Occasionally we receive a call from a client stating that their bank does not open accounts for trusts. If you are having a problem, you might contact the following banks that do accept trust accounts. A word to the wise, I would not mention guns or firearms when talking with a bank as many will not open accounts for gun related issues.

Ally Bank http://www.ally.com/

They do both revocable trusts and Irrevocable trusts.

The 133rd Federal Congress is being bombarded with Firearms Legislation. (No pun intended)
One of the latest is Senate Bill 150 by none other than Sen. Diane Feinstein (D-CA)

The Firearms Policy Coalition has provided a nice summary of the 120+ bill that would almost restrict every firearm other than a revolver. I am sure that restriction will come in a second bill.

Summary: S. 150, among other things, would ban the sale, transfer, manufacturing and importation of:

  • All semiautomatic rifles that can accept a detachable magazine and have at least one “feature” (i.e., pistol grip; forward grip; folding, telescoping, or detachable stock; grenade launcher or rocket launcher; barrel shroud; or threaded barrel);
  • All semiautomatic pistols that can accept a detachable magazine and have at least one “feature” (i.e., threaded barrel; second pistol grip; barrel shroud; capacity to accept a detachable magazine at some location outside of the pistol grip) or that are the semiautomatic version of an automatic firearm);
  • All semiautomatic rifles and handguns that have a fixed magazine with the capacity to accept more than 10 rounds, except for an attached tubular device designed to accept, and capable of operating only with, .22 caliber rim fire ammunition;
  • All semiautomatic shotguns that have a folding, telescoping, or detachable stock; pistol grip; fixed magazine with the capacity to accept more than 5 rounds; ability to accept a detachable magazine; forward grip; grenade launcher or rocket launcher; or shotguns with a revolving cylinder;
  • All ammunition feeding devices (means a magazine, belt, drum, feed strip, or similar device) capable of accepting more than 10 rounds; and
  • Over 100 specifically named firearms.

Unlike the 1994 assault weapons ban, Senate bill 150 does not include a sunset possession that allowed the original federal ban to expire. The bill also requires a background check on all sales or transfers of grandfathered firearms; prohibits the sale or transfer of large-capacity ammunition feeding devices lawfully possessed on the date of enactment of the bill; allows state and local governments to use federal funding to buyback grandfathered assault weapons and large-capacity ammunition feeding devices; imposes a safe storage requirement for grandfathered firearms; and requires that assault weapons and large-capacity ammunition feeding devices manufactured after the date of the bill’s enactment be engraved with the serial number and date of manufacture of the weapon. Assault weapons used by military, law enforcement, and retired law enforcement; antique weapons, and firearms manually operated by a bolt, pump, lever or slide action are exempted from S. 150.

If you do not have your guns and magazines in a Gun Trust, now is the time to get them in a trust. Also if you plan on buying threaded barrels now is the time to do that also, even if you build them up later. Ammo will come back down, but you may not have the opportunity to use a silencer if you can’t purchase a threaded barrel.

There are a few organizations you can join to help fight overreaching gun legislation. By visiting the FirearmsPolicy.org webpage you can help support the following gun rights organizations. I recently joined all of them and would encourage as many of you as possible to join 1 or more.

Federal – Second Amendment Foundation (SAF) +$15.00
Federal – Citizens Committee for the Right to Keep and Bear Arms (CCRKBA)+$15.00
CA – The Calguns Foundation (CGF) +$15.00
CA – California Association of Federal Firearms Licensees (Cal-FFL) +$15.00
MA – Commonwealth Second Amendment (Comm2A) +$15.00
FL – Florida Carry, Inc. (FCI) +$15.00
HI – Hawaii Defense Foundation (HDF) +$15.00
IL – Illinois Carry (IC) +$15.00
NJ – New Jersey Second Amendment Society (NJ2AS) +$15.00
TX – Lone Star Shooting Association (LSSA) +$15.00
WV – West Virginia Citizens Defense League (WVCDL) +$15.00

Continue reading to see the other 26 firearms bills which have been introduced in the last few days.
Continue reading

Here are several of the “Executive Actions” that may be a cause for concern that I received from the CCRKBA:

1. Address unnecessary legal barriers, particularly relating to the Health Insurance Portability and Accountability Act, that may prevent states from making information available to the background check system. –

This would make everyone’s medical records available for the background check system. They could say if you are taking a certain type of medicine you are not able to purchase a gun.

President Obama is speaking about Guns at this time 12 PM and he is making many executive orders as well as calling on Congress to pass legislation on the following.
1) universal background check for purchases from dealers or individuals 2) restore bank on military style assault weapons 3) ban on magazines > 10 rounds 4) help law enforcement, make laws and punish those who buy guns for others.
5) more cops back on the job and streets
No word yet on existing items that are already owned unlike the gun laws signed into effect in NY yesterday.

Today, the President is announcing that he and the Administration will:
Continue reading

As Obama was running for President he claims he will not take our guns away. Now it seems that the only way we may be able to protect our guns against future legislation he will likely sign may be to put our guns in a Gun Trust.

Thanks to the JFPO for bringing this video to our attention. Perhaps it’s not what he says but what he obviously doesn’t say. Obama said nothing about high-capacity magazines, semi-auto pistols, nor semi-auto guns like the AR15. I am sure he will find a way to reconcile his words with his actions.

While there is no actual Assault Weapon Ban, we are being asked many questions about regular firearms and the benefits of a Gun Trust. As laws may change or what is proposed may be different from what actually happens, the answers below be reviewed with your local Gun Trust Lawyer® and we should all re-evaluate the situation when things become more certain.

Should I put my regular firearms in a Gun Trust?

Yes all firearms, accessories, and magazines should be put in a Gun Trust and the sooner you do it the more flexible your choices will be. A risk is that future transfers of certain guns (sounds like most guns) will be prohibited. If this happens you will not be able to transfer them to a Gun Trust. In addition, there are many other reasons why you should have your regular firearms in a Gun Trust See this article on putting Title I firearms in a NFA or Gun Trust.

One of the most common questions we receive is about naming your Gun Trust. Based on our experience and the problems people have encountered over the names they have chosen, here is our advice.

  • If possible do not include the words NFA, Gun, Firearms, or Weapons in the name of your trust.
  • Keep the Gun Trust name short as you are not allowed to engrave abbreviations should you ever decided to build using an ATF Form 1.

We have received numerous calls and emails regarding the December 2010 change in the laws in NC based on the poorly worded changes to NC:

NCGS Section 288.8 (b)(5) allows MG ownership for:

Persons who lawfully possess or own a weapon as defined in subsection (c) of this section in compliance with 26 U.S.C. Chapter 53, §§ 5801‑5871. Nothing in this subdivision shall limit the discretion of the sheriff in executing the paperwork required by the United States Bureau of Alcohol, Tobacco and Firearms for such person to obtain the weapon.

If you are interested in a real NFA Trust or Gun Trust and looking to implement it quickly and without the additional cost of a lawyer being involved we are offering a special on the Online version of the Gun Trust for only $199. This is anywhere from 1/2 to 1/3 of the normal price of the Gun Trust with legal support. The Online Gun Trust comes with a great manual which describes and give examples and hyperlinks to sample forms to purchase NFA firearms. It can deal with people who live in multiple states and allows you to add 3 additional authorized users.

Many people are rushing to put their regular firearms in a trust in an attempt to protect their ability to allow children and grandchildren to use them when they are old enough.

If you have a lot of firearms, you are looking for asset protection, or multi generational insulation from legislative change, you should consider the Professional Gun Trust. There is a comparison of this trust in one of the articles below on this page.

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