Get Answers Today 601.202.5594
Live the Life You Were Intended to Lead We'll Make Sure Your Family Remains Secure & Intact

Mississippi Qualified Disposition in Trust Act

The “Mississippi Qualified Disposition in Trust Act,” which was signed into law by the Governor on April 23, 2014, permits the creation of self-settled asset protection trusts in Mississippi. The Mississippi Act, which was effective July 1, 2014, would allow a person to establish a trust for his or her own benefit and have the assets of the trust protected from the person’s future creditors.

Before the enactment of this new legislation, Mississippi residents looked out of state to take advantage of this estate planning device. The economic reason for this new legislation is to allow Mississippi banks and trust companies to retain trust business that may otherwise leave the state and to attract business from customers in other states.

TEXT BY LEONARD C. MARTIN
LMARTIN@BAKERDONELSON.COM
BAKER DONELSON
(601) 351-2453
PO BOX 14167
JACKSON MS 39236-4167