In Texas and many other states, individuals who wish to purchase or own Class III firearms, which include machine guns, short-barreled rifles (SBRs), short-barreled shotguns (SBSs), and suppressors, are required to go through a process called a National Firearms Act (NFA) transfer. This process involves the submission of a detailed application and the payment of a $200 tax to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). However, in Texas, there is an additional requirement for individuals who wish to purchase or own Class III weapons, which is setting up a trust.
Ronnie Yeates is your local Houston Gun Trust Attorney and can help you set up a trust that best fits your individual needs.
A trust is a legal entity that allows multiple people to own and control property, such as firearms. In the context of NFA transfers, setting up a trust is a way for individuals to purchase and own Class III weapons without having to go through the standard process of obtaining approval from the chief law enforcement officer (CLEO) in their area, which can be a difficult and time-consuming process. By setting up a trust, individuals can circumvent the CLEO approval requirement, which can make the process of purchasing and owning Class III weapons faster and easier.
In Texas, setting up a trust for the purpose of owning Class III firearms is particularly popular because it provides certain advantages. One of the main advantages is that a trust can include multiple trustees and beneficiaries, which means that the Class III firearms can be shared among family members or friends. This allows multiple individuals to legally possess and use the firearms without the need for individual NFA transfers.
Another advantage of setting up a trust is that it provides additional privacy and protection for the individuals involved. When an individual purchases a Class III firearm, they are required to submit fingerprints and a photograph to the ATF, which can be a concern for some people. By setting up a trust, the trust becomes the legal owner of the firearm, which means that the individual's personal information is not attached to the firearm. This can provide additional privacy and protection for the individuals involved.
Overall, setting up a trust is a way for individuals in Texas to purchase and own Class III firearms without having to go through the standard process of obtaining approval from the CLEO. This can make the process faster and easier, and also provide additional privacy and protection for the individuals involved. However, it's important to note that setting up a trust does not exempt individuals from the NFA transfer process or the payment of the $200 tax.