What Are The Benefits Of a Gun Trust For Estate Planning In Rapid City, SD?
As a former criminal prosecutor, I am aware of state and federal gun laws and what behavior constitutes criminal conduct. While working on estate matters for clients who had no estate plan or poorly drafted plan, I have come across situations where innocent people unknowingly violate gun laws and commit an “accidental felony.”
Consider, for example, a generic Will drafted by a father who intended to leave his entire firearms collection to his beloved son. Suppose that the son was convicted of a domestic violence offense in Rapid City, SD before his father’s death. The Will names the father’s other child, his responsible, hard-working daughter, as the personal representative (also known as an executrix). Like many children, she and her brother meet at their dad’s home to divide his personal belongings. During that process, the daughter follows her father’s wishes and gives all of the guns to her brother.
A Gun Trust Can Help Avoid Many Legal Entanglements In Rapid City, SD
This man drives the firearms across the country to his home in another state. The daughter did not have a clue that she and her brother have just committed multiple felonies. Even worse, many gun laws don’t require that the violator have knowledge of the criminal law violation: both the son AND the daughter in this case could be convicted of a federal crime and imprisoned. The poorly drafted will in this situation left no alternative gift to the son, did not name an alternate beneficiary to receive the guns, and did not in any way address the laws pertaining to the possession or transfer of the firearms.
If these firearms had been transferred to a gun trust, the criminal behavior would have been more likely avoided in Rapid City, SD, because the trust would have in black and white prohibited the transfer to the son and alerted any attorney and the personal representative to this fact. In other words, the criminal behavior could have been completed avoided by the properly drafted gun trust. There would have been no question that the son could not receive the firearms. The trust would have directed that the guns go to the father’s alternate beneficiary.
Gun Trust For Holding Onto NFA Or Class 3 Firearms In Rapid City, SD
Many clients contact me because they have read that gun trusts are useful tools to obtain and hold firearms regulated by the National Firearms Act (NFA) in Rapid City, SD. These firearms are also called “Class 3” by many gun dealers and “Title II” by those in the legal field. Sharing possession of NFA firearms through a gun trust is a wonderful benefit of a properly drafted gun trust. However, our gun trusts are designed to provide this benefit and even more: they are a legal gun safe that will alert unknowledgeable citizens and attorneys to the restrictions on the transfer and possession of firearms, they outline a plan for the gun owner’s death and also for the gun owner’s incapacity, and they create a dynasty trust for the gun owner’s children.
What Are The Benefits Of A NFA Gun Trust In Rapid City, SD
A firearms collection in Rapid City, SD may be the product of one spouse’s interest. The other spouse tolerates this interest, but does not care nearly as much about the items that have accumulated. Due to death or disability, the disinterested spouse or other family member may be forced to manage or distribute the collection. Because of the vast amount of federal and state regulations pertaining to both NFA and non-NFA firearms, a disinterested spouse may make a mistake as to the applicable laws. A violation of the applicable laws usually results in the commission of a felony.
Because an Alex Kincaid gun trust is designed with this scenario in mind, there are detailed instructions to guide a trustee in handling the assets as well as an overview of applicable laws and regulations.
The Advantages Of A Gun Trust Over A Living Will In Rapid City, SD
A firearms trust is also designed to allow for multiple users of the items held by the trust. This is in direct contrast to a standard revocable living trust in Rapid City, SD. The firearms trust specifically allows for any named trustee, successor trustee, and any named beneficiary to have the ability to use or possess the trust assets. There is even a provision that will deem any person that you are shooting with a beneficiary of the trust so that person will be in lawful possession of the trust firearms. The trust also allows for the formal appointment of beneficiaries for a limited duration with a set expiration date. These “automatic beneficiaries” and “limited duration beneficiaries” have no rights for inheritance unless they are also listed as a “remainder beneficiary” in the trust, so you can enjoy sharing your firearms without worrying that you gave away more than you intended.
A firearms trust in Rapid City, SD also has many standard trust features such as avoiding the probate process for the firearms and the public record that the court system will create. The trust creator has the ability to create and update a tangible personal property memorandum, which grants different people specific items of a collection.
What Does a Properly Drafted Gun Trust Look Like In Rapid City, SD?
When properly written, gun trusts are powerful asset protection and estate planning tools in Rapid City, SD. A well-drafted gun trust will achieve the following for the gun owner who creates the trust:
1) Ensure that friends and family can lawfully possess and transfer trust-owned firearms during the gun owner’s lifetime;
2) Create a private plan that completely avoids the court system for all firearms if the gun owner becomes incapacitated or dies;
3) Eliminates most of the bureaucracy involved when acquiring NFA firearms;
4) Helps the successors and heirs to understand the gun owner’s desires related to all the trust-owned firearms;
5) Helps the ones you care about to comply with firearms laws when they possess or transfer the firearms;
6) Assists the gun owner to own firearms in more than one state; and
7) Ensures that neither gun owner nor any loved ones commits an accidental felony.
This Article Is Provided by Attorney Alex Kincaid
Rapid City, SD The Rapid City Police Department evolved from its 'Wild West' beginnings in 1882 to a modern, technologically-advanced department. We are one of the most progressive law enforcement agencies in the region, and the only internationally accredited police department in South Dakota. We have been continuously accredited by the Commission on Accreditation for Law Enforcement Agencies since 1990.
Rapid City, SD The Rapid City Area Chamber of Commerce has been around since 1886, making it one of the oldest organizations in the West. The Chamber is actively involved in promoting public policies—in Rapid City, Pierre, and Washington, D.C.—that benefit western South Dakota. Our monthly Chamber mixers often have between 300 and 1,000 people in attendance, making them the envy of Chambers across the country and a great way to network your business.