The nation is engaged in an ongoing debate regarding the role of guns in free and civil society. As a result, there is a renewed incentive for Second Amendment supporters to employ a very special tool in their estate planning: the gun trust. Whether owned for sport, collection, or protection – or the sheer aesthetics of the craftsmanship - firearms cannot be passed from generation to generation like any old trinket without some special planning. Enter the “gun trust,” which can provide just the right silver bullet for that special planning. Gun trusts are not new. However, they can be a solid way to hedge your bets with the specter of restrictive gun laws in the future. A recent article in Yahoo! News examined this topic recently in an article titled “Amid National Gun Debate, Existing Laws Force Collectors to Turn to Trusts.” Generally speaking, firearms are a controlled kind of object. Accordingly, passing down the family silver is not going to be the same as passing down a controlled weapon. Without planning you risk running afoul of more than a few laws, but the one that comes to mind is the National Firearms Act (NFA). The penalties include prison time and fines can be severe. Consequently, gun trusts are drafted to comply with the NFA and are referred to as “NFA gun trusts.” If a firearm (or accessory, like a silencer) forms part of your gift to future generations, then there are few tools more important or powerful than the gun trust.
For more information, see www.jerryreiflawyer.com