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 [...]
In two separate matters, a new client’s spouse unexpectedly died, leaving behind a will and trust that was outdated and adversely impacted the surviving spouse upon the death of the first spouse. In both instances, the decedent failed to review or update their estate plan with legal counsel. DeAngelis Legal discussed potential solutions with the [...]
Long-time Scottsdale client started a new venture and desired to grant key employees with equity incentive compensation based on the growth of the business. DeAngelis Legal assisted the client with evaluating alternative compensation plans, including bonus plans, phantom ownership and direct ownership. DeAngelis Legal also prepared a sample grant of interest with vesting provisions and [...]
On April 23, 2024, the Federal Trade Commission issued its final rule banning noncompetition (noncompete) provisions for all workers as an unfair method of competition. The U.S. Chamber of Commerce has vowed to challenge the ruling, but employers need to start understanding the law and how it will impact their documents and their worker’s rights. [...]
