What is an NFA Trust and Why Should I Create One?
Did you know that you can use a Trust to manage firearms and items that are subject to the National Firearms Act (“NFA”)? The NFA requires a special background check, as well as a $200 stamp, before you can possess special firearms, silencers, and other such items. If an NFA item is purchased by you as an individual, no other person is allowed to use the item without your presence.
Additionally, issues may arise following your death regarding the transfer of the firearm or other NFA items. However, there are options which allow for greater flexibility in possessing and transferring such items. One option is the creation of an NFA Trust. With an NFA Trust, other people such as family or trusted friends, may use the items without requiring you to be their chaperone. Additionally, if the Trust is set up properly, issues of succession following your death, including the ownership transfer fee of $200.00 for each item, can be easily avoided.
Call The Law Office of Malyuk McDaniel Kasper at 330.929.9700 today to learn more about creating your own NFA Trust.