“Money makes money. And the money that makes money, makes more money.” Benjamin Franklin This centuries old quote by our founding father could not be more appropriate today. Millions of Americans are out of work, surviving on government subsidies and yet the stock market and real estate market are approaching historic highs. Those with capital [...]
Assisted seller with the proposed sale of a Scottsdale small business. DeAngelis Legal advised Seller with negotiations and reviewed and revised the asset purchase agreement evidencing the sale, including the preparation of a lease for the property used by the business.
Estate Planning Update July, 2020 1. 2020 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2020 Gift and Estate Tax Exemption: increased to $11,580,000 per donor through 2025, see #8. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2020 Generation Skipping Tax Exclusion: increased to $11,580,000 per donor through [...]
DeAngelis Legal dissolved several entities that had either sold their assets or had terminated their business operations. Taking the time to formally and correctly terminate the entity with the Arizona Corporation Commission reduces the risk of identity fraud and accelerates the statute of limitations so future claims are barred. DeAngelis Legal advised the owners on [...]
DeAngelis Legal formed several new entities from standard real estate holding companies to entities created to capitalize on opportunities caused by the COVID-19 outbreak. DeAngelis Legal assisted the clients in identifying the correct entity, including the clients' perspectives on privacy, liability protection, complexity and income tax preferences. DeAngelis Legal prepared the formation documents including articles [...]
Represented a Scottsdale couple with the preparation of a comprehensive review of their estate plan. Both spouses in this second marriage had children from their prior marriages and maintained both separate and combined finances. DeAngelis Legal identified issues, including tax implications and inequities in their proposed structure, identified potential solutions and drafted the appropriate changes [...]
DeAngelis Legal spent a substantial amount of time advising business owners with employment, insurance, real estate and operational matters caused by the COVID-19 outbreak, essentially acting as in-house counsel for those businesses who are not large enough to hire full time legal counsel. On the employment side, we reviewed employment handbooks and assisted owners with [...]
Not surprisingly, DeAngelis Legal devoted much of the month of April preparing and finalizing estate plans for physicians, nurses and other healthcare workers in preparation for Arizona's COVID-19 outbreak. Everything from simple wills to complex trusts, most of which was done on an expedited basis given the COVID-19 crisis. Preparing these plans required balancing social [...]
Scottsdale couple transferred their personal residences to several irrevocable Qualified Personal Residence Trusts (QPRTs) under the advice of prior counsel. Clients now desired to unwind the transactions. DeAngelis Legal reviewed the facts, trust documents and client’s objectives in order to propose alternatives for terminating the QPRTs in conjunction with the client’s tax and accounting professionals. [...]
DeAngelis Legal’s pandemic planning for businesses is a list of topics you should address in light of the COVID-19 outbreak. For individual topics see Pandemic Planning for Individuals. CARES Act for Businesses. The CARES Act has significant financial benefits for businesses, including employee retention credits, payroll tax deferral, pension funding deferral and income tax relief. A [...]
