Saturday, April 13, 2013

My Texas Billboard Story. A lawyer advertising "Gun Trusts". What is a Gun Trust? Find out here. FASCINATING!!!

In December of 2011 I move from Texas (after living there for 27 years) to Illinois.

This weekend I am visiting Texas A&M in College Station.

On the drive from Houston along FM 105 I saw this sign (don't remember the town).  I have never heard of, or seen advertised, legal services to establish  a "Gun Trust". 

Of course, I was curious and had to find out what it was all about.

A trust is a legal entity where someone can place physical and/or financial assets and it (1) ensures continuity of ownership of the assets by the trust (not the "real owner" of the assets) and (2) keeps the assets from being subjected to the estate tax OR seizure from the government for tax purposes---the trust never dies!

But a trust confers some addtional benefits that will delight gun owners and irritate gun control proponents.

The National Firearms Act ("NFA") requires purchasers of certain categories of weapons (i.e. machine guns) to register them with the Bureal of Alcohol, Tobacco and Firearms ("BATF").
"All NFA items  must be registered with the Bureau of Alcohol, Tobacco, , and Explosives (ATF). Private owners wishing to purchase an NFA item must obtain approval from the ATF, obtain a signature from the Chief Law Enforcement Officer (CLEO) who is the county sheriff or city or town chief of police (not necessarily permission), pass an extensive background check to include submitting a photograph and fingerprints, fully register the firearm, receive ATF written permission before moving the firearm across state lines, and pay a tax"---Wikipedia
 
Don't want to do that? Too intrusive?  Then establish a  "Gun Trust" and place ownership of them in it. Note the significant reporting requirement changes:
"NFA items may also be transferred to corporations (or other legal entities such as a trust). When the paperwork to request transfer of an NFA item is initiated by an officer of a corporation, a signature from local law enforcement is not required, and fingerprint cards and photographs do not need to be submitted with the transfer request. Therefore, an individual who lives in a location where the chief law enforcement officer will not sign a transfer form can still own an NFA item if he or she owns a corporation("trust")"---Wikipedia.
So, a Gun Trust helps one shelter their weapons (specific ones) from taxation and seizure AND registration/scrutiny.

Now you will know the story of this billboard as well.  If you see it you can dazzle your friends with your new found knowledge.

You are welcome... :) 
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