Handling the Complexities of Firearm TrustsTax Professionals' Resource
November 11, 2013 — 1,321 views
Firearm trusts are specific organizations that are entitled to hold machine guns, short-barreled rifles, destructive devices, short-barreled shotguns, suppressors, and other weapons according to the National Firearms Act (NFA). Only such organizations have the authority to provide such Title II weapons to trustees.
Under the NFA of 1934 and the Gun Control Act (GCA) of 1968, individuals who own firearms of any kind are obligated to register their weapons to ensure safety of all citizens including themselves. By registering guns and ammunition, government organizations and public servants can keep a check on the usage of such weapons.
Protecting the Citizens Through Stringent Policies Regarding Firearm Ownership
The purpose of owning such devices is to ensure the safety of the trustee due to various factors. However, without a structured system, such individuals also pose a threat to the remaining citizens, either directly, or indirectly. Theft of weapons will be prioritized by regulatory bodies and the police and authorities can do their best to protect people with this kind of knowledge.
There are some things in the regulations that must be checked out carefully. Certain states do not allow the purchase of weapons by any individual who has a past criminal record. Firearms can be registered by any entity or person, where a ‘person’ is inclusive of companies, partnerships, associations, estates, trusts, corporations, and individual people.
Citizen Rights and Responsibilities
Ensure that you have a working knowledge of the clauses stated in the regulations as per the NFA and the BATFE (Bureau of Alcohol, Tobacco, Firearms and Explosives) before you opt for going through a trust to secure a firearm. The regulations often change, and it is best to be familiar with the updated versions before signing up for anything.
Today, a number of attorneys represent firearm enthusiasts and owners. According to the law, every individual enjoys Second Amendment Rights. Personal responsibility and individual rights are deep-seeded in the legal system. Every citizen is entitled to such rights. However, with the increasing threat of terror and gun-related incidents, laws are becoming more and more stringent around such factors.
Bypassing Regular Protocol by Exploiting Legal Loophole
The highlight of going through a trust is that you do not have to get a CLEO (Chief Law Enforcement Officer) signature before you acquire your own firearms. Once you have a well-drafted gun trust, you will be able to use your firearms in a safe manner without having violated any regulations. Through family trusts, you can get to use such weapons from the age of 18 onwards. You also get to create a trust that allows you to pass on weapon possession rights to your children once they mature.
Trusts effectively provide you with the opportunity to own firearms by exploiting a legal loophole. Without the need to get approval from the CLEO, gun lovers and those with prior criminal offenses can get access to weapons without having to go through the regular procedure. This has its own ambiguities, and is a topic of much debate.