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Trust and Estate Planning for Firearms

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Description

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

Contributors

  • Lee-ford Tritt

    Lee-ford Tritt is a law professor and member of the graduate tax faculty at the University of Florida College of Law in Gainesville, where he teaches trust and estate planning. He is also the director of the Center for Estate Planning and director of the Estate Planning Practice Certificate Program. He is a Fellow of the American College of Trust and Estate Counsel and the vice president of the American Association of Law Schools' Trusts & Estates Division. In addition, He serves as vice chair of the ABA Real Property Trusts & Estates Law Section's Outreach Committee as well as a chair of a committee for the Non-Tax Estate Planning Considerations Group.

    Before joining the College of Law, he practiced at Davis, Polk & Wardwell and Milbank Tweed in New York City.

    Professor Tritt earned his B.A. from the University of the South, his J.D. from New York University School of Law, and his LL.M. in taxation from the New York University School of Law.

    Click here for more information about Professor Tritt.

August 1, 2023
Tue 1:00 PM EDT

Duration 1H 0M

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