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Supreme Court of Mississippi Affirms BBJ Victory in Trust Reformation
On February 29, 2024, the Supreme Court of Mississippi affirmed a decision of the Chancery Court of Madison County, Mississippi that reformed an irrevocable trust established in 1992 based on an alleged scrivener’s error. Previously, on November 1, 2022, after a trial on the merits, the Chancery Court found that the trustee, represented by BBJ, […]
Barnes Law Firm, P.A., Successful in Its Arguments to Have TN Children Declared Proper Beneficiaries of the Trust
In February of 2019, Barnes Law Firm, P.A., as counsel for the trustees, was successful in its arguments to have the children declared the proper beneficiaries of the trust based on the intent of the deceased. Subsequently, an opposing party appealed the chancery court’s decision. Not only was the chancery court’s decision unanimously affirmed, but […]
U.S. Supreme Court Rules Against North Carolina’s Attempts to Tax Undistributed Trust Income Based Solely on Residence of Beneficiary
In a unanimous decision, the United States Supreme Court has ruled states cannot utilize a beneficiary’s residence, alone, to subject undistributed trust income to state income tax. Mr. Rice, a New York resident, as grantor, created a trust for the benefit of his children, appointing another New York resident to serve as trustee. Over twenty […]