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Many clients hold firearms in their estates. These firearms – shotguns, rifles, pistols or others guns – may have been long held in their families and hold sentimental value. These firearms may also be quite valuable. Clients wanting to pass these firearms to their heirs, however, are subject to a significant and growing body of law regulating the transfer of firearms, even as part of a testate transfer.
These are no ordinary assets that can be transferred easily like other personal property. In fact, in the absence of strict adherence to a body of law, the estate's executor, a trust's trustee, or the estate planner himself or herself, as well as the transferee, may be subject to substantial fines or even imprisonment.
This program provides a real-world guide to risks of and best practices for transferring firearms as part of a trust and estate plan.
- Framework of gun law and how it impacts trust and estate planning
- Drafting "Gun Trusts" to transfer firearms & comply with National Firearm Act
- Planning for death and incapacity of firearm owners
- Potential substantial fines and jail time for estate planners, executors, and trustees
- Special issues in probate, trustee selection, and constructive control of firearms