You may face some tax consequences when you make a small innocent mistake when it comes to taxes and paying them, but if you make one regarding guns and your gun collection, you can end up facing felony charges.
So, if you own a gun or you know anyone that does, make sure they have a gun trust. But what is a gun trust and why do you need one? Whether you are or aren’t a gun collector the term may still be an enigma to you.
What is a gun trust?
A gun trust is a management trust that can be both revocable and irrevocable and its purpose is to take the tile to firearms. The most popular is the revocable trust because, during the lifetime of the grantor, they can be changed and amended.
Any legally owned gun can be put into a gun trust.