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Sponsored by Lorman Education
Product ID: 404748EAU
 
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Specialized Firearm Trusts

OnDemand Webinar (89 minutes)

Having a firearms trust will help you to maintain value of your firearms and ensure safe transfer upon death.The United States has over 300 million privately owned firearms in the hands of 100 million private owners. These gun owners must know the law regulating firearms at the federal, state and local level. The speed at which gun laws are changing can make this a very difficult task. There is a big need for competent, credible practitioners who can advise these gun owners about the potential legal issues they will face. There is potential criminal liability arising from possession and transfer during their lifetimes. Complications from ownership of highly regulated firearms like silencers and short-barreled rifles. Questions about how their guns will be handled in the event of their incapacity. Firearms also present some unique challenges in the administration of a deceased gun owner's estate. A wrong decision can have potential criminal liability or result in loss of significant economic value of the firearms. A specialized firearm trust is a great tool to form the basis for a structured approach to responsible firearms ownership during lifetime and an orderly transition in the event of incapacity or at death.

Authors

Ben Rust, Rust Law PLLC

Agenda

Introduction and Background

• Estate Planning Attorney Doing Firearm Trusts for Four Years

• General Counsel for the Minnesota Gun Owners Caucus

• Own a Number of Firearms Including Silencers and Short Barreled Rifles

Firearm Regulation in the United States

• National Firearms Act of 1934

• Gun Control Act of 1968

• Firearm Owners Protection Act of 1986

• Gun Free School Zone Act

• Various State Level Restrictions

Potential Criminal Liability With Firearm Ownership

• Transfer

• Possession

Potential Fiduciary Issues With Firearms in Estate or Trust Administration

• Care of Specialized Assets

• Valuation

Fundamentals of Gun Trust Drafting

• Identifying Purpose

• Selecting Trustees

• Selecting Beneficiaries

• Mechanisms for Dealing With a Trustee or Beneficiary That Loses Ability to Possess Firearms

• Educating Clients on Ongoing Need for Education and Maintenance of Gun Trust

Where Does This Fit in a Practice

• Estate Planning

• Firearms Law

• Market for NFA Trusts

Closing

• Huge Swath of Folks Who Will Face Legal Questions About Their Legally Owned Firearms at Some Point in Their Life

• They Need to Think About Incapacity, Legacy Planning, Economic Value, and Potential Criminal Liability for Fiduciaries and Heirs

• This Can Be Done