Originally Posted by Maine04657
A NFA trust does not go on in perpetuity.
Correct. But you took my quote out of context.
I know that a trust isn't going to still be good in 800 years. I was contrasting a trust, which requires a one-time setup, with a corporation. A corporation has to file taxes every year. If you don't file taxes for some time, the corporation no longer exists, which leaves the person with an unregistered NFA item!
ONLY the co OWNERS IE trustees at the time the trust is FORMED are owners you can NOT ADD TRUSTEES you can add beneficiaries though. When the ORIGINAL trustees die the trust is done. You can not pass the trust on to your kids or anyone else the trust is only in effect as long as there is one ORIGINAL trustee left.
Huh? I've never heard that before.
It's my understanding that NFA trusts are just like other trusts. If the trust is set up so that the grantor has the authority to change trustees (which is normal for a revocable trust), why can't the trustee change? Amend the trust, and it's done.
Do you have an ATF ruling to back your claim? I'm confused, because that's the exact opposite of how trusts normally work.