(1) Do I need a Gun Trust if I don't own any Title II guns?:
Many people do not consider their regular firearms or magazines when creating a trust. Most NFA trusts are not properly created for all firearms. About 5 years ago we upgraded our NFA Trust to a Gun Trust that was designed for all of your firearms because most people who are purchasing a Title II firearms have Title I firearms. The decision-making process about giving someone a gun is the same regardless of its status as a Title I or Title II. For more on this topic see our recent blog on Putting Title I firearms into a Gun Trust.
(2) Do I have to pay the $200.00 tax stamp if I have a Gun Trust?
Yes, The Tax Stamp is for the ability to transfer a Title II firearms to an individual, business entity, or trust. In most cases the Tax Stamp is $200 but if you purchase an AOW the Tax Stamp is only $5. There is no discount or change in the Tax Stamp for a Trust.
(3) Is there a minimum or maximum number of guns I can put in your Gun Trust?
The Gun Trusts from a Gun Trust Lawyer® do not have any limitations on the number of guns that can be transferred to the trust or purchased with the trust. All of our Gun Trusts come with forms to allow for future purchases or assignments to the trust without the need to make any modifications or incur additional legal fees
(4) Why can't I just give my guns to whoever I want without having to use a Gun Trust?;
While you are alive, you can typically give your guns to who you want. Of course, you would not want to give them to someone who was not legal to be in possession of the firearms or who would do something that would harm others. In addition, you could not give certain firearms to people who lived in different states.
A Gun Trust should be designed to manage your firearms during your life, in the case of incapacity, and after you die. Once you are unable to make these decisions about your firearms, the Gun Trust will instruct other members of your family or friends how to make decisions without placing your family and friends at risk of breaking local, state, or federal laws.
(5) What questions should I ask myself to determine whether I should consider having a Gun Trust before I call a Gun Trust Lawyer®?
Deciding to get a Gun Trust is easy and only takes a few minutes. Simply ask yourself if you have or want to purchase firearms? If the answer to that question is yes then ask yourself "If you would like to protect your family and friends from harm that an improper transfer or possession might cause.
If you answered Yes to both questions then a Gun Trust could be of benefit to you and your family and you should request more information.
There are many other questions you could ask yourself, but the decision really comes down to those two questions.
(6) How much does it cost to set-up a Gun Trust?
The prices for Gun Trusts depends on the state you live in, if lawyers will be involved, and the type of Gun Trust you are looking for. If you Contact Us and select your state we can send you specific information on what the options and prices are in your state.
(7) Does it cost me any time or money after I set-up a Gun Trust?
Once the Gun Trust is created, you and the other authorized users will have to sign the documents in front of witnesses and a notary. After putting something in the trust to fund the trust, there is nothing else that is required to do and no annual costs. Most Gun Trusts do not need to be recorded with the state but there are a few exceptions dealing with some of the Multi Generational Asset Protection Gun Trusts.
(8) Should my firearms have a minimum dollar value before I consider a Gun Trust?
No a Gun Trust can be used by the person with a single firearm or by those with hundreds of firearms. The type of trust you select may vary because of the value of your firearms. While all of our Gun Trusts offer asset protection for your beneficiaries, some can even protect your firearms from your creditors. If you have more than 10,000 in firearms, magazines, and accessories you may want to discuss the more advanced Gun Trusts that are available.
(9) After I set-up a Gun Trust, what happens if I change my mind and want to make a change to the way it is structured?
Once the Gun Trust is created there are many things that can be changed. For example you can change the beneficiaries or the authorized users with a simple amendment or in some cases by replacing the document with an updated document. If the Gun Trust has not been funded with any firearms, you can always create a new Gun Trust. If you have funded the Gun Trust with restricted items like NFA firearms, or magazines in some states, then you should be careful that the changes you make do not create problems for you. Many regular trusts and so-called NFA Trusts allow you to dissolve the trust at anytime. This can cause huge problems if you do not remove the restricted items from the trust prior to taking this type of action.
(10) Can I use a Gun Trust to make a new Machine Gun?
Machine Guns have been illegal to manufacture since May 19th, 1986 when the Hughes Amendment was enacted. Neither a Gun Trust, NFA Trust, any trust will allow you to manufacture a machine gun for individual ownership, transfer or possession.
Remember that at properly designed Gun Trust should come with a manual that helps you and others involved with the Gun Trust to understand what they can do and how to take proper actions with firearms.