Gun owners and enthusiasts will have to wait longer to learn the government’s decision regarding gun trust changes. Our gun trust attorneys reviewed possible changes to federal gun trust administration during the summer of last year when they were introduced by the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF). Due to the government shutdown and compliance issues with the commenting period, the regulation changes were delayed.
The public anticipated a decision by June 2014, but several weeks before then more amendments, objections, and opposition caused additional delays. Officials then planned to announce revisions in January 2015, however, the American Suppressor Association recently met with the ATF where a new target date was discussed. ATF officials estimate “May 2015 at the earliest” for announcing gun trust regulation revisions.
More than 8,500 comments were submitted for 41P and the ATF is responding in writing to every comment. According to their officials, the comment response for 41P was historic. No prior item has garnered a response of this magnitude.
Since we must continue to wait for final decisions, individuals have more time to learn about gun trust benefits and create a trust before the likely changes create cumbersome administration requirements and delays. Some other items to discuss with a gun trust attorney:
- Gun insurance. Read about legislation that passed this year for Florida gun insurance requirements.
- Gun trust features. Not all trusts are the same. Our lawyers review the many features that may be included in NFA gun trusts.
- Limitations of revocable living trusts. Some individuals believe funding a standard living trust with firearms is a smart estate planning move, however, there are several restrictions and liabilities.