How to create an NFA gun trust (and why)
If you’re an FFL dealer handling NFA or Class III transactions, you may want to help your customers with setting up a gun trust. Trusts give multiple people access to NFA items in the Trust and help future-proof the ownership of those items (e.g. father passes away and kids want ownership of the suppressor).
If you are looking for more information on how to set up a trust, we recommend reaching out to the guys at 199Trust.com. They have been in the firearms industry for many years and are currently supporting thousands of FFL dealers currently. They also have a very simple process for obtaining the documentation and getting it ready for submission on the ATF eforms site.
Here are their top reasons for why you need a trust (courtesy of www.199trust.com):
- Reasons to use a Gun Trust:
- Allows others to handle/store/use your Trust property (Co-Trustees)
- Degree of Separation
- Long term flexibility and ability to make changes
- Define a beneficiary distribution plan
- Beneficiaries of a Trust will be able to take distribution of Trust assets without having to pay for another tax stamp when that transfer takes place (via ATF form 5)
And if you are reading this blog and still need a solution to create EFT fingerprint files for ATF submission, please check out our web-based service EFTCreator.com (shameless plug)!
If you have any other questions or concerns, please reach out to Sales@LakotaSoftware.com at any time.