Tag: ESA

Prenuptial Agreements in Mississippi: Legal Technicalities and Practical Considerations

Estate Administration, Estate Planning

Prenuptial agreements, having long been viewed between a frame of practicality and social hesitation, have steadily gained traction as couples seek to define their financial rights and obligations before entering marriage. In Mississippi, these agreements carry significant practical and legal weight, but unlike many states, Mississippi has not adopted the Uniform Premarital Agreement Act. Instead,…
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Charitable Deductions (and Others) Must Be Properly Substantiated!

Cases, Charitable Giving, Income Tax, Tax, Tax Controversy, Tax Court

We’ve written on this topic many times,[1] but it’s worth repeating as it routinely costs taxpayers their charitable deductions. Charitable contributions must be properly substantiated in accordance with IRC Section 170 and the related Treasury Regulations. At issue in this case is the contemporaneous written acknowledgment required for cash donations more than $250 which must…
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Inter Vivos QTIP Trusts: A Strategic Estate and Asset Protection Planning Option

Uncategorized

Estate planning requires the careful balancing of family priorities with tax and asset protection concerns, and the tools available to practitioners to address these priorities and concerns change over time amid legislative reforms and judicial determinations. Among the tools available to practitioners, the inter vivos Qualified Terminable Interest Property trust, aka the inter vivos “QTIP”…
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Loss of Deceased Spouse Unused Exclusion

Estate Administration, Estate and Gift Tax, Fiduciaries, Regulatory, Revenue Procedures, Tax, Tax Controversy, Tax Court

In a recent case out of the Tax Court, a surviving spouse’s Estate was denied the portability of the Deceased Spouse’s Unused Exclusion (“DSUE”) from the decedent’s spouse who had passed away two years before the survivor.[1] The Estate Tax Return (“706”) for the decedent’s spouse, while filed,  was not “complete and properly prepared” and…
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A Costly Miscalculation: Civil Fraud Penalties in Beleiu v. Commissioner

Cases, Income Tax, Tax, Tax Controversy, Tax Court

In Beleiu v. Commissioner, T.C. Memo. 2025-70, the Tax Court sustained civil fraud penalties under Internal Revenue Code (“IRC”) § 6663 against the taxpayer for tax years 2012 through 2014. While the deficiencies themselves were not disputed by the time of trial, the heart of the controversy centered on whether the underpayments stemmed from fraud.…
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Too Large to Overlook – The Increased Benefits of QSBS after the “One Big Beautiful Bill”

Income Tax, New Legislation, Tax

In a previous article, The Often-Overlooked Benefits of Qualified Small Business Stock, I discussed the significant benefits available to taxpayers holding qualified small business stock (“QSBS”), which is defined under Section 1202 of the Internal Revenue Code (“IRC”). While significant then, the recently enacted One Big Beautiful Bill (“OBBB”)[1] amended IRC § 1202[2] to substantially…
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Trust and Estate Beneficiary’s Right to Information Under Mississippi Law

Estate Administration, Estate and Trust Controversy

Clients often ask about the protections that their children and/or other beneficiaries of their estate plan possess, particularly when discussing their fiduciary appointments and the safeguards in place to ensure such fiduciary fulfills their duties to the beneficiaries. While the specific discussion and citations in this article are limited to rights of beneficiaries in Mississippi,…
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