Estate Planning Update July, 2021 1. 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #6. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through [...]
Business activity is normalizing, with merger and acquisition increasing. In June DeAngelis Legal reviewed two letters of intent, prepared another and talked with several other business owners who were considering a transaction. We had not seen this level of activity since 2019, but it remains to be seen whether the activity will continue or result [...]
The death toll resulting from COVID-19 continues to climb. June was no exception, with several new probates opened and trusts administered. A common theme among them was the failure to find the decedent’s original documents. The probate process is one of the few remaining areas where an original will is still required. This is because [...]
DELEGATION OF TRUSTEE POWERS When a client has a large asset base and a trust that will continue for a long period of time or in perpetuity, trustee selection often becomes an important issue to address. There may not be another person the client trusts to make decisions or who has the sophistication to invest, [...]
Long time Phoenix husband and wife clients own a closely held business among other assets. DeAngelis Legal met with the new clients to discuss their objectives and alternatives and drafted the updated wills, revocable trust, powers of attorney and ancillary documents to achieve their objectives. DeAngelis Legal also updated the corporate records of their business, [...]
New Surprise client had complex and illiquid business and real estate structure with his son intertwined with the estate plan of his deceased spouse. DeAngelis Legal retraced years of financial transactions, met with the client regarding his documents and objectives and developed a plan for moving forward. The plan cleaned up and documented past transactions, [...]
In May we saw a significant uptick in business transactions and investment activity, including the review and analysis of start up companies. In one such matter, DeAngelis Legal reviewed the proposed documents, assisted the client in negotiations and structuring of the investment and documented the transaction. Documents included a promissory note and security agreement and [...]
Unfortunately, divorce is a fact of life and has a significant impact on the legal rights of the spouses. In addition to changing their status on Facebook, spouses need to consider the impact the divorce will have on their estate plan. In this matter, DeAngelis Legal discussed the impact on the estate plan post-divorce, offered [...]
New Scottsdale client relocating from Nevada asked DeAngelis Legal to review her estate plan documents prepared by a firm in Nevada. The sophisticated estate tax plan included a revocable trust, irrevocable trust and family limited partnership. DeAngelis Legal provided a summary of the documents and recommendations. After reviewing the suggestions with the client, DeAngelis Legal [...]
New client had a long list of previously used names and desired to clean it up legally. DeAngelis Legal prepared the pleadings and supporting documents to legally change her name to her preferred name, obtained the court order and provided an outline of the next steps. For more on how to legally change your name [...]
