Potomac Gun Trusts
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Why do I should I have a purpose-built Maryland, Florida, & Virginia, (or any other state) gun (NFA) trust?
My trusts are specifically designed and built to create a valid state-law NFA gun trust for your firearms. Each trust included specific instructions on how the firearms are to be handled in the trust itself. My NFA gun trusts cover all NFA firearms (short barrel rifles, short barrel shotguns, suppressors, machine guns, destructive devices, Any Other Weapons (AOW))
The trust will expressly address the legal possession (including constructive possession) and transfer of your firearms.
My trusts can be written to allow you to let others legally use the NFA firearm at the range and a wide range of other events. You can also have the ability to modify who is covered by your trust as often as you need.
You must legally be allowed to own a firearm; the NFA gun trust does not circumvent the law.
The customized trustee powers and specific instructions that are consistent with the ownership, possession, transfer of firearms (including accessories such as magazines), and NFA firearms in particular.
A purpose-built trust helps appointed persons avoid possible unintentional felonies or loss of the firearms by providing a set of instructions in the trust, which are designed to meet your desires and objectives, in the event of your incapacity or death.
By using an NFA gun trust, you can avoid probate, and you will not need to list your guns in your general trust or estate. This approach avoids the unpleasant controversies that all too often arise when a unique piece of tangible property must be distributed in the estate.
Wealth protection. Your firearms could constitute a significant financial aspect of your estate planning and should be properly protected.
Privacy protection. Unlike an LLC or Corporation, your Maryland, Virginia, Florida, etc NFA gun trust provides privacy protection since you do not need to share the trust information as you do with an LLC or Corporation.
Is your trust a simple form that I see offered on the internet?
No. As attorneys admitted to the Florida, Maryland, Virginia, & DC bars, the NFA gun trust is detailed and addresses NFA ownership. My gun trust is not simply a mechanism to purchase a NFA firearm; it is also an important part of your estate planning. You should treat my gun trust as you would a traditional will.
Do you review existing gun trusts obtained from other sources?
Yes, I will review an existing gun trust you obtained from another source and offer my opinion, after finding out your goals for the trust, as to whether or not it will meet your needs.
Should I address regular firearms (rifles, shotguns, pistols) with a separate, non-NFA gun trust?
In my opinion, yes. There are numerous legal issues that need to be addressed when you transfer a firearm. For example, you need to make sure that whoever will inherit one of your firearms may legally do so. Are the people charged with distributing the firearms in your estate knowledgeable about the federal and state laws they must follow?
Will a gun trust reduce my wait time for the BATF tax stamp?
Currently, it the ATF is processing gun trusts filed through eForms in about 8-12 weeks instead of the normal individual wait time of 9-12 months. A gun trust not only ensures the proper ownership and disposition of your firearms upon death or incapacitation, it also enables you to have the NFA item approved significantly faster.
What NFA firearms may I own in Florida, Maryland & Virginia?
Florida, Maryland & Virginia law allows for the ownership of suppressors (also known as silencers), short barreled rifles, short barreled shotguns, machine guns, destructive devices, and Any Other Weapon. In addition to the federal requirements for ownership, Florida, Maryland and Virginia have state requirements that must also be adhered to. A gun trust can help ensure you have a robust estate plan.
How do I fill out a BATF Form 4 for a Maryland Gun Trust?
For instructions on how to fill out a BATF Form 4 (5320.4) for a Maryland Gun Trust, please click here.
How do I fill out a BATF Form 1 for a Maryland Gun Trust?
For instructions on how to fill out a BATF Form 1 (5320.1) for a Maryland Gun Trust, please click here.
Does the BATFE require an NFA Gun Trust for NFA firearm ownership?
NO! It is not required. You an purchase an NFA Firearm and register it in your own name. You will just have to follow the normal process with the CLEO signature, photo, fingerprints, and longer processing time. You also will not have the benefit of an estate planning tool when you die (sorry, that's going to happen) or if you become incapacitated.
Do Beneficiaries have to pay the $200 tax stamp when they inherit my NFA firearms?
No, that BATFE considers that an involuntary transfer thus the Beneficiaries do not have to pay the $200 tax stamp again. They will either transfer the NFA firearm in their name or they will need to establish their own NFA gun trust.
Copyright Potomac Gun Trusts. All rights reserved.