Estate Planning in Grand Rapids Mi, in general, consists of many tools and devices to protect an individual’s estate from probate or creditors. A gun trust is one of the tools used to protect gun owners from not only probate or creditors but, liability associated with being a gun owner. What do I mean by this?
An NFA (National Firearms Act) Trust or gun trust can help individuals from giving their guns to beneficiaries, who by law should not inherit weapons. Those unable to own guns or inherit guns are minors (under 21 years old), convicted felons, anyone with a history of mental illness/drug addiction, anyone convicted of a misdemeanour for domestic violence and an individual who was dishonourably discharged from the military.
Your gun trust allows you to pass on your weapons to those who by law can possess a weapon. Your gun trust also allows you to name multiple trustees who may lawfully possess your firearms, such as a spouse, without requiring additional paperwork.
A further purpose of an NFA Trust (gun trust) is to regulate the current possession, use and transfer of Title II weapons. Title II firearms include machine guns, short-barreled rifles, shotguns, silencers (suppressors), and other “destructive devices.” However, your gun trust is not limited to Title II weapons; you may also transfer other firearms into the Trust.
The State of Michigan has restrictions for Title II firearms. For an individual to obtain a Title II firearm, they must submit fingerprints, a photograph, register with the Bureau of Alcohol, Tobacco, and Firearms and Explosives (BATFE), pay a $200 application fee and obtain the signature of the Chief Law Enforcement Officer (CLEO) from the county where you reside.
Please note, it can be challenging to get a CLEO signature. The process for an individual is strenuous. However, the process for an entity or Trust is not nearly as challenging to manoeuvre.
An NFA trust does not require the signature of a CLEO. This makes possessing or purchasing a Title II weapon a lot more attainable. As stated earlier, the Trust also protects the gun owner from accidentally leaving firearms to an individual who by law cannot own or operate a gun. Again, the NFA trust allows the owner to list many trustees in their Trust, which helps their spouse, adult children, friends, etc. the ability to possess or handle their firearms.
At the Law Office of Sean Patrick Cox, PLLC, our attorneys proudly serve West Michigan gun owners in drafting their estate plans to avoid these types of situations.
We offer free consultations, Call Today (616) 942-6404