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The Range
NFA & Class III Discussion
So What Exactly Is Changing For NFA Trusts In July
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<blockquote data-quote="henschman" data-source="post: 2882669" data-attributes="member: 4235"><p>I wasn't talking about moving items from one trust to another -- I was talking about amending your existing trust. Amending your trust doesn't require doing a transfer of any items.</p><p></p><p>That's why I said you can't really change the name of a trust. The only real way to accomplish that would be to do what you are talking about and make a whole new trust with the name you want, and pay the transfer fee to transfer the items from one trust to the other.</p><p></p><p>I have had clients who have had a trust with an inadvisably long name ("John Jacob Doe Irrevocable Living Trust" or something like that) with only suppressors in it, and when they wanted to buy an SBR I advised them to just make a new trust and put it and all other future Form 1 items in it so it could have a shorter name engraved on it. Nothing wrong with having more than one trust... you just have to keep the trustee situation squared away. My trusts make that easy though.</p></blockquote><p></p>
[QUOTE="henschman, post: 2882669, member: 4235"] I wasn't talking about moving items from one trust to another -- I was talking about amending your existing trust. Amending your trust doesn't require doing a transfer of any items. That's why I said you can't really change the name of a trust. The only real way to accomplish that would be to do what you are talking about and make a whole new trust with the name you want, and pay the transfer fee to transfer the items from one trust to the other. I have had clients who have had a trust with an inadvisably long name ("John Jacob Doe Irrevocable Living Trust" or something like that) with only suppressors in it, and when they wanted to buy an SBR I advised them to just make a new trust and put it and all other future Form 1 items in it so it could have a shorter name engraved on it. Nothing wrong with having more than one trust... you just have to keep the trustee situation squared away. My trusts make that easy though. [/QUOTE]
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So What Exactly Is Changing For NFA Trusts In July
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