Gun Trusts and the possibility of a new ban

[sbmania]

Looking for comments on the possible ramifications of a gun trust in view of any possible new AWB's. Some time back, I set up an NFA gun trust with the help of Prince Law. Although I have yet to use it for the purchase of an NFA item, I recall that I was told that "Trustees" aka, other family members or others I designate, would share ownership of any guns in the Trust. This avoids any issues relating to inheritance, inheritance taxes, and federal transfers of classified firearms upon my eventual death. At least, that is my non-lawyer recollection of what was discussed.
Can anyone comment if a gun trust would be an appropriate way to avoid any issues of non-inheritance of banned weapons should a new ban pass with grandfathering for current owner only?
If this is an appropriate work around, what timing issues will factor in as far as adding firearms to the trust? How should one go about this? Thanks!

[cgbudde]

Contact Joshua Prince and Gunlawyer. Gun Lawyer is a member of this forum. I also have a NFA gun trust that Joshua Prince set up for me and resently I was informned that he is parternering with gunlawyer to upgrade the trus tfor non NFA items.

[sbmania]

Is it your understanding that the upgrade is to address any possible ban issues? It seems like a trust would be a great way to side-step any ramifications of the ban.
My plan would be to consult with Prince and/or Gunlawyer if in fact this is a viable path forward. I am concerned about the timing of adding items to the trust and when this would have to occur prior to a ban being enacted.
Hopefully, if enough of us contact our representatives (I have written all 6 for my district), a ban will not occur. But forewarned is forearmed, as the saying goes. I like being proactive.

[nick060200]

please keep an update on this, im looking into the same thing. i was going to get one for NFA items but never had a problem with CLEO sigs. in DE county. i would also like to know if transferring all my firearms to the trust would be a good option.

[sbmania]

Is Josh or anyone else out there reading this and able to render an opinion on this topic? Also, will changes to an NFA Trust be needed to address this issue?
I'll be happy to set up some time with appropriate legal counsel to take the necessary steps. I'm just trying to first see if this idea has merit, or if I'm wasting my time.

[ddefazio]

Tagging out of interest. Trusts always seemed pointless to me but I would love to get some clarity.

[ungawa]

You already have the trust, so it's not like you need information to make a decision. There is not even a bill yet to gauge it against, so nobody knows for sure.

[tlnzz1]

For anyone who set up a trust, could you give a ballpark figure on the cost? Thanks to anyone who replies.

[nick060200]

For anyone who set up a trust, could you give a ballpark figure on the cost? Thanks to anyone who replies.

ball park $300-700 depending if the lawyer charges by the hour or a flat rate for something like that.

[SigForLife]

As ungawa stated, it is impossible to state or give advice on whether it is possible to circumvent any new regulations/laws; however, assuming that the Government's new law/regulation doesn't support and authorize the taking of existing firearms, in Pennsylvania, we can have a perpetual trust that will exist until the end of time, so that no future "transfers" would occur. Similar trusts are sometimes referred to as dynasty trusts. The trust would simply continue to hold the assets until the world no longer exists or a court dissolves it, the later of which is very difficult for a court to do. This is complex, as the table of consanguinity needs to be considered and all possible occurrences, so that the trust can continue to provide for generations to come.

If anyone hasn't seen Diane Feinstein's latest brain child for a new AWB, see it here - http://www.feinstein.senate.gov/publ...ssault-weapons.