Certain firearms require the government to issue a permit for legal ownership. The types of firearms requiring this type of permit include those that fire more than one bullet with each pull of the trigger, those equipped with suppressors and silencers, and short barreled rifles and shotguns. These types of firearms are governed by the National Firearms Act of 1934 (NFA) or its amendment under the Gun Control Act of 1968 (Title II). Firearms like these that can be legally transferred are exceptionally rare and are extremely expensive – often worth tens of thousands of dollars. The challenges of individual ownership of an NFA/Class III firearm do not stop when, or in most cases if, the government grants permission. If you own one of these types of firearms individually and something happens to you, the firearms may be forfeited to the government and your sizeable investment lost.
A gun trust can be helpful if you wish to own these types of firearms as it can make the application process for a permit more likely to succeed. Further, a properly drafted gun trust simplifies the process of handing down your firearms to your heirs. By naming a succession of trustees and beneficiaries in your gun trust, you have the ability to protect your investment and preserving them for future generations. In addition, a trust is useful to hold the firearm until it can be liquidated if your heirs are not interested in owning these types of firearms.
If you have invested or plan to invest in these types of firearms let us help you protect your substantial investment.
To set up a free initial consultation to discuss your Gun Trust, contact our office by e-mail or for assistance in Pennsylvania and New York call our office at 215-568-4968, for assistance in New Jersey call our office at 609-523-2222, and for assistance in Florida, call our office at 727-538-4178. Evening and weekend meetings can be scheduled at your request.