Gun laws in the Unites States are promulgated through the Second Amendment of the United States Constitution establishing the right to keep and bear arms and various federal and state statutes, many of which are confusing or conflict with respect to possession and transfer of firearms.
Federal gun laws are enforced by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Most states and some local jurisdictions have additionally imposed their own firearms restrictions. Unwary executors of estates, trustees of trusts and their advisors can easily run afoul of the myriad of rules and regulations and commit unintentional felonies if a firearm is transferred improperly or to an improper transferee.
There are substantial fines and jail time associated with these felonies. This topic is designed to give anyone involved in estate planning a brief overview of federal firearm laws and potential penalties related to improper transfers and possession of firearms. The topic will also provide the advisor with an understanding of how a properly designed gun trust can help their clients avoid inadvertently violating these laws and how the advisor can benefit from understanding these complex laws.
Earn 2 general CLE credits