There are approximately 80 million gun owners in America with nearly half of all U.S. households owning at least one firearm. With over 20,000 gun related laws in the United States today, owning and eventually passing on a firearm as a legacy must be done with careful planning and consideration. Most federal and state gun laws carry stiff penalties on the improper possession or transfer of a firearm. If not done properly, the seemingly innocent transfer of a firearm to an heir could result in a fine up to $250,000 and up to 10 years in prison. Having a gun trust in place sets forth the rules for owning and transferring firearm that will ensure you or your loved ones don’t end up inadvertently committing a felony and paying a catastrophic price!
The potential benefits provided by a gun trust include probate avoidance, simplification in acquisition of regulated firearms, avoidance of annual state registration fees, and guidance to help avoid prevent accidental felonies when others use or are instructed to transfer a firearm as a
sale, gift, or bequest.
In addition to providing protection when owning or transferring regular firearms, gun trusts also allows for much easier ownership of National Firearms Act restricted firearms and weapons like machine guns, short barrel rifles, and suppressors. With a gun trust, you can legally own these
NFA restricted weapons without having to first get written permission from your local Chief Law Enforcement Officer. Furthermore, since a gun trust has no face or fingerprints, these identification items are not required to be sent to the Bureau of Alcohol Tobacco Firearms and Explosives when you apply to purchase a restricted firearm. This makes the process easier while preserving your privacy.
Contact The McFarland Law Office to find out more about the benefits of having a gun trust.