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Thinking about an NFA trust

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  • JasonMPDJasonMPD Senior Member Posts: 6,583 Senior Member
    timc wrote: »
    Yea!!! Trust is complete and notorized, now I just need to get my tax ID and my bank account set up then it will be time to check the couch cushions for change and see if I can afford anything!

    You won't have a tax ID. That is just for FFLs or corporations (businesses). When you set up the bank account, your SSN is the "tax ID" number. At least that is how it goes here in FL. Setting up a bank account in TX may be legally different for a revocable trust than in FL, though.
    “There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest of them have to pee on the electric fence for themselves.” – Will Rogers
  • timctimc Senior Member TexasPosts: 6,684 Senior Member
    JasonMPD wrote: »
    You won't have a tax ID. That is just for FFLs or corporations (businesses). When you set up the bank account, your SSN is the "tax ID" number. At least that is how it goes here in FL. Setting up a bank account in TX may be legally different for a revocable trust than in FL, though.

    The trust will have its own bank account and can also hold investments along with other property besides NFA items. If the trust earns money it will have to pay taxes and will need a tax ID, that is my understanding. This can be a good thing since trust are taxed at a lower rate so if I am looking for a safe place to leave other items for my beneficiaries it will be good for that too.
    timc - formerly known as timc on the last G&A forum and timc on the G&A forum before that and the G&A forum before that.....
    AKA: Former Founding Member
  • JasonMPDJasonMPD Senior Member Posts: 6,583 Senior Member
    Good point. Currently, I have no plans to put anything other than NFA items or guns in my trust.
    “There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest of them have to pee on the electric fence for themselves.” – Will Rogers
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