Category Archives: Estate Planning

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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