There are ongoing debates acrossthe nation concerning the role of guns in our society. Consequently, there isnew motivation for Second Amendment supporters to add a particular â€œweaponâ€ totheir estate plans: the gun trust.
Whether owned for sport,collection, or protection â€“ or the sheer aesthetics of the craftsmanship -firearms cannot be passed from generation to generation like any old trinketwithout some special planning. Enter the â€œgun trust,â€ which can provide justthe 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 gunlaws in the future. A recent article in Yahoo!News examined this topic in an article titled â€œAmid National Gun Debate, Existing LawsForce Collectors to Turn to Trusts.â€
Generally speaking, firearms area controlled kind of object. Accordingly, passing down the family silver is notgoing to be the same as passing down a controlled weapon. Without planning yourisk running afoul of more than a few laws, but the one that comes to mind isthe National Firearms Act (NFA). The penalties include prison time and finescan be severe.
Consequently, gun trusts aredrafted to comply with the NFA and are referred to as â€œNFA gun trusts.â€
If a firearm or accessory (suchas a silencer) is part of your gift to future generations, consider the guntrust as the next planning weapon in your estate arsenal.
At Idaho Estate Planning, we can helpyou find the resources you need to put your estate plan together. We have theexperience and expertise to help you maintain your options and protect yourselfas well as your loved ones now and into the future. Remember, good planning isno accident.