Legal Question in Wills and Trusts in Mississippi

Re: Want to limit mother's accessability to father's inheritance.

Income tax rates for a trust are higher than for an individual, and there is the cost of administration. If the inheritance has already come into the father's control, the wife may be entitled to up to one-half of whatever exists at the time the father passes away, depending on the number of children they have. Another option, may be to place the inheritance in an account naming the son as the pay on death beneficiary or as a joint tenant with full rights of survivorship. The "pay on death" beneficiary option may have some drawbacks. I would have to research that question. The "joint tenant" option will subject the account to claims of the son's creditors which may a risk the father is unwilling to take.

Re: Want to limit mother's accessability to father's inheritance.

Depending on how much money he is inheriting, placing it into a trust may be the best option. The trust can provide that the income/interest of the money goes to your father with the principal to go to the grandson upon your father's death. Alternatively, your father can give anything to the grandson through a will. Whatever way he chooses to go, given all of the tax implications involved in whatever choice is made, you need to consult an experienced attorney who does trusts, wills, & estate and tax planning. For a moderate fee, such an attorney can easily help your father use, pass, and protect the money in the best way possible. Good luck.