National Firearms Act (NFA) | everything you ever wanted to know about lawful ownership including...
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Transcript of National Firearms Act (NFA) | everything you ever wanted to know about lawful ownership including...
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Everything you wanted to know about NFA firearms
NFA FIREARMS & GUN TRUSTS
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INTRODUCTION
Steck Law
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I. THE NATIONAL FIREARMS ACT
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A. HISTORICAL BACKGROUND
Enacted in 1934Combat the flow of “Gangster Firearms”Restrictions on:
ManufactureOwnershipTransfer
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B. APPLICABLE FIREARMS
Machine GunsShort Barrel RifleShort Barrel ShotgunsAOWs and Destructive Devices
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C. LEGISLATIVE EVOLUTION
May 19, 1986 - Transferable Machine Guns
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D. LAWFUL OWNERSHIP
IndividualMost lengthyCLEO, fingerprint and photoRestricted possession
CorporationSome flexibilityMost expensiveNo estate planning
TrustMulti-Person AccessNo CLEOEstate Planning
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Components to a trust Parties
Trustor / Settlor / Grantor Trustee Beneficiary
Essential Elements Address Property (Schedule A)
E. NFA TRUST PARTIES
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The process: ATF investigators review to check that trust doesn’t appear
to violate state law ATF approval of NFA trust does not mean a trust is valid
under state law No trust registration – only upon application is trust
reviewed Control of NFA applications (gun shop or customer mailing)
F. ATF TRUST REVIEW
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II. ATF PROPOSED CHANGES
27 CFR Part 479Responsible PersonsBackground ChecksChief Law Enforcement Signature
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Form 1 – Non-licensee manufacture of NFA firearmForm 2 – Manufacture of NFA firearmForm 3 – Tax Exempt TransferForm 4 – Tax Paid TransferForm 5 – Tax Exempt Transfer – Lawful Heir
III. NFA SPECIFIC FORMS
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Thank you!
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