Firearms in Estate Administration: Legal Issues, Executor Liability, Transferring Title I and II Guns, Penalties

Understanding Gun Legal Designations, In-State and Out-of-State Transfers, Use of Gun Trusts

Recording of a 90-minute CLE webinar with Q&A

Conducted on Thursday, August 20, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will guide estate planners and administrators on managing the legal challenges of firearms in estate and trust administration. The panel will discuss federal gun laws and firearm designations, issues for beneficiaries inheriting guns, in-state and out-of-state transfers, and legal ownership. The panel will also review the use of trusts and other entities to transfer guns legally, and best practices to avoid mishaps in the administration of estates or trusts holding firearms.

Description

The administration of an estate holding firearms can cause increased expenses, fees, taxes, and potential liability if mishandled. Managing guns within an estate requires an in-depth knowledge of a myriad of federal and state regulations to adhere to in order to avoid excessive fines and criminal liability.

The National Firearms Act (NFA) encompasses strict prohibitions and restrictions on the transfer of certain firearms. Prohibited possession can be actual or constructive, with zero tolerance for inadequate processes in the acquisition. Also, state laws will apply to transfers or sales of firearms within their jurisdictions. If there is an out-of-state transfer or sale of a gun, compliance with federal and state laws becomes more complicated.

Estate planners and executors must be mindful of the possibility that some beneficiaries may be ineligible to receive firearms and consider alternative methods to align with a client's intent, such as naming alternate recipients or by creating a gun trust. Trusts can legally hold the firearms and allows a trustee to lawfully possess the firearms and minimize administration issues regarding the transfer or sale of firearms during probate.

Listen as our panel discusses the classification, ownership, and transfer rules applicable to firearms, and the creation and use of guns trusts and other planning methods to ensure the proper administration of an estate holding firearms.

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Outline

  1. Firearm classification, ownership, and transfer rules
    1. Federal and state gun laws
    2. Title I vs. Title II firearms
    3. In-state and out-of-state transfers
  2. Handling the estate administration of firearms
    1. Key considerations for gifts and bequests
    2. Valuation
    3. Legal ownership
    4. Potential penalties and liability
  3. Gun trusts
    1. Key provisions
    2. Liability issues
    3. Sale or transfer of estate-held firearms
  4. Best practices for estate planners and administrators

Benefits

The panel will review these and other key issues:

  • The impact of federal and state gun laws on estate administration
  • Valuation issues for firearms and processes to overcome them
  • Transferring or selling Title I vs. Title II firearms
  • In-state vs. out-of-state transfer processes and considerations
  • Handling the estate administration of firearms outside of a trust
  • Creating gun trusts and critical provisions

Faculty

Bergstrom, Matthew
Matthew J. Bergstrom
Managing Attorney
Arsenal Attorneys

Mr. Bergstrom has 20 years of combined legal and business experience helping clients pursue opportunities and reduce...  |  Read More

Hosey, Sam
Sam Hosey
Sole Practitioner

Mr. Hosey currently practices as a sole practitioner. He discovered he wanted to be an attorney when he began...  |  Read More

Zarlenga, Michael
Michael W. Zarlenga
Attorney
The Trophy Room

Mr. Zarlengais a corporate and regulatory attorney that currently serves as the General Counsel to a venture capital...  |  Read More

Other Formats
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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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