Mestayer & Associates have extensive experience with estate planning and hold an additional degree in taxation law. Trusts are useful for any socioeconomic class. A trust has four components: the trustmaker, the person who creates the trust; the benefactor, the person(s) who receives the assets; the successor trustee, who ensures that the assets and property are distributed as intended; the assets themselves, whether money or property. With dozens of different trusts options available to you, Mestayer will guide you through the process of estate planning to ensure that your assets are distributed as you see fit. Call us, Mestayer & Associates, today to begin the estate planning process.
The state of Mississippi does not presently have an estate or inheritance tax, but federal estate taxes may apply if the deceased left a large sum of assets. A state’s estate tax may still apply if property or assets are inherited from another state where such taxes do apply. Additionally, certain types of trusts may be subject to probate, which determines that all applicable taxes and fees are paid. Mestayer will ensure that you keep the maximum amount of your inheritance, or help you craft a will to ensure that your assets are distributed as you see fit.
There are dozens of different types of trusts available to distribute assets. The most common types of trusts Mestayer handles are testamentary, special needs and charitable. All types of trusts are each subject to different types of processes. Additionally, trusts are either one of two types: revocable trusts and irrevocable trusts. Revocable trusts, also known as living trusts, are written while the trustmaker is still alive. These types of trusts are helpful to avoid probate. An irrevocable trust cannot be altered or revoked after is creation, and the benefactor revokes all right to the assets, whether alive or deceased.
A special needs trust is written so that the person who obtains the inheritance will still also receive government benefits. A testamentary trust is described in a will and only applies after the creator’s death. A charitable trust allocates a portion of assets to a chosen charity and is not tax deductible. A spendthrift trust gives an independent trustee control over how funds are spent for the beneficiary. The Tax Bypass Trust leaves assets to a spouse and helps prevent excessive federal estate taxes when the surviving spouse also passes. A Totten Trust is created while the benefactor is still alive, and is not complete until the benefactor’s death.
Call Mestayer & Associates today to schedule an appointment and begin the process of estate planning.