Special types of assets can be difficult to transfer by will alone. This is especially true in Rhode Island and Massachusetts. Transferring firearms through a Firearms Trust and where necessary an NFA Trust, can ease the hurdles and ensures legal compliance for the owner, the person responsible for carrying out the transfer, and the beneficiary of the transfer.
One example of these types of assets are firearms. More specifically, any firearms which are subject to the National Firearms Act of 1934, or “NFA”, and Title II of the Gun Control Act of 1986.
The NFA restricts manufacture, possession and transfer of certain types of firearms which fall under the following categories:
Sound Suppressors – Commonly referred to as “silencers” or “cans”
Short Barrel Rifle – Any rifle has less than a 16” barrel length or an overall length of less than 26”
Short Barrel Shotgun – Any shotgun that has a barrel length of less than 18” or an overall length of less than 26”
Machine Guns – Any weapon which can shoot more than one shot with a single function of the trigger.
Destructive Devices and “any other weapon” – The vast majority of people will not have to worry about legally owned weapons that fall in either of these two categories. They include such things as rocket launchers, hand grenades, rocket propelled grenades and missiles.
If you have ever been interested in learning more about:
How special revocable firearms trusts can help ease the burden of legally transferring your firearms after you pass, or become unable to continue to possess your firearms yourself.
Methods to maintain an ownership interest in an NFA firearm, even if you reside in a State that restricts NFA items under certain circumstances.
Why firearms should not be included in any other type of trust, and the reasons why.
The impact ATF Rule 41F will have on estate planning and firearms trusts.
How the ATF is implementing and interpreting Rule 41F, and how NFA Trusts will change on July 13, 2016.
Call or visit to discuss your needs and immediately receive a free consultation with Attorney Greenlee. Attorney Greenlee knows and understands firearms, the firearms industry, and is an avid supporter of the 2nd Amendment. Let him help you determine the correct type of trust for your firearms before it is too late.