Firearm Owners Should Consider Gun Trusts

The Second Amendment is cherished in our country and millions of Americans are proud gun owners. So what will happen to your firearm when you pass away? The fact that is that a firearm is not your typical asset that can simply be transferred to a loved one. In fact, if you pass away without a will, there are federal transfer requirements that have to be satisfied before a loved one can take ownership of your firearm. For example, to transfer a registered firearm, the owner must get approval from the Bureau of Alcohol, Tobacco, and Firearms, along with paying a tax. However, there is an estate planning tool that can allow you to avoid some of these transfer requirements - a gun trust. Gun trusts are usually utilized for weapons regulated by two federal laws: the National Firearms Act of 1934 and Title II of the Gun...