LLC News. Limited liability companies or LLCs have become the entity of choice over the last 20 years and can be used for a variety of purposes from a single member real estate holding company to a multimember operating business and everything in between. The lack of annual filing requirements, flexible taxation and ease to [...]
Estate Planning Update July, 2017 2017 Annual Gift Tax Exemption: remains at $14,000 per donor, per donee. 2017 Gift and Estate Tax Exemption: rose to $5,490,000 per donor, inflation adjusted. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2017 Generation Skipping Tax Exemption: $5,490,000 per donor, inflation adjusted. Top rate for Federal Estate, Gift and Generation [...]
June, 2017 Informal Probate. Prepared and filed documents for informal probate of will and appointment of personal representative with the Probate Court. DeAngelis legal assisted two separate clients obtain Letters of Personal Representative from the Probate Court, even though the decedents had valid trusts created by another attorney. Not all assets were transferred to the [...]
Corporate. Created several new entities including a medical practice and real estate holding companies for three separate clients. DeAngelis Legal assisted the owners with the choice of entity and structure, prepared the necessary formation documents and satisfied the Arizona Corporation Commissions requirements for formation.
Real Estate and Estate Planning. Assisted trust beneficiary with a co-tenancy agreement with the sister for a family vacation home. DeAngelis Legal successfully drafted, negotiated and implemented the agreement which addressed the use, financial obligations, transfer restrictions, valuation and arbitration of issues related to the joint ownership of the property.
Estate Planning. Reviewed and provided recommendations for a sophisticated estate plan including a revocable trust, family limited partnership, and 10 irrevocable trusts. DeAngelis Legal prepared a comprehensive summary of the current plan, its strengths and weaknesses and provided a detailed outline for updating and streamlining the plan.
Trust Administration. Advised surviving husband with the administration of a trust upon the death of his wife. DeAngelis legal coordinated the preparation of, and reviewed, the IRS 706 Estate Tax Return and allocation of assets between the Survivor’s, Marital and Family sub-trusts for this illiquid estate.
Corporate. Assisted new client with the update to the corporate structure of their family entities. The structure included a variety of entities with several operating companies, real estate holding companies and an investment company. DeAngelis Legal assisted the family to limit liability exposure between entities, consolidate management and facilitate the transfer of control and ownership [...]
Real Estate. Assisted client with the sale of a retail shopping center. DeAngelis legal advised the seller with respect to the terms of the purchase and sale agreement, the negotiations of changes with the buyer's counsel, the ancillary closing documents and disbursement of the proceeds.
The curse of the handshake deal. Few people enter into a new business or transaction expecting to lose money. However, it happens more often than not because the parties have not thought through common issues that can come up and agreed how to resolve them. Afterwards, we hear: “I should have called you before…” “I [...]