Sharon Ravenscroft Estate Planning Blog
Gun Trusts Can Limit Taxation Upon Death And Help with Multiple Users
Gun Trusts are revocable trusts different and separate from a revocable living trust normally used for estate planning. With a Gun Trust, multiple owners (spouses or parents and adult child) can own firearms together, and when one dies, the other remains the Trustee and additional transfer tax should not be needed. Also, Gun Trusts allow guns to be distributed without violating federal law. That is, if a beneficiary is a minor or otherwise unqualified to have a firearm, the Trustee cannot distribute the firearm but has instructions for sale or alternative distribution. Also, for spouses where one uses the firearms occasionally only, the Gun Trust would allow the spouse as Trustee or designated beneficiary to use the firearm without violating the limitations of use to owners which apply to NFA firearms. Gun Trusts are helpful for both NFA firearms (such as automatic weaponry) and non-NFA firearms. For more information, feel free to contact me.