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Gun Trust Benefits

NFA Gun Trust Benefits

Gun trusts are superior to individual ownership. Following are benefits to NFA gun trusts:

Chief Law Enforcement Officer (CLEO) Sign Off Not Required - The Bureau of Alcohol, Tobacco, and Firearms (ATF or BATF) requirement that individuals obtain the signature of the CLEO of the locale in which you live on BATF Form 4 does not apply to NFA gun trusts. Many CLEOs now refuse to sign for myriad reasons and attainment of the required CLEO sign off can be difficult or impossible. The use of a gun trust to acquire class 3 weapons solves this problem.

Fingerprint Cards are Not Required - The BATF requirement that an individual attain and provide two sets of fingerprint cards to accompany Form 4 transfers is not applicable to a gun trust. This results in increased privacy to the owner. It also allows for more fluid management of gun collections by reducing red tape.

Owner Photograph Not Required - The BATF requirement that an individual provide a photograph to include on BATF Form 4 is not applicable to a gun trust. This also results in increased privacy to the owner and more fluid ownership of gun collections.

Continuity of Ownership - Unless the trust property to include Class 3 weapons is transferred from the Firearms Trust, it remains an asset until the trust terminates. The termination period for a trust is typically about 70 years. This can provide continuity of ownership for several generations. A gun trust can provide for disbursement of property much like a will but the assets remain in the trust for several generations. A well written NFA Class 3 gun trust will last years after those initially involved with the gun trust it have passed on.

Continuity, Breadth, and Mutuality of Class 3 Weapon Possession - A properly drafted NFA firearm trust can allow various persons to possess and use Class 3 weapons owned by the trust. Multiple trustees with authority to possess the trust's gun assets can be designated at the outset of the trust. By contrast, BATF regulations for individuals limit the possession of Class 3 weapons to the registered owner. NFA gun trusts can be constructed as such to allow various persons to possess and use the trust's Class 3 weapons over the life of the trust. There is no need to transfer the gun assets upon the death or incapacity of a trustee or beneficiary. Beneficiaries can be added and removed from the trust as necessary. This involves proper trust management procedure. However, it circumvents the need to officially file a Form 4 transfer and pay the $200 tax.

Confidentiality - The NFA gun trust is not filed with any state or municipal government entity. When a NFA gun trust purchases a NFA Class 3 weapon, a copy of the trust must be submitted with Form 4. However, your trust and your name do not show up on any government database other than the tax rolls of the BATF. Since the forms and your trust are considered to be tax related information, your information is protected from most disclosure requests.

No Filing Fees - Once the trust is created, there are no filing fees associated with the trust.

Insurance - If the transfer of NFA Class 3 weapons becomes prohibited in the future, the trust will help continue to protect the Class 3 / Title II weapons for generations of your gun trust.

Protection - A trust can be created to protect your family members from inadvertent possession of an item regulated by the NFA that is not registered to them.

Speed of Registration - A properly formed NFA gun trust can allow for the registration process to be expedited.

Class 3 Trust Creation Benefit

With a gun trust, you no longer have to go through the BATF Form 4 expense and rigmarole. You do not have to visit your local CLEO to get fingerprints and approval every time you want to purchase a NFA Class 3 weapon. Call Georgia gun lawyer Patrick Ferris today at (912) 384-1099 about setting up your NFA firearm trust.