As a gun owner I’m sure you’ve heard of the benefits of
having a gun trust, a trust designed specifically to have ownership of the
firearms. Most people use the trust as a way to obtain firearms that are restricted
by the harsh federal and state regulations. A gun trust will also make it
easier for the loved ones upon the owner’s death and help them know what do
with them without breaking the law.
Which Weapons Go In A Gun Trust
Usually a gun trust is used for weapons that are strictly regulated
by two of the federal laws, the National Firearms Act of 1934 (aka NFA) and the
revised version, Title II of the Gun Control Act of 1968. The weapons involved
are generally called NFA or Class II weapons. There is a broad variety that is
included in this. For example: machine guns, grenades, silencers, short-barreled
rifles (SBR) & short-barreled shotguns, which include sawed-off. All
weapons in this category must have a serial number and be fully registered by
the ATF/BATF. If the weapon has never been registered it is now illegal to possess
and will never have the ability to be registered. If you ever want to sell or
transfer a class II weapon you have to get approval from the ATF and pay a tax
that ranges from $5-$200.
Always make
sure you check with your state and federal laws to see which types of class II
are allowed.
Benefits
of a Gun Trust
A gun trust can save you time, money, and frustration in
obtaining your weapon. It also allows more than one person to possess and use
the weapon if it is held in the trust. This also allows the weapon to stay in
trust after the owner’s death and avoids the common transfer rules. If the
weapon stays in the trust the transfer procedure is skipped and the loved one
inheriting can avoid paying the $200 transfer tax and all the filing.
Like all other trusts this one
will protect you from going through probate upon your death.
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