Singletracker
Member
Sorry guys for the N00b question but my buddy and I are just now getting our feet wet in the NFA world.
We both went through Attny's for our trusts. Mine local, him through the "big name" guys.
His attny, recommended he have a separate bank account for his trust. the reasoning being as the TRUST is buying the items and if he pays for his items/stamp(s) out of personal funds it is a defacto straw purchase/illegal transfer.
My attny said no such thing. I've read that the Gov't doesn't care where it gets it's blood from so personal check is fine.
An account for the trust is no big deal, just one more hoop.
I would like to know your thoughts.
Also (while I'm here) what is the legal age to inherit NFA items? 18 or 21?
Sorry if this has been covered
We both went through Attny's for our trusts. Mine local, him through the "big name" guys.
His attny, recommended he have a separate bank account for his trust. the reasoning being as the TRUST is buying the items and if he pays for his items/stamp(s) out of personal funds it is a defacto straw purchase/illegal transfer.
My attny said no such thing. I've read that the Gov't doesn't care where it gets it's blood from so personal check is fine.
An account for the trust is no big deal, just one more hoop.
I would like to know your thoughts.
Also (while I'm here) what is the legal age to inherit NFA items? 18 or 21?
Sorry if this has been covered