TexasCHLforum.com

RogueUSMC wrote:OK...just to make sure I understand everything right...

As the law stands on personal purchase of a NFA firearm:

• Apply for transfer of NFA firearm that requires CLEO apploval
• personal fingerprints be submitted
• anyone other than the person ATF approved is committing a crime by possession or use of said firearm
• transfer taxes and above process do apply when said person passes on and possession is moved to an heir

As the law stands now NFA trust benefits include but are not limited to the following:

• purchase of a NFA firearm does not require CLEO sign-off and fingerprints
• truncated turnaround time for ATF approval due to no pingerprint and background check
• anyone named on the trust as a trustee is not committing a crime by possession or use of said firearm
• transfer taxes don't apply when settlor or trustee passes on and possession is moved to another named in the trust

Proposed changes to the NFA trust portions of the law as I understand them:

• purchase of a NFA firearm will require CLEO sign-off and fingerprints of all persons named in the trust. All will have to undergo the process as if they were undergoing the NFA approval process personally as opposed to being part of the trust as it now stands

My questions are as follows:

• what is the likelyhood that these changes will be confirmed and become law? (the ones selling trusts tell me that they are fairly certain it will pass...but they are trying to sell these trusts, so of course they will say that)
• if I can't afford both the trust AND a firearm (that this trust process is designed to be an umbrella for) prior to this legislation taking effect, is there any benefit of doing the trust now or waiting until I am ready to purchase the firearm? If I can only do one or the other at this time, does it even make sense to let this 'deadline' be a consideration?

The deadline should really only make a difference if you have a current Form 4 in process when/if the law changes. For example, if you have a Form 4 to a trust that has already been submitted, if the change goes into effect, then you should be exempt from the proposed change on the current Form 4, but not future Form 4s. It would/should be for Form 4s submitted on or after the date the proposed changes might take effect.

The ATF has to receive comments on proposed changes before actually enacting those changes. There were so many comments posted to the ATF regarding this proposed change (CLEO sign off on trusts) that I have heard the ruling will be postponed for several months while all comments are reviewed. As for likelihood the changes will become law - anyone's guess is as good is anyone else's. If you want to be safe, establish the trust and buy the firearm now, and start the transfer process before the changes might take place.

TBM