KPM

Special Needs Trust Elderly Parents In Your Estate Plan Beneficiary Designations Turn Down An Inheritance Power Of Attorney Inter Vivos Securities Laws DAPT College-Age Children Do Need An Estate Plan Estate Planning Documents Annual Gift Tax Exclusion CRT Name A Guardian Power To Remove A Trustee Living Trust Owning Assets Silent & Incentive Trusts Payable-On-Death Accounts Reduce your estate tax Executor Art Collection QTIP Trust portability Life insurance Portability Probate Original Will Estate Planning Estate Plan Estate Planning Estate Planning Asset Protection Strategies

Take Steps To Properly Address Guns In Your Estate Plan

Not all assets are created equal. One such asset to consider in your estate plan is firearms. If you own one or more guns, careful planning is required to avoid running afoul of complex federal and state laws. Without proper planning, there’s a risk that the government will confiscate your guns or that the executor of your estate, your trustees, or your beneficiaries will inadvertently commit a felony.

Follow Federal, State, & Local Laws
Guns are unique among personal property because federal and state laws prohibit certain persons from possessing firearms. For example, under the federal Gun Control Act, ‘prohibited persons’ include convicted felons, fugitives, unlawful drug users or addicts, mentally incompetent persons, illegal or nonimmigrant aliens, persons dishonorably discharged from the armed forces, persons who have renounced their U.S. citizenship, and persons convicted of certain crimes involving domestic violence or subject to certain domestic violence restraining orders.

Other persons may be prohibited from receiving firearms under state or local laws. These restrictions apply not only to your beneficiaries, but also to executors or trustees who come into possession of firearms.

Under federal law, certain firearms — such as short-barreled rifles, shotguns, and fully automatic machine guns — must be registered (with the Bureau of Alcohol, Tobacco, Firearms and Explosives) to a transferee by the transferor. Additional steps also must be taken when transporting these firearms across state lines. For other types of firearms, states may require registration and may impose mandatory background checks, permits, and other requirements for firearms transported across state lines.

Consider A Gun Trust
Given the complexity of federal and state gun laws, and the stiff penalties for violating them, it’s critical to consult knowledgeable advisors when providing for guns in your estate plan. You also might consider creating a gun trust — with a trustee who has expertise on gun laws, safety and storage protocols, and transfer requirements — to facilitate the process.

Related Articles

Talk with the pros

Our CPAs and advisors are a great resource if you’re ready to learn even more.