Author Archives: Parks & Jones

A lot of care and consideration goes into the choosing of a beneficiary and the creation of an estate plan. Unfortunately though, things do not always work out as we’ve planned. So you might wonder, “What happens if my beneficiary dies before me?” Who will receive the assets I planned to give to my beneficiary? […]

Thinking about worst case scenarios for your life isn’t a very enjoyable undertaking, and planning for those worst case scenarios is even harder. Suddenly, you’re seriously discussing what would happen if, for example, you died. What would happen to your dog, who you love, who depends on you? What would happen to all of your […]

Few of us like to think about getting older. We don’t want to admit we may need help getting around in 40, 20, or even 10 years. We don’t like to think about how our health in our senior years could affect our families or our savings. We definitely don’t want to begin anticipating and […]

In our last post, we talked about the IRD taxes that your beneficiaries will have to pay after they inherit your IRA. These taxes cannot be eliminated, but they can be reduced with the “stretch out” plan we recommended. Please read our previous blog post for more details, but basically, the plan works like this: […]

When your beneficiary inherits your tax-deferred retirement plan (whether it’s a 401(k), IRA, 403(b), or SEP) after you pass away, they are required to pay taxes on all the money they receive. These taxes, which could include Income Taxes, Estate Taxes, and IRD Taxes (Income in Respect of a Decedent Taxes), can cost the beneficiary […]

Do you own guns? Whether you have one, two, or a whole collection, it is important that you learn about gun transfer after death. If the gun (or guns) is not transferred properly, your beneficiaries could end up facing state and/or federal prosecution. Assuming you don’t want to leave your loved ones with a burden […]

Eventually every Estate Plan requires administration. What is administration in the context of an estate plan? To put it simply, it is the process that occurs after someone has passed. Many people neglect to prepare for their estate planning administration, making it difficult for their attorneys to take control of the situation. We do our […]

Everyone has an email account, probably a Facebook account, online bill pay and bank accounts, and other online personalities. What happens to those accounts when you become incapacitated, or when you die? Recently, a good friend of mine passed away in Colorado and now a year later I can still see his Facebook page online. […]