Will Gun Trusts go away? …Not likely

If you are a gun owner and have been following any of the news out there about changes in gun laws, you know this has been a hot topic of debate. Many of our clients have asked, “What about my Gun Trust…is it still valid or will it become worthless?” Great questions…

First, this question is about one, and only one, reason for gun owners to have a gun trust. ATF recently announced a proposed rule change that would require every individual and entity, including gun trust trustees and others, to submit fingerprints, photos, etc. when purchasing an NFA firearm. And this is not a certain rule change…

While we can’t speak to your own Gun Trust and how it was created, we can give you a bit of an update on where things stand with changing the laws. According to the NFATCA (National Firearms Act Trade & Collectors Association), things aren’t going to change anytime soon, maybe not even in 2014. They recently stated in their NFATCA News the following update…

“The Department of Justice continues to slowly update the Regulations.gov website with received comments regarding 41P. Frankly, it appears that DOJ was overwhelmed with the nearly unanimously opposed sentiment expressed in public comments and is having difficulty dealing with the work load. We have been advised that the June estimate of the rendering of a final opinion on the matter may be wishful thinking and that it may likely be a year before we learn of any news. We would like to express thanks to all of you who have extended your support and confidence to us in our efforts to stand against this White House action that bears no resemblance to our longstanding efforts.”

Second, a gun trust provides many and more important, benefits. With a little thought and some creative drafting, it will provide a plan for your guns and how they can be shared/used during your life, provide written guidance that avoids potential criminal possession or transfer of your precious firearms, and provide a gun legacy for your family in future.

So, even if you have procrastinated, now is a perfect time to create a gun trust! Avoiding a CLEO turn-down remains a valid benefit, and whatever happens we can adjust to it. While nothing is ever certain, especially when it comes to these discussions and rulings, our suggestion is to get your gun trust in place sooner than later. And we recommend you get it done through an attorney you can talk to, who writes actual gun trusts, and who can ensure that you have the latest updates from a legal perspective.

We will keep you posted on any additional changes as they go forward. But as we learned, there were over 9,000 comments submitted that they have to go through and read to determine what will be of value to incorporate. We believe this will take them some time so it may not have penalized you after all to have procrastinated on your own Gun Trust. Get it done and then you won’t have to worry about it…and it’s always nice to “check it off the list” of things you want to get done!

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