Firearms and Estate Plans

Estate plans are designed to ensure a smooth transition of a person’s assets to his or her beneficiaries while also reducing the associated taxes. Many estate planners are concerned with the transfer of real property, but overlook some tangible assets like firearms. If firearms are not properly accounted for, there is a significant risk that some undesired effects might occur. As a result, it is critical that people who want to make sure that a firearm is properly received by a beneficiary obtain the assistance of a skilled estate planning attorney. Laws Regarding the Transfer of Firearms Federal laws specifically address the issue of firearms. These laws prohibit any individual from receiving or possessing a firearm that is not registered to him or her in the National Firearms Registration and Transfer Record. Laws also prohibit the transportation, delivery, or receipt of any firearms in interstate commerce which have not been properly registered. Violations of these laws can result in people facing up to 10 years in prison and a fine of up to $250,000. Many people who have firearms with which they have a personal connection, however, might not remember to take these laws into consideration when creating an estate [...]