The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.Mississippi has a state income tax, structured as a flat tax on income in excess of $10,000.
The tax rate is 4.0%.
Mississippi does not impose an inheritance tax.
Mississippi imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, there is no credit estate tax in effect at this time.
Mississippi does not impose a Generation Skipping Transfer Tax.
Mississippi does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when:
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.
The minor child reaches age 18 for other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate goes to the surviving spouse, as follows:
If there are no children or descendants—100% of the estate
If there are surviving children or descendants—a "child’s part" of the estate
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% to children and their descendants in equal parts, with the descendants of a deceased child or grandchild taking the share of the deceased parent in equal parts among them. The statute does not define how shares are distributed, but authority exists for per stirpes. See, In re Griffin's Will, 411 So. 2d 766, 769‐70 (1982).
If there is no surviving spouse or descendant:
100% to siblings and parents and descendants of siblings in equal parts, with the descendants of a sibling taking the share of a deceased parent in equal parts among them (per stirpes, as described and cited above)
If none of the above:
Intestacy laws outline further distribution steps to the level of grandparents, next of kin and their descendants. See Miss. Code §91‐1‐3.
If no legally described recipient can be found, estate assets go to the state of Mississippi.
Click here for more information on intestacy.
Non-qualified Annuities: Exempt if the annuity contract prohibits the owner from encumbering or assigning any part of the proceeds.
Life Insurance Cash Value: Exempt. However, there is an exemption limit of $50,000 if derived from premiums paid within the previous twelve months.
Life Insurance Proceeds: Exempt. Proceeds payable to the estate of the insured are exempt up to $50,000 from all but the debts attributable to the insured’s last illness and burial (minus any proceeds available to the beneficiaries under other life policies).
Digital Assets: Mississippi follows the Revised Uniform Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition.
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