A gun trust is a purpose-driven type of revocable trust specifically designed to own firearms. Gun trusts can be created to own N.F.A. and/or non-N.F.A. firearms, including large firearms collections.
The transfer and possession of certain categories of firearms are strictly regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (B.A.T.F.E.) through the National Firearms Act.
The categories include the following:
- Short-barreled shotguns
- Short-barreled rifles
- Machine Guns
- Destructive devices, including explosive devices and large caliber weapons
- Any other weapon (A.O.W.)
The firearms in these categories are properly known as Title II or N.F.A. firearms, although they are also commonly referred to as “Class III”, which describes the type of dealer license required to sell them. In order to lawfully possess an N.F.A. firearm, an individual must register the firearm with the Bureau of Alcohol, Tobacco, Firearms and Explosives (B.A.T.F.E.) and generally must pay a transfer tax of $200.00.
Penalties for N.F.A. violations are severe and can result in a felony conviction, 10 years in prison, forfeiture of the firearm, and fines of up to $250,000 per violation.
Do you own or intend to purchase a N.F.A. firearm?
Do you own a collection of firearms (N.F.A. or non-N.F.A.?)
Are you concerned that information about your heirs and the firearms they may inherit from you will be public information?
Are any of your heirs under the age of 18 (non- N.F.A. firearms) or 21 (N.F.A. firearms?)
Do you wish to ensure that any of your firearms are kept within the family after your passing for benefit of future generations, rather than being liquidated?
If you answered YES to any of these questions, please contact the Law Office of John Mangan, P.A. to schedule a Firearms Planning Session to determine if a gun trust is right for you.