NFA Trusts are currently the best option for law abiding citizens to possess and use NFA items. The National Firearms Act ("NFA") and other subsequent legislation restricts and monitors the possession of certian firearms and other related items.
NFA Items include:
Short Barrel Rifles
Short Barrel Shotguns
Silencers or Suppressors
"Any Other Weapon" defined under 26 U.S.C. § 5845(E)
Any law abiding citizen can apply to transfer or create certian NFA items. The Bureau of Alcohol, Tobacco, Firearms and Explosives ("BATFE" or "ATF") both enforces the National Firearms Act and reviews applications to possess NFA items. However, BATFE has strict rules with regard to who can access, use, and possess items that fall under the National Firearms Act. If the item was registered with an individual, that person's family or friends could have potential legal issues if they have access to the items when the registered individual is not present.
An NFA Trust provides options with regard to possession, use, and management of NFA items. A Trust is structured to have a Trustee (or Trustees) manage the Trust property. This allows multiple law abiding individuals to have legal access to that property. An NFA Trust can be structured so that you can appoint or remove other Trustees at your discretion. Additionally, the Trust can have provisions to continue beyond your passing, allowing your loved ones to become Trustees themselves and to have continued access to the NFA items without having to go through future transfer applications and procedures.
Using an NFA Trust will provide you with flexibility in managing the trust property. The Trust can be tailored to your specific situation and use of the NFA items. Call our office today to discuss setting up an NFA Trust.
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