Mississippi Estate Administration

As mentioned in my previous article on the general probate process in Mississippi, the term “probate” technically only refers to the process of proving a will as valid.[1] However, it is most commonly used as a catch-all term to encapsulate the entire probate and estate administration processes, both for testate and intestate estates. The main…
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Mississippi Probate Review

Probate, a word that strikes fear into the hearts of untold masses. Everyone knows that probate is an extremely complex, time consuming, and expensive process. But is it really? Certainly, in many circumstances it can be, but such is not always the case. In this article, I will outline the basics of the probate process…
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IRS Eases Portability Late Relief with Rev. Proc. 2022-32

“Portability” is the ability of a surviving spouse to elect to add his or her predeceased spouse’s unused estate tax exemption to their own estate tax exemption. For many clients, adoption of portability in 2010 (and making portability permanent in 2012) meant that complicated estate plans could be greatly simplified. Prior to portability, any unused…
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Advanced SLAT Issues

In a previous article, we discussed the basics of Spousal Lifetime Access Trusts (“SLATs”).[1] Generally, SLATs are irrevocable trusts established by one spouse during such spouse’s lifetime with the other spouse being a beneficiary of the trust. Often both spouses will establish a SLAT, but they must be carefully structured and administered to prevent application…
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What is your Business Worth? Buy-Sells and the Connelly Case

Is your business worth more to the IRS than it is to you? Will you owe estate tax on more value than you receive? A recent tax case illustrates how this is possible.[1] It is very common, even advisable, that closely-held business owners enter into buy-sell agreements limiting transferability of interests and setting forth procedures…
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Executor Liability for Decedent’s Tax Obligations

A recent Tax Court opinion[1] highlights one of the risks of serving as executor or administrator of an estate, potential liability for a decedent’s tax obligations. The case involves application of the federal priority statute[2] applicable to fiduciaries.[3] That statute provides, in relevant part, that “a representative of a person or an estate (except a…
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