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.
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.