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.

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