally funded my trust in the beginning with a $10 bill. I've paid for everything with a personal check and never had an issue. I don't see where that would be any different from using my personal money to fund the account initially. Further, there was not one word regarding a bank account being required in any of the instructions or conversations with the attorney who drew up the trust to begin with.
Same here.
No need anymore. Most guys just throw $20 in a safe and list that as an asset for the trust on their first transaction. It has never presented a problem.
99% of our NFA customers pay us the ATF fee and we just send a company check with the submission.
No problem ever with that through hundreds of transactions.
99% of our NFA customers pay us the ATF fee and we just send a company check with the submission.
No problem ever with that through hundreds of transactions.
Hawkeye
The Leatherstocking
- Jan 29, 2009
- 3,971
This, through and through.
I initially funded my trust with a $1 bill. My form 4 suppressor purchase I paid for with a personal CC to the shop I bought from, and they cut the check to the ATF for me.
- Feb 4, 2013
- 28,175
Some NFA attorneys suggest a trust checking account and to pay all NFA fees (ATF fee and paying for the NFA items) from that account.
Up to you.
M&T gave our trust a free checking account. So not reason to not use it.
Up to you.
M&T gave our trust a free checking account. So not reason to not use it.
namelessname120
Active Member
- Jul 6, 2011
- 753
I just give M&T bank a dollar a month.
- Jul 29, 2014
- 49,992
Just dumped mine. I has ass-ets.
- Feb 4, 2013
- 28,175
If you have a trust account, you can still see when the check is cashed.
I don't think any one has said it is NEEDED. Some attorneies feel is helps maintain the distance between the trust and the trustees.
I don't think any one has said it is NEEDED. Some attorneies feel is helps maintain the distance between the trust and the trustees.
- Jul 29, 2014
- 49,992
I don't see how. My bank required all trustees names on the account.
Not distance in terms of hiding anything, rather, with regard drawing a line between whose assets are covering costs. For all practical purposes, a legal fiction.
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