Tag: Law

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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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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Recent Microcaptive Case Undermines Promoted Structure

Asset Protection, Business Transactions, Cases, Income Tax, Tax, Tax Controversy, Tax Court

A recent Tax Court decision underscores an increasingly rigorous examination of Section 831(b) microcaptive insurance arrangements.[1] This ruling may be insightful to taxpayers considering or currently operating microcaptives, has broad implications for businesses seeking legitimate tax incentives created by Congress. Overview of the Case The case at hand involves the Internal Revenue Service’s (“IRS”) rejection…
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What are the Income Tax Consequences of Bequests?

Estate Administration, Estate Planning, Fiduciaries, Income Tax, Tax

When receiving a bequest, many people question whether they will be subject to income tax.[1] As a basic matter, an individual’s income “does not include the value of property acquired by gift, bequest, devise, or inheritance.”[2] However, that does not mean the individual receiving assets by bequest has no income tax consequences to consider. Those consequences…
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Legacy Contacts and Digital Supplementation to your Estate Planning

Current Events, Elder Planning, Estate Administration, Estate Planning, Fiduciaries

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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Navigating Gift Tax and QTIP: A Landmark Case

Cases, Estate Administration, Estate and Gift Tax, Estate Planning, Fiduciaries, Revenue Rulings, Tax, Tax Court

In a recent decision, the Tax Court addressed the complexities of gift tax and qualified terminable interest property (“QTIP”) rules, providing important insights for estate planning professionals and taxpayers alike.[1] The case centered on the interpretation of provisions related to the taxation of transfers between spouses, and in this context, termination of QTIP interests and…
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