Often I am asked What is the difference between an NFA Specific Trust and a normal estate planning trust. While both if properly created can facilitate the purchase of NFA related firearms and weapons, the NFA trust deals with the unique issues surrounding NFA Firearms ownership, transfer, and possession. No matter what type of entity is used for purchasing Title II firearms, it is important to not to mix non firearms related items with the firearms. If the NFA items are used incorrectly by you, or someone else with or without your knowledge, you do not want to risk your livelihood, business assets, or personal assets by placing them in the same trust.
When planning for the unknown event or set of circumstances we need to treat a Silencer, SBR, SBS, or Machine Gun differently than a picture on the wall. Quicken if used properly can properly transfer a picture, couch, CD, or most typical assets, but is not setup to inform our yet to be identified survivors on how to deal with issues like the NFA, ATF, Title II firearms, or Form 4 transfers.
Each person’s needs are unique and a properly drafted NFA trust will be customized for that person and their family.