What is the difference between an NFA trust, Class III trust, Firearm trust, and Gun trust?

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/

Do I need a gun trust?

Many times we have clients that come to us asking for a gun trust, but then will ask if they really need one. The simple answer is “no”. A person does not need to get a gun trust in order to get an NFA firearm (sometimes referred to as a class III weapon). You have other options besides the gun trust, but the gun trust has been a more convenient option for most people.

Instead of a gun trust, an individual can get what’s called a law enforcement certification. However, law enforcement agencies must give you a certification and many, if not most, are reluctant to give the certification. Some law enforcement agencies have a general policy not to give them. Understandably, a law enforcement agency doesn’t want the responsibility of assisting anybody in getting a class III weapon, especially if it later turns out that the individual is involved in some type of criminal activity.

Another option, instead of a gun trust, is for you to form a corporate entity. The use of a corporate entity does not provide the same privacy that a gun trust provides. There are also annual fees that must be paid to the state to maintain the corporation, whereas a gun trust does not. In the State of Florida, where our office is located, corporations must file an annual renewal which requires a fee paid to the state.

As you can see, although a gun trust is not required to own certain types of firearms, a gun trust provides a convenience in ownership that some of the other options do not.

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/