Texas Gun Trusts
Besides being an attorney, Gary Cunha has an extensive background with firearms and is a Federal Firearms License
holder. He is also an Endowment Life Member of the National Rifle Association (NRA) and a Life Member of the United States Concealed
Carry Association (USCCA).
Why do I need a Gun Trust?
If you fear, like I do, that the government wants to take guns from
individuals, then the safest thing to do is not own anything as an individual. Putting the ownership of your guns in a trust
means that you do not own any guns. No guns owned means no guns to register.
But Gun Trusts are far more versatile and useful.
First of all, the trust can own more than just your guns. Second of all, your gun trust can own fully-automatic weapons and
suppressors ("silencers") and other Title II/Class III weapons and weapons otherwise banned by the National Firearms Act of 1934 and the
Gun Control Act of 1968 (these weapons are also referred to as NFA Weapons, machine guns, short barreled rifles, short barreled shotguns,
and destructive devices) . The trust (and also a corporation or LLC) can own weapons that you as an individual cannot own
(except in the very rare case that your sheriff approves you to own these weapons).
Why a Trust over a Corporation or LLC?
are required to file property tax renditions once a year. What that means is a list of all assets (which would include the guns
owned by the corporation). The government then taxes the corporation for the assets owned. So you get double-whammied,
first you have to disclose to the public what you own and second you pay an ad valorem tax on the guns every year. A trust is
a private thing. No public disclosure of assets held in trust and no ad valorem taxes on the property the trust holds.
The ATF, under the direction of President Obama, is moving to close what they are calling the "gun trust loophole." While the
relevant code sections still allow for gun trusts to obtain class III weapons, and despite no documented crimes committed with weapons
owned by trusts, they wish to get rid of gun trusts. If and when that will happen is anyone's guess, and what affect it will
have on future purchases is also a guess. It is likely, however, based on precedent, that existing ownership may be grandfathered.
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