In 2014, Mississippi enacted the Mississippi Qualified Disposition in Trust Act,[1] which amended the former provisions of the Mississippi Trust Code to allow the creation of a “qualified disposition trust,” also known as a domestic asset protection trust (“DAPT”). Generally, assets placed in trust by someone other than a beneficiary are protected from such beneficiary’s…
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Estate planners and tax practitioners have been utilizing incomplete non-grantor trusts, or “ING” trusts, with increased frequency. ING trusts can be utilized for a number of reasons, including, but not limited to, federal income tax planning,[1] asset protection, planning for qualified small business stock benefits, income shifting through distributions to descendants, and others. While this…
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In trust planning, it is common that a trust beneficiary is appointed as trustee. A lot of confusion surrounds the consequences of appointing a beneficiary as his or her own trustee. On one hand, I have heard people say it is not allowed to have a beneficiary serve as trustee. On the other hand, I…
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