By Joshua Prince, Esq.
With President Obama tapping Vice President Biden to spearhead a new Gun Control Task Force, Philadelphia Commissioner Ramsey (who is not qualified to carry a firearm or wear a uniform and badge, as he is not MPOETC certified) being appointed to that panel, and the vow by Democratic leadership in the House and Senate to enact new gun regulations, I have received a lot of inquiry from clients looking to protect their firearms, accessories (including high capacity magazines) and ammunition. Unfortunately, without any actual proposed legislation, I am unable to provide legal advice on how this may affect your firearm ownership or restriction on the ability to sell/transfer those firearms and related equipment in the future. Some of my clients have expressed a concern that legislation may be enacted like in California, where the current owner can continue to possess but upon the death of the owner, must be surrendered. While I wish I could tell you that such is not the case or that even if passed the US Supreme Court would find it unconstitutional, I cannot. Also, let us not forget the Firearm Owners Protection Act (FOPA), where the Congress clearly voted down the Hughes Amendment to FOPA, yet it was declared passed by Chairman Rangel – http://www.youtube.com/watch?v=a6Mx2UcSEvQ. We are currently living in an extremely hostile environment for gun rights.
Accordingly, I have partnered with Attorney David Goldman of http://www.GunTrustLawyer.com to provide to our existing gun trust clients a multi-generational asset protection gun trust that could survive you if such legislation should be enacted, provided that they don’t make possession illegal. As it is highly unlikely that possession would be made illegal, as such would constitution a taking by the Government, this is your opportunity to upgrade to an asset protection trust at half the cost. Although an asset protection trust would typically run approximately $3000, in partnering with Attorney Goldman, we will providing them to my existing gun trust clients at a cost of $1500.00.
I am placing below all the additional benefits of an asset protection trust, which go far beyond remaining in perpetuity. If you would like to amend your current Gun Trust into a Multi-Generational Asset Protection Gun Trust, please call me today and we’ll schedule an appointment for you to discuss your needs with Attorney Goldman.
The Asset Protection Gun Trust is designed for the firearms owner or collector that is concerned about liability from their profession or personal life that may cause the loss of the firearms. In addition this Gun Trust can be structured for multi-generational use so that your kids, grandkids, and future generations can use the same trust and have the same protections. The Multi-Generational Asset Protection Gun Trust uses Asset Protection techniques that can protect the firearms and other assets in the trust from your creditors as well as the creditors of your beneficiaries. Because of the complexity and cost involved with this trust, it begins to make sense for those with $25K in firearms or where the individual desires for the trust to exist for future generations.
All of the Gun Trusts are designed for both regular firearms and Title II Firearms. Many of the same issues exist for regular firearms as well as the more restricted firearms.
Here are some of the more significant differences in the trusts
Types: Gun Trust Multi-Gen Asset Protection Gun Trust
Price $650 $3000
Created by Gun Trust Lawyer® Yes Yes
Customized for you by Lawyers Yes Yes
Ability to act without others Yes Yes
Special Veto Powers Yes Yes
Asset Protection – Protects guns from:
(except for fraudulent conveyance or fraudulent transfers)
Your creditors No Yes
Your beneficiaries creditors Some Yes
Lawsuits Against You No Yes
Bankruptcy No Yes
Divorce No Yes (if spouse signs waiver)
Disqualifying you from
Government Benefits No Yes
Authorized Users (included) 15 Unlimited
No EIN or Separate Taxes Yes Yes
Multiple Beneficiaries Yes Yes
Charitable Gifts to NRA Yes Yes
Multi State Users Yes Yes
Multi State Use Yes Yes
Multiple Owners Yes Yes
Multiple Trustee Levels No Yes
Good for all Firearms Yes Yes
Form to Add Trustees No Included
Form to Remove Trustees No Included
Form to change States No Included
Form to allow for self No Included