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James Lee Parke

James Parke’s Legal Guides

7 total

  • Colorado Joint Tenancy - Estate Planning Benefits

    Joint Tenancy Defined - Joint Tenancy is a method of co-owning property with another person. The hallmark of joint tenancy is the "right of survivorship," or the assurance that when one owner dies, the other owner will automatically get full title to the property. While th...

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  • Annual Exclusion Gifts of Business Interests

    Annual Exclusion Gifts: $13,000 per year: A common method of estate tax reduction is to give away property during a person's lifetime, so that it is not included in that person's taxable estate. The ability to give away property is limited by the gift tax annual exclusion a...

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  • Colorado Estate Taxes

    Estate taxes can be levied at two levels: (1) by the federal government, and (2) by individual states. While we have been given a seeming one year reprieve from federal estate taxes in 2010, many Americans must still worry about state estate taxes. You may be wondering ab...

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  • Marital Agreements Under Colorado Law

    The "Colorado Marital Agreement Act" was adopted by the state of Colorado in 1986. That statute, along with subsequent court cases, provide the majority of the law that governs marital agreements in the state of Colorado. A marital agreement can be either a prenuptial agree...

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  • Life Insurance and Estate Taxes (ILIT)

    Many people use life insurance to ensure that they will have the liquidity necessary to pay estate taxes at their death. Unfortunately, unless the life insurance polies are owned correctly, they can end up contributing to the estate tax problem by increasing the size of your taxa...

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  • Planning for Incapacity

    Medical Durable Power of Attorney A medical durable power of attorney (also known as a health care power of attorney or a medical power of attorney) appoints someone to make health care decisions for

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  • Estate Planning for Private Business Owners

    Level 1 - Basic Estate Planning The first level of estate planning for private business owners is to accomplish the following goals: (1) plan for incapacity; (2) plan to get your property to the rig

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