nfa trust

[expedition03]

I have a question, any who knows I appreciate the answer. I setup a NFA Trust and I have to fund it by setting up a bank acct, do I need to apply for a FID for the trust? I thought that trust require a separate FID number or can I use my SSN? I know the bank will ask for a number but I am confused what to do. Thanks.

 

[dans]

My lawyer told me to draft a document that contained the date and a "deposit" of $10 and attach it to the trust. Print it out and staple the $10 bill to it and file with your copy of the trust document. There is no need to create an account at a bank or other institution.

 

[Asaltweapon]

This topic on funding was covered just a couple of weeks ago. The search should be quick and there were several areas and views discussed.

As for the FID. No is the short answer.

 

[expedition03]

sounds good. My trust says to write the serial number of the one dollar bill that I deposit into the acct. I used the $75 trust site that was talked about here. I might just deposit a dollar into my account and make a copy of the bill and attach it to the trust.

My lawyer told me to draft a document that contained the date and a "deposit" of $10 and attach it to the trust. Print it out and staple the $10 bill to it and file with your copy of the trust document. There is no need to create an account at a bank or other institution.

 

[Rob Boudrie]

I opened an account at Middlesex Savings, started with $10, and will run the NFA fees and dealer transfer fees through that account.

No charge for the account and no minimum balance.

 

[massBRS]

It's still beyond me why people are even taking the trouble to do any of that - bank account, FID, SS, or otherwise.

 

[ScottS]

I have a question, any who knows I appreciate the answer. I setup a NFA Trust and I have to fund it by setting up a bank acct, do I need to apply for a FID for the trust? I thought that trust require a separate FID number or can I use my SSN? I know the bank will ask for a number but I am confused what to do. Thanks.

Who told you that?

To "fund" a trust is to assign something of value to it. It can be a dollar bill (doesn't have to be in a bank account. It can be in a drawer.), or a lower, or a firearm, or...anything of value. The term "fund" throws people off, especially when you hear of people funding with a $10 bill.

I funded my trust with the first AR lower I was going to SBR.

 

[massBRS]

I funded my trust with the first AR lower I was going to SBR.

same.

 

[RockMaple]

Who told you that?

To "fund" a trust is to assign something of value to it. It can be a dollar bill (doesn't have to be in a bank account. It can be in a drawer.), or a lower, or a firearm, or...anything of value. The term "fund" throws people off, especially when you hear of people funding with a $10 bill.

This is correct.

 

[bigblue]

I opened an account at Middlesex Savings, started with $10, and will run the NFA fees and dealer transfer fees through that account.

No charge for the account and no minimum balance.

There is no advantage to this. In fact, unless the trust is generating revenue of its own, all you are doing is creating a paper trail between you and the trust.

 

[endus]

There is another thread going about these kinds of questions for all us lazy folks who are trying to come in under the wire on this. Lots of excellent info in there.