Do you have any firearms thatare collectible and likely expensive? Do you have any firearms that are subjectto federal regulations on ownership and use? If yes, then careful planning maybe required to avoid running afoul of tax and regulatory laws upon yourincapacity or death.
Planning to give away your estateproperty is often about understanding your loved ones and family members, butproper planning is also about understanding the assets you are giving and thesnares to avoid. You own different assets in accordance with different laws, soyou must take these elements into consideration when giving them away.
Many firearm owners take greatpride in their collection and also hope to pass them along to their loved ones.Failing to plan for the legal ownership transfer, however, can result inaccidentally triggering illegal transfers. Accordingly, if you own a firearm oreven a firearm collection you plan to leave to family or loved ones, then aâ€œgun trustâ€ may be in order. A recent article in AmmoLand, titled A New Breed of Gun Trusts â€“ ProtectingFirearms Collectors & Their Collections, makes this point very clearly.
A properly written gun trust canskirt tax and regulatory pitfalls. When drafted correctly, trusts are verypowerful and specially-tailored legal tools for giving all sorts of uniqueassets. In Boise as well as the rest of Idaho you can count on Idaho Estate Planning to be your source for facets of planning for the future. Call us today at (208)-939-7658.