Category Archives: Estate Planning

Crossing state lines with inherited and gifted firearms

I received an email today from a client who had a question about receiving firearms from an out-of-state relative. He wanted to make sure that the transfer was conducted legally under federal law as well as the laws of both … Continue reading

Posted in Estate Planning, Federal Law, Gifting Firearms, Interstate Firearm Transfers, Interstate Travel, Virginia Law | Comments Off on Crossing state lines with inherited and gifted firearms

Currently machine guns cannot be registered to trusts in Virginia

** There is an update to this article ** In December of last year, I received several calls from NFA dealers who had been told by ATF employees that there was a change upcoming regarding the use of trusts to … Continue reading

Posted in AG Opinions, Estate Planning, Form 4, Form 5, Machine Guns, NFA Trusts, Virginia Law | Comments Off on Currently machine guns cannot be registered to trusts in Virginia

Will my beneficiaries have to pay a transfer tax when my NFA trust distributes my assets?

The short answer is “No. At least not currently.”  But that qualifier is an important part of the answer. Currently the ATF allows transfers of NFA items to devisees, heirs, or specified beneficiaries to be tax-free via a Form 5. The … Continue reading

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The devil is in the details with proposed NFA trust changes

As of last Monday’s Federal Register, we now have the full text of the proposed regulatory changes that the Obama Administration is pushing to close what they are calling the ‘trust loophole’ and it is far worse than I had … Continue reading

Posted in 41P, ATF, BATFE, Estate Planning, Form 1, Form 4, NFA Trusts, Regulatory Rulemaking, Second Amendment | Comments Off on The devil is in the details with proposed NFA trust changes

Form 1 … We have a problem

When completing a Form 1 application for the manufacture of an NFA item on which you will be paying the applicable tax, the text accompanying Question Number 1 always causes confusion for the new collector. “So what exactly is so confusing?” … Continue reading

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NFA Myths: Do you have to be 21 to buy NFA items?

Once again a client has asked me the age-old question “Do you have to be 21 to buy NFA items?” The answer, as is often the case with legal matters, is “It depends.” In fact, the National Firearms Act (NFA) … Continue reading

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