Have you been thinking about getting a “Gun Trust” but thought it to expensive or hard to do? Here’s where you can get it done for $99 and get a membership to BamaCarry, INC, the No Compromise gun rights group in Alabama. It’s really easy! This should answer all your questions.
FAQ on Gun Trust and BamaCarry membership
What is a gun trust?
By design, a trust is estate planning. It is also a legal entity, and legal entities can own firearms, including those regulated by the National Firearms Act. Those include machine guns (registered before May 19, 1986), short barreled rifles, short barreled shotguns and destructive devices.
How can BamaCarry offer a gun trust?
BamaCarry has partnered with a well known gun trust lawyer. The trust is prepared by a lawyer, not BamaCarry. David Goldman’s firm is preparing the trust.
Does the trust end with my BamaCarry membership?
No your trust lasts a lifetime. The membership package is how the lawyer wished the trust be packaged.
What if I am already a BamaCarry member?
If you are already a member, then another year will be added to your membership.
Why should I buy a gun trust?
You should only by a gun trust if you wish to own NFA items. Ownership through a trust is easier and more flexible than as an individual
What are the advantages of NFA ownership through a trust?
1. Faster application approvals
2. Co Trustees can be in possession of the items without you being present.
3. Certain applications (Form 1) are available for entities to file online, cutting the wait time by months.
4. No need for CLEO signatures of approval, fingerprints or photographs.
The only advantage to owning NFA firearms as an individual is the initial fee of the trust. BamaCarry has made that a non issue by saving you 200$.
What additional fees are involved?
The trust does have to be notarized, so if your notary charges a fee, then that is additional. Other than that, the trust is a one time fee.
Do I have to file this trust at the courthouse or anywhere else?
No. This trust does not have to be filed. It does have to be included in every application to the ATF.
Does the trust do away with the tax stamp?
No, a tax stamp is still needed for every NFA transfer. This is your proof of ‘tax paid’. There is no way around the tax stamp, unless you are a class 3 dealer.
What are Eforms?
Eforms are forms online that only legal entities can use. This is because individuals must submit fingerprints, photographs and a CLEO signature on their applications.
Eforms are currently only for Form 1s. That is to ‘make’ an NFA item. Form 4s to ‘buy’ an NFA item are not online at this time.
The wait time on an Eform 1, is currently running 35 days.
What do I need to buy this gun trust?
The trust/membership package is 99$
You need to know who you want as co trustees (3), and who you want as your beneficiaries. You will also designate a ‘successor trustee’ who will ensure that the items are disposed of properly to your beneficiaries.
What happens if I want to change my trust?
This trust is a “Revocable Living Trust”.
That means it can be changed at anytime by executing an amendment, and notarizing it. This is something that you can do yourself or with the help of a lawyer.
Does this trust work?
It works time and time again. David Goldman, the lawyer preparing the trust, has been doing this for years. He is not one of the ‘recent’ gun trust lawyers to pop up. His firm has partnered with attorneys in other states and this trust is tailored to the requirements of your respective state. Before BamaCarry partnered with this lawyer, this same trust was used several times over by one of our advisory board members.