For those of you out there wondering just what is going on with the estate tax right now, here’s a good article by Kathy Kristof with a synopsis of what’s happening with the tax and what you might expect in the future. With these fluctuations in the estate tax, now is the time to plan your estate. If you already have a will, visit an attorney and review it to make sure your estate is protected for 2011!
Posts Tagged ‘Last Will & Testament’
Estate Tax Update
Tuesday, March 9th, 2010Deceased Mayor Melton Died Intestate
Thursday, August 20th, 2009Deceased former Jackson mayor Frank Melton couldn’t stay out of court the last few years of his life and he left the door wide open to stay in Court even after his death since, according to this article in the Clarion Ledger, he did not have a Last Will & Testament. For a man of Melton’s wealth, dying intestate (without a Will), was really inexcusable, especially with his seemingly complex family situation. Melton lived in Jackson, and his wife lived in Texas.
Melton’s estate is being probated in Texas, even though he claimed to be a resident of Mississippi, lived in Mississippi, and died in Mississippi. Had the estate been probated in Mississippi, his children would have stood to inherit a third of his estate, but according to Chris Joyner’s article, Melton’s wife stands to inherit more by probating the Will in Texas. In some situations, a mess like this would lead to a contested estate. In this case it has not. Yet.
A Last Will & Testament could have clarified the jurisdiction issue by a declaration of residency. It could also have settled any questions regarding the distribution of Melton’s assets among his heirs.
How would Melton want his estate dispersed? In all likelihood, no one will ever know, because he died without a Will.