MS SB2878

Applies to wills and trusts of decedents who died between December 31, 2009, and January 1, 2011, containing formula clauses referring to federal estate tax or generation-skipping transfer tax provisions.

Deems such formula clauses to refer to federal tax laws as they applied on December 31, 2010, regardless of when the decedent actually died during the specified period.

Does not apply if the will or trust manifests intent for a contrary rule or if the personal representative elects carryover basis under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

Allows the personal representative or affected beneficiaries to bring a proceeding within 24 months of the decedent's death to determine if the decedent intended different interpretation of the formulae.

Takes effect January 1, 2010.