Do you have questions regarding Gun Trusts? (continued)
This is the last of a series of blog posts that are relating to Gun Trusts and all the issues that surround them. My goal is to answer many common questions regarding Gun Trusts. Here are the last few questions:
9) Why use a Gun Trust to purchase the firearm instead of a Corporation of LLC?
A Gun Trust does not require an annual filing fee to your Secretary of State, a corporation or LLC does, thereby saving you money annually.
10) What happens if you violate the NFA?
You can be sentenced up to 10 years in federal prison, forfeit all of your firearms, forfeit your right to own or possess firearms in the future and be subject to fines up to $250,000.
11) Who may use the firearm if it is owned by the Gun Trust?
NFA items owned by trusts are legal possessions of the Trustee (or Trustees if more than one Trustee is serving). Each Trustee may use the firearm as well as any beneficiary in the presence or under the authority of the Trustee.
12)Does a Gun Trust allow criminals to obtain firearms?
No. You cannot buy a short barreled shotgun, machine gun or any other firearm without a background check by using the Gun Trust. The benefit is that you do not have to have the local authorities sign off on the purchase. A criminal will use other means to get the firearms as the purchase can easily be traced back to the buyer with a Gun Trust.
13)Where can I find information on Florida’s gun laws?
Florida’s gun laws are codified in Chapter 790 of the Florida statutes titled “Weapons and Firearms”.
If you have any further questions, please do not hesitate to contact our estate planning attorney at Wood, Atter & Wolf, P.A. to answer any of your questions.
