What Is An NFA Trust?
Due to the National Firearms Act, civilians are heavily restricted when it comes to NFA firearms or Title II firearms. You may also know these firearms as Class III weapons. These weapons are deemed of a military nature and sales to civilians require special licensing and other stringent requirements by law. To get around these severe restrictions, more and more people are taking advantage of a loophole in the law. With an NFA trust, there is a much simpler way to acquire and use weapons that fall under the NFA.
What exactly is an NFA trust?
A NFA trust is an estate planning tool that allows someone to acquire NFA Class 3 weapons, suppressors, and destructive devices. The list of items includes the following:
With an NFA trust, it is not an individual making the purchase. The trust is doing it. The weapons are the lawful property of the trust. Those who are beneficiaries of the trust can use the property of the trust freely.
What are the Benefits of an NFA Trust?
Setting up an NFA trust is not difficult. It requires creating the trust and naming trustees. Once the paperwork is filed and registered, the trustees can begin acquiring Class III firearms as property of the trust. Any number of trustees may be named. Trustees can be added or taken off the trust by simply filing the proper paperwork, as can beneficiaries. The trustees have the legal right to use the firearms of the trust. The trustees manage the trust for the benefit of the beneficiaries.
If you want to talk about setting up an NFA trust, you need to speak with our experts here at Stockard, Johnston, Brown, Netardus & Doyle, P.C. in Amarillo, Texas. We are experienced with creating and registering these trusts based on Texas and federal law. Protect you and your family by getting a NFA trust in place as soon as possible. Give us a call today.
What exactly is an NFA trust?
A NFA trust is an estate planning tool that allows someone to acquire NFA Class 3 weapons, suppressors, and destructive devices. The list of items includes the following:
- Explosives like C4
- Explosive weapons like hand grenades
- Devices designed, made, or adapted to deliver or shoot an explosive weapon
- Fully-automatic machine guns
- Short-barrel rifles or shotguns
- Firearm silencing devices
- Hoax devices
- Switchblade knives
- Knuckles
- Any other implements used to inflict serious bodily injury or death with no common lawful purpose
With an NFA trust, it is not an individual making the purchase. The trust is doing it. The weapons are the lawful property of the trust. Those who are beneficiaries of the trust can use the property of the trust freely.
What are the Benefits of an NFA Trust?
- No requirement for local sign-off - The NFA requires either a local sheriff or chief law enforcement officer to sign-off on anyone in their jurisdiction owning and possessing a Class III firearm. With a trust, that requirement does not apply.
- No fingerprint cards required or background checks needed - No one named in the trust must submit fingerprints or undergo a background check to possess a Class III firearm that is part of trust property.
- Ownership photo not needed - Because the trust owns the firearms, no ownership photo is required for the trustees or beneficiaries to use the trust property.
- Continuity of ownership - Because the trust owns the firearms, there is no need to transfer them upon the death of one of the trustees or beneficiaries. That reduces fees and provides confidentiality.
Setting up an NFA trust is not difficult. It requires creating the trust and naming trustees. Once the paperwork is filed and registered, the trustees can begin acquiring Class III firearms as property of the trust. Any number of trustees may be named. Trustees can be added or taken off the trust by simply filing the proper paperwork, as can beneficiaries. The trustees have the legal right to use the firearms of the trust. The trustees manage the trust for the benefit of the beneficiaries.
If you want to talk about setting up an NFA trust, you need to speak with our experts here at Stockard, Johnston, Brown, Netardus & Doyle, P.C. in Amarillo, Texas. We are experienced with creating and registering these trusts based on Texas and federal law. Protect you and your family by getting a NFA trust in place as soon as possible. Give us a call today.