Make a mistake when inheriting an IRA and you might face tax consequences. Make a mistake when inheriting a gun collection, and there's a chance you could face felony charges. Therefore, anyone who owns a gun, may want to consider adding a gun trust to their estate plan.
The simplest definition of a trust is a three-party fiduciary relationship between the person who created the trust and the fiduciary for the benefit of a third party. The person who created the trust is known as the “Settlor” or “Trustor.” The fiduciary, known as the “Trustee,” is the person or organization with the authority…
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.