There are many terms utilized for a gun trust, but typically when someone does make reference to an NFA trust, Class III trust, firearm trust, or gun trust, they are referring to a trust instrument designed to hold specific and certain types of items, namely NFA items, or also referred to as class 3 items (whether they be firearms, silencers or other items).
Generally speaking, a trust is an instrument by which a person can have certain specified items held in trust, by an entity or individual who manages the items, for the benefit of the beneficiary, who is typically an individual who will receive the item upon a certain event or at a certain date in the future.
The NFA stands for the National Firearms Act. The Act is a federal statute which imposes a statutory excise tax on the manufacture and transfer of certain firearms and mandates the registration of those firearms. As a result, certain firearms are referred to as NFA firearms.
The phrase Class 3 refers to a special tax paid by a firearms dealer so they are permitted to deal in NFA firearms, and as a result, certain firearms are referred to as Class III firearms.
So if you hear the phrase NFA trust, Class 3 trust, firearm trust, or gun trust, there is usually no difference between them, just a different phrase to describe the same type of trust.
Posted by: The Davis Basta Law Firm, P.A., http://www.davisbastalaw.com/, a law firm located in Palm Harbor, Florida, which prepares firearm trusts for individuals throughout the State of Florida. http://www.floridaguntrusts.com/
Generally speaking, a trust is an instrument by which a person can have certain specified items held in trust, by an entity or individual who manages the items, for the benefit of the beneficiary, who is typically an individual who will receive the item upon a certain event or at a certain date in the future.
The NFA stands for the National Firearms Act. The Act is a federal statute which imposes a statutory excise tax on the manufacture and transfer of certain firearms and mandates the registration of those firearms. As a result, certain firearms are referred to as NFA firearms.
The phrase Class 3 refers to a special tax paid by a firearms dealer so they are permitted to deal in NFA firearms, and as a result, certain firearms are referred to as Class III firearms.
So if you hear the phrase NFA trust, Class 3 trust, firearm trust, or gun trust, there is usually no difference between them, just a different phrase to describe the same type of trust.
Posted by: The Davis Basta Law Firm, P.A., http://www.davisbastalaw.com/, a law firm located in Palm Harbor, Florida, which prepares firearm trusts for individuals throughout the State of Florida. http://www.floridaguntrusts.com/
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