Saint George, UT -(AmmoLand.com)- Managing your firearms using a gun trust is not only a great way to share your class 3 firearms with friends and family, but also the best way to manage your collection’s inheritance.
As an estate planning tool, gun trusts allow you to specify beneficiaries who inherit the trust’s assets when it ends. This usually occurs upon the death or incapacitation of the trustor. But what if you wanted to your trust to continue after your death?
Perpetual Trusts
Perpetual trusts, also known as dynasty trusts, are designed to operate after the death or incapacitation of the trustor. In this way, the trust’s acting trustees can continue to manage, possess, and operate the trust’s assets for as long as your state will allow (in some states up to 1,000 years). Trusts that persist across multiple generations continue to provide all benefits including asset protection and management. Accordingly, NFA firearms could remain in the trust without the need for new transfers or tax stamps, making perpetual trusts significantly more convenient than regular gun trusts.
When a non-perpetual trust ends, the trust’s acting trustees (or successor) must transfer the assets to beneficiaries. This means that an ATF form 5 (tax exempt firearm transfer) would have to be filled out and submitted to the ATF for every NFA firearm in the trust. Perpetual trusts eliminate the need for these extra transfers.
In addition to the inconvenience of unnecessary transfers, it is often required to create a new trust when a non-perpetual trust ends; this is necessary when the old trust’s beneficiaries are ineligible to receive its assets, or when the beneficiaries would like the benefits that a trust would provide. Because perpetual trusts continue to operate, no new trusts need to be created.
In addition to the conveniences provided by perpetual trusts, Gun Trust Depot’s perpetual trust becomes irrevocable upon the death of the trustor. This ensures that the wishes of the trustor are carried out while continuing the operation of the trust.
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About Gun Trust Depot:
Gun Trust Depot’s attorney-drafted trusts are crafted to ensure your firearm collection’s protection for generations to come. Their simple and thorough questionnaire will guide you through the trust creation process step-by-step.
Visit www.GunTrustDepot.com to set up your perpetual trust today.