Any non-gun benefits to a trust?

[kalash]

Finally obtained proof that I bought a lower before July 20th 2016 so it's time for a Form 1 (as I hear the ATF has taken to asking for said proof for MA residents).

Anyways, looking into trusts and wondering if there are any other uses for one outside of guns. Does the trust need to specify that it's for NFA? I can set up a bank account in the trust's name... does that help me in any way?

Just curious...

 

[JimF]

Trusts are taxed at a higher rate than personal income. The advice I received from an attorney and a tax accountant was they are good if you want to set something up to protect underage children in case you die.

 

[Kevin_NH]

Do not use the same trust for both NFA and also for non-NFA purposes.

Back in the easy days before 41F, I set up a bank account in the name of the trust. Did it mostly to keep the funds separate and to use for writing checks to the Treasury, and also because as an account holder, the bank was happy to witness and notarize my trust at no extra charge.

 

[FrugalFannie]

Do not use the same trust for both NFA and also for non-NFA purposes.

This.

Trusts have many uses and benefits but do not use the same trust for NFA and non-NFA items.

 

[LuvDog]

Do not use the same trust for both NFA and also for non-NFA purposes.

Back in the easy days before 41F, I set up a bank account in the name of the trust. Did it mostly to keep the funds separate and to use for writing checks to the Treasury, and also because as an account holder, the bank was happy to witness and notarize my trust at no extra charge.

This.

Trusts have many uses and benefits but do not use the same trust for NFA and non-NFA items.

Can you explain why this would be bad to mix items ?

 

[rep308]

Can you explain why this would be bad to mix items ?

Gun lawyers don't know finance and inheritance law, Finance lawyers don't know gun laws. It's kind of like asking for dating advice on NES.