In the turbulent wake of today's announcement, will NFA trusts still be legal? Thanks in advance for all your input.
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In the turbulent wake of today's announcement, will NFA trusts still be legal? Thanks in advance for all your input.
They are still legal, but their selling point has taken a big hit. If I have to get all of my trustees (me included) fingerprinted & photographed it's going to be a big pain in the ass. I've been fingerprinted & photographed already many times...it's not like I'm below anyone's radar, but the procedure is a hassle.
I was actually going to get a trust this week too.
What do you folks think, hold off?
I'm thinking there's going to be a couple of months before these EA's go into effect any way, right?
July 3rd, 2016 is when the new rules go into effect.Quote:
Originally Posted by Ricochet
Yes 180 days until it goes into effect. IDK if any challenges can stop it now? As far as worth it? Are there any benefits of a trust to you i.e. estate planning, allowing other's to use it without your presence? If these 2 factors are irrelevant to you- my .02 cents worth says buy as an individual after the effective date or now if CLEO sign off in a non-issueQuote:
Originally Posted by Ricochet
It would be possible for Congress to write up a legislative override to all of this and put it in a must-pass bill. Whether they have the motivation to do so I'm not certain.
They funded the government through next year. Short of failing to reauthorize the FAA, there's not much in the way of "must pass" until after the elections.Quote:
Originally Posted by Yellowfin