Author Archives: Parks & Jones

The season of giving is right around the corner, making this a very apt time to talk about the legal stipulations of giving gifts. Although we don’t want to scare you away from giving generously, it’s important to realize that some gifts are taxed and that you (the donor) must pay that gift tax. Gift […]

The Internal Revenue Code, Title 26, Section 1031 states the following: “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use […]

As you begin navigating the waters of estate planning, you will hear the term probate mentioned frequently. In fact, you may even be warned of it, as though it’s something dreadful that should be avoided at all costs. Work hard, plan ahead, take this route, not that route, all so that you can avoid probate. […]

An estate plan is not a one-time, in-and-out procedure. The documents that make up your estate plan will significantly impact your life, your family, and your property after your death. To ensure everything occurs as you hope, it is vital you take the time to periodically review and update your estate plan. If you aren’t sure when to […]

Do you speak legalese? Whether you do or you don’t, you’ll be happy to know that English is still the preferred language of American attorneys. Communication is key when it comes to estate planning, so if your attorney isn’t willing to explain unfamiliar terms to you and speak in clear language, it’s time to find […]

If you’re reading this article, I think it’s safe to assume that you either (1) have an estate plan already or (2) are aiming to create one soon. So first of all, good work! You’re ahead of the pack and years from now, you’ll be so glad  you took the time to prepare for your […]

Just a few months ago, in June 2014, the Supreme Court ruled inherited Individual Retirement Accounts (IRAs) are not protected from the beneficiary’s creditors, because there are key differences between an inherited IRA and an IRA that you set up and fund yourself. The verdict of Clark v. Rameker will dramatically affect the way many […]

When was your financial power of attorney last updated? As with all aspects of your estate plan, it’s important you keep track of your financial power of attorney and update it regularly so that it remains current, in tune with your desires for your future. Don’t push back this chore—it could have a far greater […]