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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As of the release of iOS 15.2, December 13, 2021, Apple released a new feature for its users, “Legacy Contacts”.[1] Historically, estate fiduciaries could receive this information with a court order, but the new process is designed to minimize the expense of time and money associated with getting access to a decedent’s account information. So,…
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In a previous writing, I discussed the potential of an executor to be personally liable for a decedent’s tax obligations.[1] That discussion was based on lessons learned from a Tax Court opinion,[2] outlining certain steps for executors to consider in minimizing exposure to such personal liability. In 2023, in a split decision, the Ninth Circuit…
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On February 8, 2024, the Mississippi Supreme Court issued its opinion[1] regarding an issue of first impression regarding Mississippi’s Principal and Income Act of 2013 (the “Act”).[2] As a worthwhile note, the Court noted that this is an issue of first impression and acknowledged as well as appeared to oblige the parties so as to…
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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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In the Heiting v. United States[1] decision issued on October 18, 2021, the United States Court of Appeals for the Seventh Circuit affirmed a district court decision[2] to dismiss a couple’s claim for a refund of taxes, rejecting the taxpayers’ argument that the repurchase of restricted stock previously sold by their trustee was effectively a…
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