Charles (Chip) Parks focuses his practice on trusts and estates.
Chip's practice involves a wide variety of matters involving transfers of wealth and related issues involving federal income, gift, estate and generation skipping taxes, state income and property taxes, and estate and trust administration. Among the types of matters he has handled are:
- Representing taxpayers in Tax Court cases involving the effect of the Minnesota estate tax apportionment statute on federal estate tax (Estate of Shannon v. Commissioner) and Internal Revenue Service attempt to include irrevocable trust assets in the gross estate (Estate of Sullivan v. Commissioner)
- Litigation in Minnesota courts concerning various issues involving trusts and estates, including contests over elective share rights of surviving spouse and interpretation of wills and trusts
- Development of estate plans for high net worth individuals and preparation of documents to minimize tax costs on receipt and transfer of assets, including planning for ultimate disposition of assets such as closely held business interests, life insurance and retirement plan assets
- Advising on change of residence of individuals and change of situs of irrevocable trusts and advising on effect of change on state taxation
- Representation of individuals in negotiating and drafting prenuptial agreements
- Representing taxpayers before the Internal Revenue Service (including the Appeals Office and the National Office) and various State revenue departments concerning income and estate tax issues, including valuation of property, inclusion of assets in the estate, and qualification for deductions
- Preparing appropriate federal and state income, gift, estate, generation skipping and property tax returns for individuals and fiduciaries
- Establishment of partnerships and other entities for protection, management and transfer of assets
- Advising individuals and tax exempt organizations on tax advantaged use of charitable giving techniques and preparation of documents to implement such plans
- Administration and distribution of large and complex estates and trusts, including assisting fiduciaries in discharging duties to tax authorities, beneficiaries and creditors