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Tommy W. Defer

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The Law Office of Tommy W. Defer was established in December 2003, and is located in the City of Water Valley, Mississippi (just 20 miles South of Oxf... (more)

Clifton Reed Easley

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Floyd M Melton

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LEGAL TERMS

DOWER AND CURTESY

A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') ... (more...)
A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') refers to the portion to which a surviving wife is entitled, while curtesy refers to what a man may claim. Until recently, these amounts differed in a number of states. However, because discrimination on the basis of sex is now illegal in most cases, most states have abolished dower and curtesy and generally provide the same benefits regardless of sex -- and this amount is often known simply as the statutory share. Under certain circumstances, a living spouse may not be able to sell or convey property that is subject to the other spouse's dower and curtesy or statutory share rights.

INTESTATE SUCCESSION

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

SWEARING MATCH

A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

PREDECEASED SPOUSE

In the law of wills, a spouse who dies before the will maker while still married to him or her.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

SAMPLE LEGAL CASES

Joel v. Joel

... 10. Jimmy's will devised his property to two trusts, with his attorney, Meador, as trustee of both. Debbie was executrix of Jimmy's estate. ... 684, 690-91, 78 So.2d 758, 760 (1955) (quoting 54 Am.Jur. Trusts § 225). [16] Allred v. Fairchild, 785 So.2d 1064, 1068 (Miss.2001). ...

IN THE MATTER OF ESTATE OF BAUMGARDNER v. Ready

... ROBERT D. JONES, HENRY P. PATE, III, Attorneys for Appellee. BEFORE CARLSON, PJ, RANDOLPH AND KITCHENS, JJ. CARLSON, PRESIDING JUSTICE, FOR THE COURT: ¶ 1. This case involves fifteen years of litigation relating to two testamentary trusts. ...

Wright v. O'DANIEL

... The statute of limitations applicable to actions involving constructive trusts provides in pertinent part: ... Janet filed her complaint seeking the imposition of a constructive trust on October 23, 2007, well within the ten-year limitations period applicable to constructive trusts. ...