NFA Trusts should only be used for NFA Weapons. The stuff "owned" by the trust is handled WAY differently than the stuff "owned" by other trusts.
There's no money saving by trying to use an NFA Trust for non-NFA stuff. The risk is too high - not worth it.
That being said, - the trust that we do does have
very detailed provisions that direct how the NFA weapons will "pass" from person to person - so it does have estate planning provisions - and these can be tailored to fit within a larger existing (or new) estate plan - if needed.
That is why Quicken is so crappy for these, BTW - it can't handle complex events - and if things pass wrong - then there are problems!!!!
For example, if a trust just says something like "all of the stuff in this trust will pass to X, upon Z's death" - that's normally fine.
If Z's trust owned an NFA weapon - and X was a prohibited person at the time of Z's death - the trust itself would cause something illegal to happen
(X owning a firearm).
That kind of stuff is just scary to me!!!
Originally Posted by Operator
There are many types of trusts out there, seems like each has their intended purpose, Are there any "other" benefits to an NFA trust? Can it be used for estate planning, or inheritance issues? Or will this trust only be used for the legal ownership and permitting of NFA weapons?