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NFALawyers Initial Review of 41P
- Thread starter heavyd
- Start date
No,
No, 41F applies to everyone making or transferring NFA items when it take effect in 6 months.
No, 41F applies to everyone making or transferring NFA items when it take effect in 6 months.
Heavyd: "Co-trustees in our trust will never have to send in fingerprints, pictures, or notify their CLEO. Additionally, 41P clearly states that beneficiaries are not subject to these requirements."
so the above means my co-trustees won't ever have to do fingerprints or photos but, I, as the trustee will?
There is much debate about the validity of that statement. A trustee can be in possession of an NFA item, so I don't know how they would bypass the requirement for fingerprints, pictures, CLEO notice, etc. I'm not sure how a trust could be written so that trustees wouldn't be required to do this. I'd truly like an answer H heavyd . Most opinions out there are that all trustees would be subjected to this. No disrespect intended whatsoever, I'm just trying to get to the bottom of this like everyone else.
So this is suppose to be put in place to keep NFA items out of the wrong hands right? I am just curious if anyone has information of the last time or any times that NFA items were used in the commission of a crime. To me it seems like people that own NFA items are the last ones that need to be given more restrictions since they know all the trouble they can get into for the smallest of slip up with the NFA item.
What's funny is they are acting like people are creating trusts because they can't legally buy firearms. That's not true at all. They do it because there are dumb laws that say you can't let your dad borrow an NFA item, etc.
Same here. Gonna go ahead and do a form 1 for an AR lower and a 5.56 suppressor now, and then build them later on when funds allow. I guess that'll be the last of my NFA toys, because I'm not doing all the new BS.
^^^THIS^^^
And if I remember correctly, there is at least one court ruling saying that a trust is the correct way for a felon to still 'own' but not 'possess' a firearm.
At the least this sounds as if it will stop all trusts in their tracks while ATF reviews every single one to make sure that they have all the 'responsible persons' correctly identified and that they have the new information (photo & fingerprints) attached.
From what I understand, each trust is reviewed for each individual form, so this will have to happen every single time.
If that's really the case, I'd expect 2-3 year wait times if this goes through, 'cause I really doubt all those shiny new ATF agents will be working at the NFA branch to speed things up.
These are all questions we don't know the answer to.
My original post notes that, in my opinion, based on the face of the regulation, co-trustees in my trust would not be subject to the 41P requirements. Our trust is written where co-trustees have absolutely no managerial power or authority; thus, they do not meed the requirements of responsible persons. To my knowledge, no other firm writes their trusts in this manner. We have been preparing for this for a long time with the assistance from many sources close to this issue.
As addressed in my post, these subjects will be a hot issue leading up to and after July 1st. No one has the answers. Some law firms may err on the side of caution. They may not have devoted the time and resources we have preparing for 41P. Some firms may simply interpret the regulation differently. The reason why we have courts is because attorney opinions drastically differ.
My firm has spent well over $100,000 on this area of our practice. Literally dozens of attorneys all over the US work with us. I am in contact with the ATF fighting for my clients on a daily basis with issues ranging from felony possession of NFA weapons, to assisting high profile clients with NFA and explosives issues.
When it comes down to it, my clients do not pay me to roll over whenever the ATF, or anyone else for that matter, infringes on their right to bear arms. I am also here to shelter my clients. As this regulation develops, we will keep everyone apprised as to any compliance issues that may arise.
Hey, I'm right there with you. TOOO much regulation.
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