What Is A Gun Trust?
A gun trust is a special purpose trust designed specifically to hold firearms of all types. It contains references to statutes governing firearm possession and ownership so that persons who are not allowed to inherit a firearm do not become an accidental beneficiary. A gun trust keeps firearms in the family, but outside of the probate court.
Why Should I Get A Gun Trust?
A gun trust serves several purposes. First, it is a private way to pass firearms on to your beneficiaries, outside of the probate court system. People with large collections of firearms, or very valuable firearms, should consider using a gun trust. A gun trust also makes it more convenient to purchase and hold more regulated firearms such as suppressors (silencers), short-barreled rifles, short-barreled shotguns, and fully automatic weapons. These types of firearms are governed by the National Firearms Act (NFA) and require the purchaser to pay a $200 tax and obtain a tax stamp from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). With a trust, other persons can be made a trustee to be able to legally possess these firearms. If an individual acquires a tax stamp without a trust, lending an NFA firearm to a friend or family member outside of the individual’s physical presence is a felony.
Do I Have To File A Copy Of My Gun Trust With My State?
No, a gun trust is not something that you file with the state. The only time it is filed anywhere is when it is used for a Form 1 or a Form 4 application with the ATF to manufacture or purchase an NFA firearm.
Will My Trust Appear In A Law Enforcement Database?
The ATF is the only law enforcement entity that receives a copy of the trust. The name of the trust is stated on the tax stamp for any NFA firearm purchased by or manufactured by the trust. Other than the ATF, the trust is not reviewed or given to any other law enforcement entity.
Do I Have To Submit Any Annual Reports Or Pay Any Annual Fees To Keep My Trust Active?
No, a gun trust is a revocable living trust under your own social security number that does not have a tax return to file and there are no fees to keep it active.
Why should I Use A Gun Trust Over A Corporation Or LLC?
A corporation or an LLC would require annual reports and tax returns. A gun trust requires neither of those. Also, it is much more difficult and cumbersome to allow other people to use the firearms in a corporation or an LLC. Theoretically, you would need to name new officers or members to provide the level of authority necessary to use and possess an NFA firearm. This change in leadership in a corporation or LLC would need to be reported to the state in the annual reports and could not be changed easily. Such a change could also affect distributions and ownership interests in the corporate or LLC assets.
For more information on Gun Trusts In Texas, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (512) 288-3200 today.
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Willi Law Firm, P.C.
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Austin, TX 78749
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The attorneys at Willi Law Firm are your Austin, Texas resource for estate planning, wills, living trusts, firearms trusts, powers of attorney, living wills, probate and estate administration, trust administration, special needs trusts, disability planning, Medicaid applications and qualification, long-term care planning, elder law, Medicaid crisis planning, charitable planning, estate tax planning, business and corporate planning, business succession and sales, and asset protection.
Willi Law Firm proudly serves Central Texas individuals and families in the following counties: Bastrop, Bell, Blanco, Burnet, Caldwell, Comal, Guadalupe, Hays, Lampasas, Lee, Travis, and Williamson, and in the following communities: Austin, Bastrop, Belton, Brushy Creek, Buda, Burnet, Cedar Park, Driftwood, Dripping Springs, Elgin, Georgetown, Hutto, Jollyville, Kyle, Lakeway, Lago Vista, Lampasas, Leander, Lockhart, Luling, Manchaca, Manor, Marble Falls, New Braunfels, Oak Hill, Pfugerville, Rollingwood, Round Rock, San Marcos, Seguin, Shady Hollow, Spicewood, Taylor, Temple, Wells Branch, Westlake, Windemere, and Wimberley.