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Former Mayor of Jackson Dies with Sizable Estate and no Will

The late Mayor Frank Melton died leaving a sizable estate with assets in both Mississippi and Texas. Despite his considerable means, Melton died without a will.  Texas is a community property state, whereas Mississippi is not, which may result in some differences as to how assets are distributed, depending on the state in which they are located.  It does not appear at this time that Melton had a taxable estate and lost out on significant tax savings like Steve McNair did.  However what is clear is that his estate will require probate in both Mississippi and Texas, which will increase the cost of overall estate administration significantly.  Had Melton placed his assets into a Revocable Living Trust the duplicated court proceedings could have been avoided, saving his estate thousands in legal and administration fees.  If you would like to discuss whether a Revocable Living Trust would benefit your family, please feel free to email me or call for an appointment.  

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