General Practice
US Savings Bonds — When Should You Reissue Your Bonds?
June 20, 2024If you are the owner of one or more US savings bonds, it’s advisable to review your bonds periodically. Reviewing your savings bonds is important to help you understand how your bonds work, when they can most effectively be incorporated into your financial plans, and if your bonds need to be reissued or not.
Title Real Estate Correctly for Asset Protection
March 6, 2024Real Estate Title Considerations When Purchasing
It is important to title real estate correctly when purchasing it with an unmarried individual or not jointly with immediate family members. A real estate title is the legal proof of ownership for a property, and errors in titling can lead to issues in the future. Title insurance may also be affected by incorrect or improper titling.
What is a Gun Trust? Do I Need One?
June 9, 2022If you are not a gun collector, you may not have heard of the term “gun trust.” Even if you have heard of it, you may not understand what a gun trust is, how it works, or how it can be of use in an estate plan.
A gun trust is a revocable or irrevocable management trust established to hold the title to your firearms. The trust is a legal entity, it becomes appointed as the legal owner of the firearm, and ownership is shifted to the trust or bought by the trust. Revocable trusts are more common, as they can be amended during the lifetime of the grantor. A trustee is designated to administer the trust for the trust’s recipients.
What are gun trusts used for?
Although any legally owned weapon can be placed into a gun trust, these trusts are specifically used for weapons that are classified under the National Firearms Act (NFA) Title II of the Gun Control Act of 1968. Examples of these weapons would include a fully automatic machine gun or a short-barreled shotgun or a suppressor, sometimes called a silencer. The transport and ownership of firearms that are so heavily regulated can easily become a felony without the owner even knowing they are breaking the law.
Even if there are no Title II guns owned, there still may be important benefits in setting up this trust. For example, an owner of a large collection of firearms may find it easier to transfer ownership of his or her weapons to a gun trust, reasons being protection of privacy, allowing for the disposition of the collection, and addressing the possibility of incapacitation.
CDL Operator and Tickets: What are the Consequences?
June 15, 2021CDL holders can suffer dire consequences from seemingly innocuous tickets.
Commercial drivers depend on their license to make their living. Commercial driver’s licenses (“CDLs”) require those who hold them to operate their vehicles with a higher standard of care. The Pennsylvania Department of Transportation closely monitors them to assure that they do.
Even seemingly minor traffic tickets can have profound effects on someone who holds a commercial driver’s license. Some offenses can even result in lifetime disqualification for the first offense.