Look Before You Leap-Iowa Firearms Trusts
Iowa Gun Trust Authorized
On January 4th, 2016 the U.S. Attorney General signed Rule 41F which changes requirements for firearms trusts* purchasing NFA-regulated firearms. On March 31st Governor Terry Branstad signed the Hearing Protection Act into law which permits Iowans to own suppressors, one of the items regulated under the NFA. These two changes have sparked interest in Iowa firearms trusts* (also referred to as Iowa gun trusts).
Iowa Gun Trusts Explained
The new rule applies to all trusts applying for an NFA firearm on or after July 13, 2016. Before Rule 41F, a trust could apply for and obtain the right to possess NFA firearms without providing the ATF the information that it requires of individual applicants (e.g., fingerprints and picture).
Rule 41F requires that all individuals undergo a background check if an Iowa firearms trust (aka Iowa gun trust) grants them power, directly or indirectly, to possess firearms, or to direct or cause the direction of the management, policies, and practices of the trust, insofar as they pertain to firearms (also applies to corporations, partnerships, associations, etc.).
Your Choice of Attorney for an Iowa Gun Trust Matters
We can design an Iowa firearms trust (Iowa gun trust) specifically for NFA firearms, for non-NFA firearms, or both. On average, our clients can expect to pay between $500 to $1,000 for an Iowa firearms trust or Iowa gun trust that we customize to fit the client’s needs (does not include the transfer tax imposed by the ATF at time of NFA application). The experienced Iowa trust attorneys at Whitaker Hagenow & Gustoff LLP also offer sophisticated firearms trusts for advanced estate planning.
Cheap Gun Trusts-you get what you pay for
If you are looking for an inexpensive gun trust, there are several law firms who already offer highly discounted trusts on the internet. Since our attorneys have not personally reviewed these online trusts, we are unable to comment on whether they are legal and/or suited for your intended purposes.
Prohibited Persons are Still Prohibited
An important note, Iowa firearms trusts (aka Iowa gun trusts) cannot be used to provide “prohibited persons” with access to firearms. There are several federal and/or state laws that establish who is a “prohibited person”. A good starting place to identify whether someone is a prohibited person is the ATF’s website. Iowa also has its own state laws regulating who can possess firearms.
You can read the Rule 41F here.