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National Firearms Act Trust "Gun Trusts"
What Is a Maryland Gun Trust?
Gun trusts are different from traditional trusts. Unless you have firearms that are regulated under the National Firearms Act or plan to acquire some, you probably do not need one. That’s because the gun trust is designed with the NFA in mind.
A gun trust is a revocable trust. It can be terminated by the person setting it up.
Because it is revocable, it does not provide protection from creditors. It provides protection from the ATF. The main benefit of a Maryland gun trust is flexibility. It allows multiple trustees. Trustees are the persons that administer a trust and are responsible for it.
So long as those trustees are 18 years of age or older, they can legally have possession of NFA-related items (suppressors, etc.) that would otherwise be impermissible.
Benefits of A Maryland Gun Trust
1. A gun trust affords you more privacy.
2. You can place your NFA items into the gun trust.
3. It can protect your gun collection against personal legal actions against you such as lawsuits or divorce.
4. There is no need to probate a firearms trust in event of death.
5. The firearms trust owns the assets placed into it.
6. Persons named in the trust (trustees) may use all NFA items or non-NFA items placed in the trust.
7. Unlike a corporation or LLC a trust does not have to pay yearly taxes on the assets placed into the trust.
8. No background check is required when purchasing as a firearms trust.
9. You can avoid having to have your CLEO “Chief Law Enforcement Officer “sign off on NFA weapons.
10. No annual taxes for a firearms trust.
For more information about preparing your Maryland NFA Gun Trust. Please schedule a consultation.
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The Law Office of Chelsea M. Sadler, LLC. has vast experience in handling matters pertaining to Last Will and Testament, Trusts, Preparation, and Business Succession Plans. We excel in personally guiding you through these complex legal processes, explaining each step. Whether you need legal advice or action, We are here to represent you and your unique needs. Schedule a consultation today to see how we can Protect What's Important!