Category Archives: Estate Planning

Typically, when you sell business or investment real property, you’re required to pay capital gains tax on the sale. Taxes are a fact of life, but wouldn’t you prefer to defer paying your taxes if you could? 1031 exchanges allow you to do just that. So what is a 1031 exchange? Also known as a tax-deferred […]

When a Grantor passes away, the Trustee of the estate must step into action. There are numerous tasks to complete, including collecting assets, paying taxes and bills, filing accountings, managing money for beneficiaries, and more. One of the very first things the Trustee must do is notify the beneficiaries, describing the situation (the Grantor’s death, the state […]

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 […]

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? […]

Are you and your spouse holding real estate in a trust as a married couple? Or you are planning to, someday in the future? There are different ways to go about this, so today we’re going to talk about the method we use here at Parks & Jones and the benefits of our method. This […]

It’s not enough to simply have a will. If you want to ensure your assets are distributed in the way you’ve planned after your death, you must learn how to title your assets properly. Too many people forget to title their assets, forget to update them, or simply assume their family and friends will bestow […]

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 […]