What is an NFA gun trust?
In its simplest form, a trust is basically a contract between you (the trustor) and another person (the trustee) where the trustee agrees to administer certain items that are held in trust. This special form of contract creates a legal entity that the ATF recognizes as a valid person to possess NFA items – things like full auto machine guns, suppressors and Short Barreled Rifles/Shotguns. There are two huge advantages to having an NFA gun trust set up: (1) it allows for exceptional estate planning where you are able to easily transfer the NFA items to your beneficiaries when you pass away and (2) you are able to have more than one person have access to and possession of your NFA items.
What does it cost?
An NFA gun trust to protect your items costs $400 – assuming you don’t want to add on highly specific and ultra customized considerations. This $400 trust fits most people’s immediate needs and will serve as an exceptional means of protecting and possessing your NFA items. Not only does this $400 trust get you a legal trust, but you will also have plenty of time to speak with your Utah gun trust lawyer, Michael Steck, about the intricacies of owning NFA items in a trust. Michael will not only advise you on owning the NFA items in trust, but also help you understand the legal issues surrounding NFA items.
Are there any downsides to getting an NFA trust?
The only real downside to starting an NFA gun trust is the initial cost of setting up the trust. As an individual purchaser, you will not pay this amount and just pay the $200 tax to the ATF for each NFA item. However, if you feel like you would like any of the above mentioned benefits from an NFA gun trust, you should start with getting the trust first rather than waiting until you already have several items. Waiting to get setup with a trust only means more headache down the road. It really is in your best interest to start with an NFA trust from the beginning.
Why you should hire Michael Steck to do your Utah NFA Gun Trust.
Michael is extremely well versed in all things guns and the law. He is a long time shooter, nationally recognized firearm instructor and passionate defender of your firearm rights. Please give him a call at 801-505-9202 for a free initial consultation about setting up your NFA gun trust.