With many still stuck at home or only working limited hours at work due to COVID-19, this may be the perfect time to amend your gun trust, will, and other estate planning documents to ensure that they take into account the changes resulting from ATF-41F, situational changes in your life, and additional protections that we continue to add to our gun trusts and estate planning devices.
For example, since the implementation of ATF-41F, many of our clients have elected to amend their trusts to remove excessive trustees, so to streamline future ATF Form 1 and 4 applications. We have also had a number of clients who have lost loved ones or separated from spouses/significant others and therefore needed to update their gun trust, will, and other estate planning devices (as well as their power of attorney) to ensure that their desires are carried out. We’ve unfortunately also had to administer several gun trusts, where clients did not update their trusts in such situations and which has resulted in significant costs in the administration of the trust and contests by individuals (or their estates), who attempt to claim a right to assets within the trust. If the settlors had been proactive, most, if not all, of the additional administration costs and challenges could have been avoided.
We have also continued to update our trust with protective provisions, such as our springing irrevocable provision, which attempts to protect the trust assets against judgment creditors of the settlor. Also, consistent with ATF-41F, which permits a tax-free transfer to a named beneficiary, we have updated our trust to permit the beneficiary to elect to have his/her trust be designated as the beneficiary.
Thus, while you have some spare time, this is likely the perfect time to review your gun trust, will, and/or other estate planning devices and determine whether it is time to amend them.
If you would like to update your gun trust, will, or other estate planning device, contact Civil Rights Defense Firm today to discuss your options.
Firearms Industry Consulting Group® (FICG®) is a registered trademark and division of Civil Rights Defense Firm, P.C., with rights and permissions granted to Prince Law Offices, P.C. to use in this article.
Published by Joshua Prince, Esq.
With our 2nd Amendment rights being attacked at both the Federal and State level, and the ATF (Burea of Alcohol, Tobacco, Firearms, and Explosives) trying to close down FFLs (Federal Firearms Licensees) for minor infractions while making FFLs the scapegoat when the ATF's records are inaccurate, I want to take this opportunity to introduce myself. I am one of only a handful of attorneys across the US that practices in the niche area of law known as firearms law. I decided to concentrate my legal practice on firearms law not only because I am a shooter and firearms enthusiast, but also to ensure that our inalienable Right to Keep and Bear Arms is never encroached upon.
I handle cases at the Federal and State level for both FFLs and individuals. At the federal and state levels for individuals, I actively defend the 2nd Amendment of the US Constitution and Section 21 of the PA Constitution, as well as, help individuals with:
- License to Carry Firearms Denials;
- Challenges to Erroneous PICS Denials;
- Relief from Firearms Disabilities;
- Estate Planning Advice;
- Gun/NFA Trusts; and
- 42 USC 1983 Actions for Deprivation of Civil Rights
At both the state and federal levels, I represent FFLs and SOTs throughout Pennsylvania and the US regarding:
- ATF Compliance Inspections;
- Warning Letters and Hearings;
- FFL Revocations;
- Corporate Structure Advice
- Indoor/Outdoor Range Implementation; and
- Forfeiture Proceedings
In following my love for firearms and firearms law, I have taught several Continuing Legal Education (CLE) seminars on Firearms in Estates and Trusts and Firearms Law 101 for several Bar Associations, including Berks, Cumberland, and Dauphin Counties. I also planned and taught several Firearms in Estates CLE classes for the Pennsylvania Bar Institute (PBI).
While at Widener Law School, I was a member of the Widener Law Journal. I wrote an article on the Inaccuracy of the National Firearms Registration and Transfer Record (NFRTR). I also had an article published on Fee Disputes in Workers Compensation cases in the Widener Law Journal, Volume 18, No. 2.
You can often find me posting on several internet forums, including Subguns, Uzitalk, AR15, and PAFOA. I also hold PA Firearms Law classes for local ranges to inform the public on the firearm laws of the Commonwealth.
Following in my father's footsteps, I am also a Board member for the Pottstown Police Athletic League (PAL).
View all posts by Joshua Prince, Esq.