The Obama administration recently announced new provisions aimed at preventing gun violence. One key stipulation will require gun sellers to have proper licensing and qualifications necessary to conduct background checks on potential buyers. The new provisions will also require both manufacturers and sellers to report lost firearms to federal authorities.
The president also ordered the FBI to hire 230 additional examiners and personnel to process background checks on a 24/7 basis, while the Bureau of Alcohol, Tobacco, Firearms, and Explosives established a new investigation center to monitor illegal gun trafficking online.
Gun rights advocates criticized the administration’s decision to bypass Congress in an effort to quickly establish these new provisions. On January 4, Obama sent out a tweet reading, “The gun lobby may be holding Congress hostage, but they can’t hold America hostage. We can’t accept this carnage in our communities.”
House Speaker Paul Ryan (R-Wis.) released a statement regarding the plan, which reads, “The president is at minimum subverting the legislative branch, and potentially overturning its will… This is a dangerous level of executive overreach, and the country will not stand for it.”
What Does Obama’s Executive Action Mean for Gun Owners?
The new provision won’t affect current gun owners or their property. That’s really important to understand! The shifting political debate over what “responsible gun ownership” entails, however, underscore the need for useful estate planning instruments, such as gun trusts.
A gun trust is created and predominantly used for the acquisition and ownership of firearms. It can prevent gun owners from being subject to increasingly strict regulations. This is because the items in the trust are not transferred to an individual; they are for all intents and purposes owned by the trust itself. All that said, a gun trust can also be an effective estate planning tool designed for acquiring and transferring items regulated by the National Firearms Act.
Gun control laws are continuously evolving in America today, causing some gun owners to live in a state of undue anxiety over their personal and property rights. Please understand that President Obama’s recent executive actions are very minor in scope, and they are not intended to impinge on the rights of law abiding, responsible gun owners.
Our goal at ILP is to help alleviate the anxieties of our clients by taking legal precautions to protect property rights and shield people from creditors and predators and uncertainty. For questions regarding new gun control regulations or general information about protecting your legacy and assets, contact our firm today at (800) 827-7784.