NFA Gun Trust Lawyer Blog
A Gun Trust is designed for all of your firearms even if you do not have any Title II firearms. Title II firearms are sold by Class 3 Dealers and include Silencers, Short barreled rifles and shotguns, AOWs, DDs and full automatic pistols and rifles.
While it is not necessary under the current laws (2012) to have a Gun Trust to allow others to use or be in possession of your firearms, there are rumors that many firearms that are currently classified as TItle I firearms may become Title II firearms and controlled under the National Firearms Act. If this happens we will all have to be careful about constructive possession and may lose the ability to transfer these firearms to others, may have to pay a transfer fee to transfer them to others, or may lose them upon our death.
A Gun Trust can allow you to allow others to have access to your firearms and even become the person in control of them after you die. While a regular Gun Trust can your beneficiaries to use and have access to the firearms there is a risk that the people who would receive the benefit after your death may not be able to actually realize the full benefits from the value of your guns.
There is a multi generational gun trust that may solve this problem if you transfer your firearms, magazines, and other related items to your Gun Trust before the law takes effect. It appears that the current proposed legislation would prohibit additional transfers and you might even lose your firearms after you die. With the Irrevocable Gun Trust or multi generational asset protection gun trust (our Professional Gun Trust), the Gun Trust will remain the owner of the firearms even after you pass away. This means that you beneficiaries, your kids and grandchildren, will become authorized managers and users of the firearms. If one day transfers are allowed again, like with the previous assault weapons ban, then they could realize the monetary value of the firearms by selling them. If there is no sunset provision or the ban becomes permanent your family and future family members can become the users and enjoy the benefit of possession and use of the firearms into the future.
Different states have different rules on how long a trust like this can last. Our trust allows for the creator or future manager of the trust to select the jurisdiction rules to follow. This means even if you live in a state with a relatively short time that a trust can exist, you can select the rules of a state so that the trust can last 360 years , 500 years, 1000 years, or even one that can last forever.
The Professional Gun Trust is not designed for everyone, but if you have a substantial firearms collection of the ability to protect the firearms from creditors or potential loss due to legislative change is important you should Contact Us to schedule a time to discuss how this trust may be of benefit to you. If you already have a Gun Trust, you can upgrade your current Gun Trust and for our previous clients we will credit you the full price of the previous trust. This trust is not available online and must be setup with a local lawyer. We start the process in our office to deal with the federal issues and the locally licence lawyer will make state specific changes for state and local laws.