Quote:
Originally Posted by Maine04657
Also you may want to know there are REVOCABLE and IRREVOCABLE trusts. The former ( what most NFA trust are ) is basically nothing more then a will. If you find a lawyer who tells you he can make a NFA go forever by changing the name or a way to sell the trust with all it's contents please let me know there is a fortune to be made doing so.
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Trusts are NOT wills. Different legal instrument for different purposes. Yes, they are both often used for estate planning, but that doesn't make them "basically" the same thing.
And I don't think you're understanding what I'm saying. I am not saying that you can pass ownership of a trust from person to person perpetually. I didn't say anything like that. I said that if you create a trust and then never do anything else with it for the rest of your life, there is still a trust. This is in contrast to a corporation. If you create a corporation and never do anything else with it for the rest of your life, the corporation goes out of existence. (
In Indiana, a corporation has to file a report with the secretary of state every two years, and failure to do so can start the process dissolve the corporation.)
So,
my point was that trusts are a do-it-once legal entity, while corporations require constant upkeep.
The part about "making a NFA go forever by changing the name" or selling a trust completely is not
at all what I said. I don't know what I wrote that gave you that idea, but it's not something I intended to convey.
The trust owns the property, and the trustees possesses/holds title of the property. But changing the trustee doesn't transfer the NFA item, as the trust is still the owner.