Compelling Reasons to Have a Gun Trust If you are a gun owner, you’ve probably heard of a Florida gun trust. You may know exactly what it is used for but may be wondering if you need a gun trust lawyer to help set one up. Continue reading to learn more about gun trusts and how your lawyer can help you avoid running afoul of federal law. The National Firearms Act of 1934 As amended, the NFA requires that certain firearms be registered with the federal government, including: Fully automatic firearms, Rifles and shotguns less than 26 inches in length Rifles with a barrel under 16 inches Shotguns with barrels less than 18 inches Firearm sound suppressors or silencers. Revolving-cylinder shotguns, and One semi-automatic shotgun. As with most government regulations, there are consequences for failing to comply. The Penalties Chapter 15 of the NFA Handbook lays out some of the penalties for violating NFA provisions: Criminal. Penalties include imprisonment for not more than 10 years or a fine of not more than $250,000 for individuals and $500,000 for organizations. Forfeiture. Violating the NFA could lead to the seizure and forfeiture of any weapons involved in the violation. Assessment of NFA tax. The ATF may charge taxes, penalties, and interest under provisions of the Internal Revenue Service. So, how does a gun trust help avoid these and other penalties? The Florida Gun Trust and Your Attorney All trusts are created with a purpose in mind. A Florida gun trust is a revocable trust designed for the ownership of firearms. Ownership of the guns and related equipment is transferred to the trust by the grantor. The grantor then names trustees, who are then legally allowed to use and possess the equipment owned by the trust. Establishing your gun trust may sound easy, but it is not. You will have to navigate federal law and regulations while submitting the necessary paperwork. However, if you own weapons regulated by the NFA or a large gun collection, setting up a Florida gun trust is a smart move. Benefits include: You and your fellow trustees can avoid committing “accidental felonies.” After your death or incapacity, the guns held in your Florida gun trust can transfer to heirs or remain in the gun trust. A gun trust allows you to avoid transferring weapons through probate, which makes gun ownership public record. Incorrectly setting up or using a Florida gun trust is easy. It’s the penalties that are hard. Law Offices of John Mangan, PAPalm City – Stuart, FLCALL: 1 (772) 218-0480 Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480 Written by: John Mangan, JD, MBA
