Arkansas has one of the highest firearm ownership rates in the United States. However, the ever-changing political landscape offers little guarantee that you will always be able to purchase and own the guns you want. You can protect your rights and your family by establishing a National Firearms Act (NFA) gun trust with the help of an Arkansas estate planning attorney.
Arkansas NFA Gun Trust Assets
An NFA gun trust can hold ownership of firearms and devices ordinarily restricted and regulated by the National Firearms Act. These include:
- Short-barreled shotguns
- Short-barreled rifles
- Automatic weapons, including machine guns
- Destructive devices, such as rocket launchers, grenades, and landmines
- Other uncategorized weapons
Understanding Arkansas NFA Gun Trusts
A trust is a legal entity that can receive, retitle, and manage assets. Gun trusts are a special type of trust that is authorized to hold legal title over firearms. In Arkansas, a gun trust can be either:
- Revocable. A revocable gun trust can be used to acquire and maintain Title II firearms. While a revocable gun trust may be chiefly managed by a single individual, the trustor can appoint other persons as trustees, who can then access and use the trust’s assets without legal restriction. When the original trustor passes away, their firearms can be transferred to named beneficiaries without going through Arkansas probate. Revocable trusts can be modified by the trustor at any time.
- Irrevocable. Irrevocable gun trusts can also be used to purchase and maintain Title II firearms. However, unlike revocable gun trusts, an irrevocable trust cannot be modified, and its assets will not be distributed to any named heirs. Instead, the trust will retain possession of the firearms, which are made available to the persons indicated by the trust documents.
Revocable and irrevocable NFA gun trusts may be subject to some restrictions. For example, trusts can only acquire Title II firearms if they pay the necessary Bureau of Alcohol, Tobacco, and Firearms (ATF) taxes for the transfer of restricted devices. However, once the firearms have been retitled to the trust, they do not require any additional authorization or oversight to be used by the trust’s trustor, trustees, or beneficiaries.
The Advantages of an Arkansas Revocable NFA Gun Trust
There are multiple advantages to an Arkansas revocable NFA gun trust, including the following:
- A gun trust can buy, trade, and sell Title II firearms, weapons, and silencers.
- The trust may allow multiple persons to possess and use its assets, even if they do not have the requisite ATF stamp needed to possess and use Title II firearms individually.
- The gun trust can acquire restricted weapons without the need for repeated fingerprinting and background checks.
- The trust can disburse firearms as inheritances to named beneficiaries without going to probate.
The Benefits of an Arkansas Irrevocable NFA Gun Trust
The benefits of an Arkansas irrevocable NFA gun trust include the following:
- Since the firearms are held by an irrevocable trust, they cannot be seized by creditors.
- Similar to revocable gun trusts, an irrevocable NFA gun trust allows weapons to be shared or distributed outside of probate.
For many Arkansans, one of the most significant benefits of an NFA irrevocable gun trust is that the trust may retain firearms and firearm accessories that are later prohibited by state or federal law.
Contact an Experienced Estate Planning Attorney Today
Quraishi Law & Wealth is committed to helping you protect what’s important to you. If you or a loved one is considering establishing an NFA gun trust to protect your firearms and firearm devices, please send us a message online or call us at 870-275-4304 to schedule your initial consultation and speak to a legal professional today.