Are our NFA Gun Trusts Perpetual Trusts or Dynasty Trusts?by National Gun Trusts
Our NFA Gun Trusts include language that will extend your gun trust as long as legally possible and in certain states allow for a perpetual or dynasty trust. This is included free with our gun trusts and isn't an extra fee. Most states have a "rule against perpetuities" that stipulates when a trust has to come to an end. The common rule is that trusts could continue for 21 years after the death of the last beneficiary, who was alive when the trust was created. Other states, however have done away with their rules against perpetuities, making it possible for the trust to be a dynasty trust that can exist for multiple generations. Once the settlor of the gun trust passes away or can no longer manage the gun trust, the gun trust won't be able to purchase new NFA firearms and is irrevocable. This means for your trust to be perpetual, you will need to plan for the heritage plan that you are looking for with your gun trust. The below states allow or perpetual trusts and long-term dynasty trusts.
PERPETUAL AND LONG-TERM DYNASTY TRUST STATES:
- Alaska - Alaska Stat. §§ 34.27.051, 34.27.100 - Perpetual/1,000 years if exercise a power of appointment
- Arizona - Ariz. Rev. Stat. § 14-2901(A) - 500 years
- Colorado - Colo. Rev. Stat. § 15-11-1102.5(1)(b) - 1,000 years
- Delaware - 25 Del. C. § 503 - Perpetual for personal property
- District of Columbia - D.C. Code § 19-904(a)(10) - Perpetual
- Florida - Fla. Stat. § 689.225(2)(f) - 360 years
- Hawaii - Haw. Rev. Stat. § 525-4(6) - Perpetual
- Idaho - Idaho Code §§ 55-111, 55-111A - Perpetual
- Illinois - 765 Ill. Comp. Stat. §§ 305/3(a-5), 305/4(a)(8) - Perpetual
- Kentucky - 2010 Ky. Acts 21 §§ 1–3, 14 - Perpetual
- Maine - Me. Rev. Stat. Ann. tit. 33, § 101-A - Perpetual
- Maryland - Md. Code Ann., Est. & Trusts § 11-102(b)(5) - Perpetual
- Michigan -Mich. Comp. Laws §§ 554.91–554.94 - Perpetual
- Missouri - RSMo § 456.025 - Perpetual
- Nebraska - Neb. Rev. Stat. § 76-2005(9) - Perpetual
- Nevada - Nev. Rev. Stat. § 111.1031(1)(b) - 365 years
- New Hampshire - N.H. Rev. Stat. Ann. § 564:24 - Perpetual
- New Jersey - NJSA §§ 46:2F-9–46:2F-11 - Perpetual
- North Carolina - N.C. Gen. Stat. § 41-23 - Perpetual, but note constitutional issue
- Ohio - Ohio Rev. Code Ann. § 2131.09(B)(1) - Perpetual
- Pennsylvania - 20 Pa. C.S. § 6107.1(b)(1) - Perpetual
- Rhode Island - R.I. Gen. Laws § 34-11-38 - Perpetual
- South Dakota - S.D. Codified Laws §§ 43-5-1, 43-5-8 - Perpetual
- Tennessee - Tenn. Code Ann. § 66-1-202(f) - 360 years
- Utah - Utah Code Ann. § 75-2-1203(1) - 1,000 years
- Virginia - Va. Code Ann. §§ 55-13.3(C), 55-12.1 - Perpetual
- Washington - Wash. Rev. Code § 11.98.130 - 150 years
- Wisconsin - Wis. Stat. § 700.16(1)(a) - Perpetual
- Wyoming - Wyo. Stat. Ann. § 34-1-139(b)(ii) - 1,000 years
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