If you have a firearms collection you intend to pass to friends or loved ones, it's essential to consult with a competent attorney to create a proper plan.
Important Awareness Areas
Federal and State Laws
Both federal and state laws can impact your situation—you need to understand how these might affect you.
NFA Items
If your collection contains NFA (National Firearms Act) items, be very careful about how those firearms are passed to beneficiaries.
Serious Penalties
NFA items are governed under federal law with substantial penalties for violations:
- Up to $250,000 fine
- 10 years in jail
- Felony conviction
Essential Action
It's crucial to consult with an attorney about the best way to pass on your firearms collection to ensure legal compliance and protect your beneficiaries.
Include firearms planning as part of your comprehensive estate planning strategy.