Articles Posted in Gun Trusts

What is a Gun Trust and Should Texans Get One?

Published on: January 13, 2021 | By McCulloch & Miller, PLLC

The firearm industry is heavily regulated, and a mistake during the ownership transfer of a firearm can become a felony. A gun trust can prevent these errors from occurring. But because gun trusts are not well-known, many people have questions about what a gun trust really is, and if they would benefit from getting one.

What is a Gun Trust? What Does a Gun Trust Do?

A gun trust is a term for a revocable or irrevocable trust to take title to firearms. In practice, this allows the orderly transfer of the weapon upon the death of an individual to their designated beneficiary.

Why You May Need a Gun Trust if You Own Guns

Published on: February 11, 2019 | By McCulloch & Miller, PLLC

Gun owners, you may own guns to protect your family or because you admire the workmanship or history of firearms. However, without a gun trust, your heirs may face a surprising consequence.

Mistakes with inherited IRA accounts can become expensive, but the penalty is financial. Inherit a gun collection without the necessary permits, and you could unwittingly commit a felony. Gun collectors need to prepare their heirs, if they intend to pass on their firearms, and they may also need a gun trust.

Kiplinger’s recent article, “Own a Gun? Careful: You Might Need a Gun Trust,” explains that a gun trust is the common name for a revocable or irrevocable management trust that’s created to take title to firearms.