In the realm of estate planning 2010 was a uniquely good year, because for the first time since it was enacted in 1916 there was no estate tax. This levy was repealed for one year due to a provision included in the Economic Growth and Tax Relief Reconciliation Act that was passed back in 2001. [...]
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News & Updates
Mississippi currently participates in a Medicaid waiver program that will pay for in-home care. This is a good program that permits families to care for loved ones in home at a much lower cost than the institutional care provided in nursing homes. The patient prefers to be at home, the family prefers the family member [...]
It is understandable that planning for the possibility of death or incapacitation would be one of the last things on your mind when you are a young adult. However, the fact remains that as soon as you are married and have your first child, you have a family that is depending on you. From that [...]
In the parlance of estate planning, a QPRT is a qualified personal residence trust, and they are used to remove the value of your home from your estate for tax purposes. Let's say that you plan to leave your home to your daughter after you pass away. You place the house into the trust, and [...]
There are some activities that you engage in with the full knowledge that these are ongoing processes, and others that would seem like one-time events. Because a lot of people put off planning their estates for any number of reasons, when they finally get around to it drawing up a plan can seem like a [...]
When you are inventorying your assets as you plan your estate, it is a good feeling to recognize that you are in a position to give something back through ongoing charitable giving. Giving to your favorite charities is indeed its own reward, and there are those who feel that a growing wave of philanthropy may [...]
Are you in the beginning of your estate planning process? If so, here is an essential checklist to guide you through the process of creating a Last Will and Testament. Enumerate Your Belongings The first step of the estate planning process is to list your estate holdings. When you list your assets you will also [...]
Did you now that a Reciprocal Will is sometimes called an “I Love You Will”? This is because each spouse creates a Will that leave everything to the other spouse upon death. If you have an “I Love You Will”, you should know the truth about your Will and what it does and doesn’t do. [...]
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Probate, Wills
If you haven’t created a Last Will and Testament or another estate document such as a Living Trust, to settle your affairs, you should be aware of what will happen to your estate when you pass away. The good news is that, if you have not done a will for yourself, the state of Mississippi [...]
When creating an estate plan, it is important to consider all of your options. If you are married, you may want to think about an A/B Trust. This Trust will divide your assets into two shares - the "A" share and the "B" share, at the first of you or your spouse to die. Doing [...]
