Author Archives: Blaine Millet

Do I Need a Gun Trust – Part 2

Do I Need a Gun Trust – Part 2

To follow on from our earlier discussion of WHY you need a gun trust, here are some additional thoughts and insights you should consider when asking yourself if you need a Gun Trust. Three types of ownership for your Gun Trust…

  1. Individual Ownership – the simplest structure if personal firearms are involved…Liability risk is borne by the individual…a Gun Trust provides better planning and control, including a legal framework for beneficial transfers.
  2. For a business or for multiple owners other than married couples – business entity ownership is advisable preferably an LLC. Combining one or more gun trusts as LLC members can provide benefits to non-LLC owners others as trust beneficiaries
  3. Entity ownership – desirable for NFA firearms as it lessens the risk of an administrative turn-down by local law enforcement at the time of acquisition…Entity ownership provides a structure for lawful use by multiple persons and more

Entity Ownership has some “Pro’s and Con’s” associated with it as well…

PROS…

  • Provides rules or guidelines
  • Avoids CLEO signoff for NFA firearms
  • Adds some asset protection
  • May avoid probate

CONS…

  • Adds expense and annual filings
  • Adds complexity
  • Business use is often very inconsistent with personal use

Most important…Minimize your Liability with A System! Create a Gun Trust entity, get some education, and maintain your firearms.

Our DISCLAIMER…
Gun Law Community and Fire Away do not provide legal advice. Gun Law Community is not a law firm. Information provided does not create an attorney-client relationship. You must contact an attorney in your state for legal advice.
If you need help finding an attorney in your area, simply go to Find an Attorney on our website and we will introduce you to one we know.
Have a question for us at Fire Away? Go to Ask A Question on our website and tell us what you want to know more about. We will do our best to answer your question in an upcoming episode of Fire Away.
Thank you again for taking time to watch this episode…and remember, we are a “Community of Gun Owners.” Please share these with your fellow gun owners so we can help each other and all be the neighbor everyone wants.
Do I Need a Gun Trust? Part one

Do I Need a Gun Trust? Part one

In this episode of Fire Away (questions) Dennis talks about why you need a Gun Trust. There are some very specific reasons and benefits every gun owner should consider when deciding whether or not they should get a Gun Trust. Generally, there are 3 ways most people pursue getting a Gun Trust… Do It Yourself… Continue Reading

What is a Gun Trust?

What is a Gun Trust?

In this episode of Fire Away (questions) Dennis talks about what exactly is a gun trust. This is a straightforward description of what a gun trust is, how it’s used, and some key elements that make a Gun Trust completely different from a standard trust. Basically…a Gun Trust is a legal box to own firearms… Continue Reading

How to Be SMART about Problematic Laws

This is about Possession…knowing more about how to possess your firearms legally without going to jail. To us, possession generally doesn’t get the attention of criminal activities using firearms. But for the majority of gun owners in America, possession laws are probably one of the most important things to understand when owning a firearm. Possession… Continue Reading

There Are Lots of Choices…the ANSWER Depends on the NEEDS

One thing we see from the GunLaw Community perspective is what goes on around the country in a variety of aspects as it relates to Gun Law and Gun Owners. With all the differences in state laws it is sometimes difficult to know exactly what gun owners should be focusing on when it comes to… Continue Reading

Gun Trusts and the Holidays…give the “GIFT” of a felony!

I was talking to the CEO of a mid-sized business here in Seattle this past week about the upcoming holidays, mainly Christmas, and of course the discussion around “gifts” came up. He has a modest gun collection, around 10 guns, and thought about giving one to his son for Christmas and maybe doing this with… Continue Reading

Get Trained. Sioux Falls program for Women

Gun ownership is rising. Regardless of the reason(s) this is happening and has been in the US this past year. Many think it was politically generated when Obama made some statements about eliminating assault rifles. Doesn’t really matter, gun ownership is on the rise. What does worry a lot of gun owners and others is… Continue Reading

Huge increase in Gun Sales – are you prepared?

There was an incredible surge of gun purchases immediately following the attack in Aurora, Colorado – a surge to the tune of a 43.5% increase within the following week.  Not completely unexpected but certain a huge jump according to gun shop owners. In an article in NBCNEWS.com, Background check applications for gun buys surge in… Continue Reading

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