Gun Trusts
AAK can complete a Gun Trust for you.
Gun trusts are specifically intended to hold ownership of firearms that are subject to strict federal and state regulations. Trust attorneys love to tell clients that if they don’t have a trust, they can risk going to jail and losing all their guns – even their Title I guns – due to noncompliance with the National Firearms Act of 1934. That is not our approach.
Guns are an expensive asset. Gun trusts are meant for owners that want to protect their investment. Gun trusts make it easier to handle firearms after the owner’s death—and can prevent surviving family members from inadvertently violating the law. For those of you that are concerned with protecting your investment so that it may be passed on to future generations; this is a great vehicle for accomplishing that goal.
Gun Trusts are typically for Title II firearms. Title II Firearms include machine guns, silencers, short-barreled rifles, and short barreled shotguns (including sawed-off shotguns), grenades, and others.
Weapons are primarily regulated by the National Firearms Act of 1934 (NFA) and a revision of the law, Title II of the Gun Control Act of 1968. The Gun Control Act makes it illegal for certain persons to possess firearms. Hopefully, if you own a Title II weapon, you are aware of all of the laws surrounding them and your specific state laws. The laws get more complex because they are different for different states.
We will make sure you are in compliance with these federal laws but moreover we will protect your loved ones and your chosen executor. You might be well versed on the gun laws, but your executor could violate criminal laws by transferring a weapon without going through the proper procedures. When firearms are in a trust, the executor is not involved; the trustee is in charge. You can name a trustee who is well-versed in state and federal gun laws.
In addition to protecting your asset and your loved ones, some additional benefits of having a gun trust can be:
- Allowing more than one person to possess and use the weapon held in trust.
- Avoiding transfer requirements and the $200 transfer tax.
- Help the executor of your estate.
- Avoid probate, saving time and money.
- Multiple trustees, intended to last for more than one generation. NFA weapons must have a serial number and be registered with the federal Bureau of Alcohol, Tobacco, Firearms and Explosives, commonly called the ATF or BATF. (If such a weapon isn’t already registered, you cannot register it; it is illegal to own.) They can be possessed and used only by the registered owner. To transfer a registered firearm, the owner must get ATF approval and pay a $200 tax ($5 for some items).
** Each trust must be specifically tailored to each client’s specific circumstances, needs, and preferences.
In addition to our attorneys in the Estate Planning/Probate Group, Anderson Agostino & Keller, P.C.’s, attorneys throughout the Firm have extensive experience in real property, corporate, partnership, retirement planning, litigation, and many others. These other members of the Firm are immediately available to assist when the needs of our client or an estate fall within those areas.