Special Estate Planning Required if an Estate Includes Firearms
Tax Tip:
If you own one or more guns, careful estate planning is required to avoid running afoul of complex federal and state laws. Guns are unique among personal property because federal and state laws prohibit certain people from possessing firearms. Without proper planning, there’s a risk that the government will confiscate your guns or that the executor of your estate, your trustees or your beneficiaries will inadvertently commit a felony.
Given the complexity of federal and state gun laws, consider creating a gun trust. Appoint a trustee who has expertise on gun laws, safety and storage protocols.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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