If you have a firearms collection that you intend to pass on to friends or other loved ones someday, it’s essential that you consult with a competent attorney to put together a plan that’s going to address those firearms. There’s certain red flags that you, your attorney, and anybody else involved in the plan need to be aware of. First thing is you have both federal and state laws that can come into play, and you need to understand how those might impact you. The second thing is, if your firearms collection contains NFA items – NFA standing for National Firearms Act – you need to be very careful about the manner in which those firearms are someday passed on to your beneficiaries. NFA items are governed under federal law, and the penalties for running afoul those laws are quite substantial. We’re talking about things of up to a quarter of a million dollar fine, ten years in jail, and a felony conviction, so it really is essential that you consult with an attorney about the best manner in which to pass on your firearms collection.
