Who will obtain possession of your firearms when you pass away? For Michigan residents who own firearms or suppressors that are required to be registered by the National Firearms Act (NFA), that question may not have a simple answer. If you own pistols in the State of Michigan and want to transfer your guns to friends or beneficiaries who are not legally allowed to possess them, the fate of your firearms may be in question. If you have a class 3 firearm license (Federal Firearms License), then you know it is illegal to hand over your weapons to anyone to use or store them for you. This means that taking your friends, colleagues, or family members shooting with your weapons is a felony. However, this law goes out the window when you are armed with a gun trust. It allows any of your trustees and beneficiaries to legally operate and possess any of your weapons.
The trust also facilitates the easy removal and addition of trustees and beneficiaries. So, taking your loved ones for a shooting adventure is just one signature away. Moreover, they can store your class 3 weapons for you.
Upon requesting for the acquisition of a firearm, you are typically required to visit your local Chief Law Enforcement Officer (CLEO) for fingerprinting and approval. This is where a Michigan NFA Trust comes into play, acting as a legal entity for buying NFA registered guns, thereby avoiding the requirement of obtaining the CLEO signature. While the NFA weapons could also be owned by a corporation or LLC, trusts do not require annual filing fees, public disclosure, or a separate tax return.
Beyond avoiding the CLEO signature requirement, a Michigan NFA Trust can allow you to name multiple trustees, who are all allowed to legally possess the NFA weapon. And if one of the trustees becomes prohibited from possessing the weapon, the trust would not have to transfer that weapon. The possible penalties of possessing an illegal weapon include up to ten years in prison, a fine of up to $250,000 and confiscation of your weapon – all of which could be avoided through a multiple trustee Michigan NFA Gun Trust.
If you are in need of a gun trust, or just want to know if a gun trust is right for you, please give us at Entrusted Estate and Asset Protection, P.C a call at 248-781-8338 to schedule a free consultation with one of our knowledgeable attorneys. We would love to help you protect your firearms and have them passed on safely and legally.