New rules will make it even more difficult to pass certain firearms from generation to generation through a gun trust.
Machine guns and silencers are difficult to transfer from person to person and it is about to become even more difficult as Private Wealth reports in “It Will Soon Get Tougher To Create A Firearms Trust.” A transfer between persons now requires notice to the federal Bureau of Alcohol, Tobacco, Firearms and Explosives as well as a $200 transfer fee and the approval of local law enforcement officials. Fingerprints and background checks must also be obtained.
Gun trusts have offered a way around many of those burdens and allowed families to pass on their firearms without having to cut through too much red tape.
As of July 13, 2016, new rules will be in place that will make transferring firearms into a gun trust more difficult. Every “responsible person” in the trust will need to go through fingerprinting and background checks. This includes the trust grantor, trustee and some beneficiaries. Notice will also need to be given to local law enforcement, however they will not need to sign off on the transfer.
Fortunately, gun trust applications received before July 13, 2016 will be grandfather into the current rules.
A wills and trusts attorney can offer advice on the proper transfer of firearms.