On August 20, 2024, the United States District Court for the Northern District of Texas issued a nationwide ruling blocking the implementation of the final Noncompete Rule (the “Final Rule”). Prior to the court’s ruling on August 20, it preliminarily blocked the FTC from implementing or enforcing the Final Rule, but only against the named [...]
Long time estate planning and business client desired to purchase real estate and was presented with sale agreement. DeAngelis Legal reviewed and revised the agreement, created a holding company to hold the real estate and assisted the buyer with its due diligence review and other closing matters.
Two more informal probates. In two separate matters, the decedent had a valid and enforceable revocable trust. As we see time and time again, the decedent's transferred a majority of their assets to their trust, but failed to transfer a few of them, thus requiring the survivors to open probate. DeAngelis Legal prepared and filed [...]
Members of a successful closely held limited liability company disagreed over the entity’s future. The entity engaged DeAngelis Legal to draft an operating agreement to address the parties’ concerns. The agreement substantially modified the fiduciary duties of loyalty and care, implemented comprehensive dispute resolution provisions and set various thresholds for management decisions, including dissolution.
Estate Planning Update July 2024 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025 (an increase of $690,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2024 Generation Skipping Tax Exemption: increased to $13,610,000 [...]
Surviving spouse was surprised to learn that the revocable trust created by the couple 10+ years ago became irrevocable upon the 1st spouse’s death. In addition, the trust split the couple’s assets and allocated half to a trust where the surviving spouse only had limited rights to the assets. After reviewing the survivor’s alternatives, DeAngelis [...]
Represented couple with the preparation of a comprehensive review and update 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 significant issues, including estate tax implications and inequities in their proposed structure, proposed potential solutions and drafted the [...]
New Arizona corporate client desired to update its contract with customers. DeAngelis Legal reviewed its existing agreement and the client’s operations, provided recommendations for enhancing the clarity and enforceability of certain terms and updated the agreement accordingly. DeAngelis Legal also assisted client with the role out of the new agreement.
“Grandpa in the Garden” Under Arizona’s new “Grandpa in the Garden” bill, human remains may be turned into fertile soil that can be used in a loved one’s backyard or garden instead of traditional burial or cremation. The process is said to be cheaper than traditional burial or cremation methods and takes around 45 days [...]
Despite elevated interest rates, real estate acquisitions in Arizona continue to dominate our transaction practice. DeAngelis Legal created several new limited liability companies (LLCs) for new and current clients, to acquire and hold real estate. In addition to forming holding companies, DeAngelis Legal advised the clients with respect to the preparation of leases to third [...]
