Overview
Charles (Chip) Parks is a trusts and estates advisor. Chip helps clients make complex financial arrangements, including 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.
Chip advises on:
- Litigation in Minnesota courts concerning trusts and estates, including contests over elective share rights of surviving spouse and interpretation of wills and trusts
- Developing estate plans for high net worth individuals and preparing 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
- Change of residence of individuals and change of situs of irrevocable trusts and the effect on state taxation
- Negotiating and drafting prenuptial agreements
- Proceedings 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
- Establishing partnerships and other entities for protection, management and transfer of assets
- Tax advantaged use of charitable giving techniques and preparing documents to implement such plans for individuals and tax-exempt organizations
- Administering and distributing large and complex estates and trusts, including assisting fiduciaries in discharging duties to tax authorities, beneficiaries and creditors
Related Legal Services
Related Industries
Credentials
Bar Admissions
Florida
Minnesota
Court Admissions
U.S. Tax Court
Education
Harvard Law School
J.D. cum laude (1981)
University of Florida
B.S. with high honors (1977)
University of Florida
B.A. with high honors (1977)
Insights & Events
Latest
Insights
News
Other Perspectives
- Portability - Tax "Simplification" Strikes Again
Minnesota State Bar Association Probate and Trust Law Section Seminar, 2015 - Estate Planning With Federal Portability in the Face of Minnesota Estate and Gift Tax: Are Your Clients Portable Too?
Minnesota State Bar Association Probate and Trust Law Section Seminar, 2014
Leadership & Community
Professional Associations
- American College of Trust and Estate Counsel
- Minnesota State Bar Association — Probate and Trust Law Section (Chair, 1998-99)
Civic Activities
- Cassia/Augustana Care Corporation — Board of Directors (Chair, 2000-02; Secretary 2018-present)
- Minneapolis Rotary Club #9 — President, 2019-20
Honors
- Best Lawyers® — Trusts and Estates, 1997-2015, 2017-24
- Faegre Drinker — Pro Bono Honor Roll, 2020
- Minnesota Super Lawyers — Estate Planning & Probate, 2007-09, 2012-14, 2018-22 (Top 40 Estate Planning & Probate, 2007)
- Leading Age Minnesota — Board Trustee of the Year, 2015