4 BENEFITS OF AN NFA GUN TRUST
An NFA Gun Trust is a legal entity that owns firearms. Usually firearms are owned by individuals. However, an NFA Gun Trust is a highly beneficial way for individuals to acquire federally regulated firearms and related accessories.
Here are 4 Benefits of An NFA Gun Trust
NUMBER ONE: ESTATE PLANNING
When a person passes away, there personal and titled property has to go to someone. Without an estate plan in place, however, all of that stuff may end up going to people the deceased never intended.
An NFA Gun Trust is a revocable trust which will own NFA regulated weapons like suppressors and short-barreled rifles (SBRs). In Missouri, your NFA Gun Trust can even own non-NFA weapons like handguns, shotguns and sporting rifles like AR-15s. When the trustee owner of the trust passes away, a successor trustee of the deceased’s choice takes over. No probate and court interference is necessary.
This is not the case when a person purchases an NFA firearm and applies for ownership through the ATF as an individual.
NUMBER TWO: EXPANDS WHO CAN POSSESS NFA FIREARMS
With an NFA Gun Trust in place, the current trustee (usually you) any co-trustee (adult children / spouses) may use, transport or possess the weapon. You can even appoint a co-trustee for a temporary purpose. Say you and your friend want to go shoot your NFA regulated SBR with a suppressor (who wouldn’t?).
Before heading to the range, you can appoint your friend as a temporary trustee so he can shoot the weapon at the range without violating federal law. Otherwise, each instance of use, possession or transport could be a violation of federal law. With your friend appointed as a co-trustee, even for that day alone, you are in compliance with federal law and can feel comfortable knowing that.
NUMBER THREE: FASTER PROCESSING TIMES?
Before July 13, 2016, NFA Gun Trust registration was simpler. It was thought that the new requirements, such as submitting fingerprint cards would make it more difficult for trusts (it was pretty clear that the prior administration thought that NFA firearm registration with a gun trust was a “loophole” that should be closed).
However, what’s actually occurred is processing with a trust is just as fast as an individual. In fact, it’s way faster if you e-file with a trust than with an individual for F1 filings (manufacture of an NFA weapon). See https://www.nfatracker.com/
At the very least, applying for an NFA stamp with an NFA Gun Trust is no slower than as an individual, which makes an NFA Gun Trust the better choice given the other advantages above.
NUMBER FOUR: NFA GUN TRUSTS COULD GO AWAY
As an NFA Gun Trust lawyer Missouri, I regularly draft these documents for gun owners who not only want to be in compliance with the law but also understand that the law today is advantageous and may not be this way in the future. Gun laws are a red button issue in our political landscape and they are subject to constant attack and change. As noted earlier, the previous President already attempted to neuter the advantages of NFA Gun Trusts. You can be sure that more attempts will be made in the future. However, if you’ve already created an NFA Gun Trust, you’ll likely be unaffected by any future changes. So creating an NFA Gun Trust is really a simple choice.
There are many estate planning lawyers who create trusts every day and have never even heard of an NFA Gun Trust. That’s not who you want to visit if you’re interested in creating one. Our office has drafted hundreds of these trusts and all of our work is always quick and affordable. You’ll walk out having the peace of mind knowing your in compliance with federal law, can obtain a weapon that not everyone can and have a plan in place for that weapon when you pass away.
Call Legacy Law Center at (636) 486-2669 to set up a meeting to discuss creating an NFA GUN TRUST. It’s a FREE CONSULTATION. Make your appointment today.