Hold on to your hats because this is a tough subject. If your estate plan involves irrevocable trusts, understanding how long-term capital gains are taxed inside the trust is important. In general, federal income taxation is segregated into three broad categories: income, short-term capital gain, and long-term capital gain. An example of income would be […]
Several laws are currently being considered impacting gun owners. We suggest to our clients to consider making all future firearm purchases (Title I or Title II) in the name of their trust through a trust banking account and a properly executed for 4473 identifying the trust/trustee. On the Federal level, the House has passed H.R. […]
I wanted to know about possibly moving to other states with your Colorado NFA trust / title II equipment. I understand that the Colorado NFA trust will not provide any legality in in terms of owning title II items if a state prohibits them, but say I move to a state that does allow title II. How difficult would it be to amend or file?
Prior to July 1, 2013, funding a Colorado revocable trust with Title I firearms was easy and uncomplicated. A generic bill of sale transferring all of the Trust Maker’s (i.e., Settlor’s) personal property transfers any currently owned, Title I firearms and accessories.
Frequently asked questions about Colorado NFA Trusts.
More Frequently Asked Questions about Colorado NFA Trusts. Part II this time.
Do you need a Colorado Gun Trust of a Colorado Gun Trust Lawyer? There are certain restrictions and regulations that apply to the purchase and ownership of Title II Firearms, which are firearms regulated by the federal government pursuant to the National Firearms Act (“NFA)”). When individuals purchase a Title II Firearm, the Chief Law […]
The Colorado State Patrol has published an FAQ page about Colorado gun laws.
So, you have never heard of an NFA Trust? A little history lesson may help you understand why NFA trusts exist and who creates NFA Trusts to hold Title II firearms.
We are often asked whether a Colorado NFA Trust can be used in another state. Or, if the trust creator (Settlor) moves over the course of their life, can they keep the same trust or would they have to establish new a new NFA Trust in the new state and pay the $200 transfer fee per item? The short answer is yes, the person can usually keep their trust.