Arsenal Attorneys and our Arsenal Gun Trust services will be featured in an upcoming online seminar on August 20 for lawyers concerning estate planning for firearms entitled, "Firearms in Estate Administration: Legal Issues, Executor Liability, Transferring Title I and II Guns, Penalties -- Understanding Gun Legal Designations, In-State and Out-of-State Transfers, Use of Gun Trusts."
This CLE webinar will guide estate planners and administrators on managing the legal challenges of firearms in estate and trust administration. The panel will discuss federal gun laws and firearm designations, issues for beneficiaries inheriting guns, in-state and out-of-state transfers and legal ownership, use of trusts and other entities to legally transfer guns, and best practices to avoid mishaps in the administration of estates or trusts holding firearms.
The administration of an estate holding firearms can cause increased expenses, fees, taxes, and potential liability if mishandled. Managing guns within an estate requires an in-depth knowledge of a myriad of federal and state regulations to adhere to in order to avoid excessive fines and criminal liability.
The National Firearms Act (NFA) encompasses strict prohibitions and restrictions on the transfer of certain firearms. Prohibited possession can be actual or constructive with zero tolerance for inadequate processes in the acquisition. Also, state laws will apply to transfers or sales of firearms within their jurisdictions. If there is an out-of-state transfer or sale of a gun, compliance with federal and state laws becomes more complicated.
Estate planners and executors must be mindful of the possibility that some beneficiaries may be ineligible to receive firearms and consider alternative methods to align with a client's intent, such as naming alternate recipients or by creating a gun trust. Trusts can legally hold the firearms and allows a trustee to lawfully possess the firearms and minimize administration issues regarding the transfer or sale of firearms during probate.
The panel will discuss the classification, ownership, and transfer rules applicable to firearms, and the creation and use of guns trusts and other planning methods to ensure the proper administration of an estate holding firearms.
Seminar Topics will also include:
- Firearm classification, ownership, and transfer rules
- Federal and state gun laws
- Title I vs. Title II firearms
- In-state and out-of-state transfers
- Handling the estate administration of firearms
- Key considerations for gifts and bequests
- Legal ownership
- Potential penalties and liability
- Gun trusts
- Liability issues
- Sale or transfer of estate-held firearms
- Best practices for estate planners and administrators
For more information, contact Arsenal Attorneys using the contact form at our website.