NFA Gun Trust

November 11, 2007

Estate Planning for Grandpop’s Gun in the Chest

jacksonvilleFloridaMachineGun NFA Gun Trust Lawyer Attorney.jpg Joshua Prince, a law student has written another article on NFA Firearm issues and estate planning. The article appears on Neil Hendershot’s PA Elder, Estate & Fiduciary Law Blog and is the third in a series on Gun Trusts.
To answer these and other question about Firearms and Estate Planning Please read his article Estate Planning for Grandpop’s Gun in the Chest. His article deals with the requirements, benefits, and detriments of registering a weapon as an individual person, corporation , or trust. Many of the issues hold trust for Florida Gun Trusts but you should check with a Florida Gun Lawyer to verify what makes sense in your particular situation. His article begins:

As an estate attorney, how do you handle the planning of an estate, which includes National Firearms Act [NFA] firearms? What if your client asks you, prior to his/her purchase of a NFA weapon, what is the best form of ownership, with long term estate planning in mind?

This issue may plague estate attorneys, leaving them to scratch their head in bewilderment as to the correct course of action. More importantly, a probate attorney may be flirting with malpractice, since the registration of NFA weapons is mandatory and ignorance is not a defense.

to read the full article titled Estate Planning 101 under the National Firearms Act follow this link

September 30, 2007

NFA Gun Trust Lawyers® Wanted

by David M. Goldman

As a Florida Estate Planning Lawyer who has created Gun Trusts or National Firearms Trusts for many individuals in Jacksonville Florida and around Florida, I am often asked for names of Attorneys and Lawyers in other states who can help them create a NFA Gun Trust at a reasonable price.

As a result I have begun creating a list of Lawyers in other states who will produce Federal Firearms Gun Trusts. Some have created their own trusts, others will modify the one I am using for the specific laws in their states.

If you are an Estate Planning Lawyer and would be interested in helping others create Gun Trusts, or you are looking for an attorney in another city or state to help you create a NFA Living Trust please contact me using the form on this page or at dgoldman@jacksonvillelawyer.pro.

September 14, 2007

Guns after Death

by David M. Goldman

With Florida Estate Planning it is important to consider the effects of a gun on the probate process.

Neil E. Hendershot a Professor at Widener University School of Law in Harrisburg and author or PA Elder, Estate & Fiduciary Law Blog, had a Student submit an article regarding the possession and use by elderly persons of firearms. The article has a great title “I Bequeath my machine gun to . . .”

Jacksonville, Ponte Vedra Beach, Silencer, Machine Gun, PVB, Beach, Florida After reading this article, it is even more apparent that one who owns Title II Firearms (sold by Class 3 SOT dealers), needs to be conscious of the effect of their demise on their Personal Representative and/or heirs.

Uncertainty in proper disposition of such a firearm could lead to one’s client being convicted of possession of an unregistered firearm, punishable by up to 10 years, $250,000 in fines and the forfeiture of the weapon and any “vessel, vehicle, or aircraft” used to conceal or convey the firearm.

September 9, 2007

NFA Trust: Gun Firearms trusts

by David M. Goldman

It appears that there are many names for Firearms Trusts, I have heard them referred to as NFA Trusts

Title II Firearms (sold by Class 3 SOT dealers) Trust

Gun Trusts

July 30, 2007

Florida Gun Trusts or National Firearms Trust

by David M. Goldman

If you live in a Jacksonville or another city in Florida where the Chief law Enforcement Officer (CLEO) will not or easily sign a Form 4, there are several solutions.

Title II Firearms (sold by Class 3 SOT dealers) include suppressors, , short barrel rifles, machine guns, and other destructive devices.

The most common solution is to create a revocable trust to hold title to the firearm or class 3 items you desire to purchase. There can be many problems with a typical revocable trust and firearms. Its best to use a Firearms Trust or NFA Gun Trust

A Gun Trust, Firearms Trust, Limited Liability Company, or Florida S Corporation is a legal entity established under state law. For NFA purposes many individuals prefer the a Revocable Trust over a corporation or LLC because it is less expensive to operate and provides privacy. Florida Business entities typically cost $150 a year for the state filings in addition to the cost of a CPA to prepare and file the federal filings. In addition, Florida Trusts don’t require any disclosure or public filings. The lack of any required filings means, the only people who know the terms of the trust are those you choose to tell.

Although most Florida Revocable or Living Trusts can hold firearms or other class 3 items, many are not properly setup to deal with the issues involving firearms and other items which are regulated by the National Firearms Act (NFA). If the NFA is violated, the owners are subject to criminal penalties, substantial fines, and forfeiture of not only the class 3 items in question but all firearms in the possession or ownership. ($250,000 penalty, 10 years in prison, and forfeiture of items)

The gun or firearms trust must give the Trustee instructions and special powers so that they can legally manage for unplanned events. Weapons and other assets in a Firearms Trust can not be distributed like other assets upon the death or incapacity of the person who placed the items in the trust(The Grantor or Settlor).
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