The National Firearms Act
In this presentation, Attorney Michael Steck talks through an overview of the National Firearms Act (“NFA”) and NFA gun trusts. After walking through the historical background of the NFA, Michael takes you through the applicable firearms of the NFA (Machine guns suppressors, Short Barreled Rifles, Short Barreled Shotguns, Any Other Weapons and Destructive Devices). Civilian transfer of machine guns changed on May 19th, 1986.
This presentation also walks through the most common forms of ownership for NFA firearms, such as through individual, corporate and trust ownership. Each form of ownership has its own factors that merit your consideration.
As the NFA trust is the most common form of ownership, the presentation walks through many of the trust parties and essential elements to the trust, such as defining the Trustor, Trustee(s) and Beneficiaries.
The ATF and your NFA Gun Trust
This presentation also walks you through a general description of the ATF trust review process. There are impending changes to how NFA trusts are processed, including the fingerprints, photos and CLEO modifications to gun trusts.
You may have wondered about many of the NFA specific forms such as the following:
- Form 1 – Non-licensee manufacture of NFA firearm
- Form 2 – Manufacture of NFA firearm
- Form 3 – Tax Exempt Transfer
- Form 4 – Tax Paid Transfer
- Form 5 – Tax Exempt Transfer – Lawful Heir
Please review the presentation and feel free to contact Michael Steck when you are ready to review or setup your NFA firearms trust.