Gun collecting and Estate planning

[Reggie B]

Trusts have different purposes but I will assume that you are putting assets in trust to provide an income stream for your beneficiaries. Since collectibles such as firearms only produce income by liquidation it will complicate things such as determining when and how they will be liquidated. Complications generally mean added costs as well. So I would liquidate the ones you would put into trust and invest the proceeds in income producing assets. Trusts can be simple or quite complex depending on your goals, your asset values etc.

[Wilmurt]

From what I understand, our trust is being set up to keep the assets out of probate court and as a means to reduce estate taxes and not to produce income. Our home and other high dollar assets will be put into the trust too. Was just wanting to how others include their gun collections in their estate planning.