As of July 13, 2016, NFA trusts will dramatically change. Those with NFA trusts or those that set them up after this time, will have very different requirements for acquisition of NFA items. This blog post covers three key changes. The first is that every member of the trust with control will have to complete a new form 5320.23 for each responsible person. The form essentially asks about the information contained on a 4473 form completed when someone purchases a firearm to determine if he or she is prohibited from possession. The second requirement is each such person must provide two classifiable ...
April 26, 2016Adam Hayes
Many divorce actions are highly contentions because emotions are high and feelings are hurt. When a relationship ends, there are often feelings of abandonment, anger, mistrust, and sadness. Divorce is not only a business / legal proceeding to divide the assets and debts and determine custody of the children; it is a grieving and healing process as well. Often litigants, in attempts to “win” or get their spouse back for the hurt that is caused, will bring personal matters into the arena of the courtroom. Many of these issues, which can be legitimate, will affect a parents’ ability to obtain ...
August 19, 2014CD
Once established and recognized by the AFTE, an NFA trust can acquire additional NFA items. With machine guns in particular, the rarer variants have continued to climb in value since the 1986 ban, and may be constituted a good investment tool in uncertain market times. Thus, it is foreseeable that an NFA trust may be a good estate planning tool to pass on NFA firearms and value to beneficiaries under the trust. This noted, an NFA trust may continue to sell and acquire NFA firearms during the times of its existence. Where settlor’s and trustees of the NFA trust often make ...
April 3, 2014CD
A National Firearms Act trust is similar to a regular trust in that its ultimate use is to transfer the trust property upon the Settlor’s death or within a specified time period thereafter. The NFA trust is unique in that the trust assets are, among other things, NFA firearms. Part of the initial funding of the trust may be, upon approval by AFTE approval, NFA firearms. These firearms are machine guns lawfully registered before the May, 1986 ban under the Firearms Owners Protection Act. The other NFA property is generally comprised of short-barrel rifles, shotguns and suppressors, which may be integral ...
March 25, 2014CD
A common concern we see as advocates for domestic clients is what happens in the time, sometimes substantial time, between a divorce filing and a divorce. Where children are involved, post-divorce matters may, unfortunately, drag on for years. Often Ciyou & Dixon, P.C. counsel face the indirect or direct question of how to live with the proceedings–uncertainty. There are no sure, fast or simple answers to live with this or any other of life’s burden, such as a tax audit or criminal investigation. “Worry” is a normal aspect of life. However, there are four (4) tried and true ways techniques we ...
September 22, 2011CD
One of the remarkable aspects of law, somewhat unlike medicine where insurance requirements often dictates medical care providers, is the ability to choose your legal counsel of choice. Selecting competent counsel in your legal area is but a starting point. There are many other variables that might merit consideration. Why? Most often, a legal matter involves an actual present or future potential conflict. This can have profound financial consequences (such as for a business client) to the loss of liberty (for a criminal client). Thus, prevailing, or failing to do so, should be backstopped by a confidence in legal counsel. At Ciyou ...
August 2, 2011CD