New Scottsdale business client offered a key employee the right to purchase the business. DeAngelis Legal worked with the client and its CPA to structure the terms of the deal and documented the letter of intent, purchase agreement and security documents evidencing the transaction.
Arizona closely held service business navigated the resignation of an employee and the mutual termination of the entirety of their business and employment relationship. DeAngelis Legal reviewed the company’s Buy-Sell Agreement and General Release, responded to the departing employee’s claims, advised the remaining owners of their rights and obligations and successfully negotiated the resolution of [...]
Long time Scottsdale estate and business clients desired to overhaul their estate plan. DeAngelis Legal worked with the clients and their investment advisor to rework goals and objectives, including restructuring the terms of the gifts to their children, evaluating insurance needs and incorporating large gifts to charitable organizations. DeAngelis Legal prepared the documents updating their [...]
Gilbert estate planning and business client got married and required an update to her estate plan to include her new spouse. DeAngelis Legal worked with the client on an appropriate division of her assets between her new spouse and her children from a previous marriage at death in accordance with her desires. DeAngelis Legal prepared [...]
Residential real estate continues to be a significant asset in most estates we plan. It also continues to cause considerable issues with the estates and trusts we administer. Whether caused by poor financial planning, poor estate planning or poor execution, the result is always the same – increased family discord, frustration and expense during administration [...]
Estate Planning Update July 2023 2023 Annual Gift Tax Exclusion: increased to $17,000 per donor, per donee. 2023 Gift and Estate Tax Exemption: increased to $12,920,000 per donor through 2025, see #6, an increase of $860,000. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2023 Generation Skipping Tax Exclusion: increased to $12,920,000 per donor [...]
Long time physician client decided to pursue temporary short term “locum tenens” work in lieu of W-2 employment at a hospital. DeAngelis Legal reviewed the client’s objectives, evaluated alternative forms of entity (corporation, llc, or llp) and prepared and filed the documentation necessary to form an Arizona corporation with a Subchapter “S” election. The client’s [...]
Young Scottsdale couple accumulated several businesses and real estate properties owned by four different entities formed in three different states. DeAngelis Legal reviewed each entity’s purpose, tax records, formation documents and contact information and prepared the documents necessary to conform with how the entities were treated for income tax purposes, update each entity’s contact information [...]
At the end of the administration of a trust, the title company required the trustee to open a probate and obtain letters of personal representative before closing. This is the second matter in as many months where DeAngelis Legal has had to deal with simple mistakes that caused significant delays and additional expenses in trust [...]
Trustee of a large estate identified a small investment account that was not transferred to the decedent’s revocable trust during his lifetime (mistake #1). Unfortunately, while making a copy of his will prior to his death the decedent had mixed the pages of the original and the copy (mistake 2), so while we had the [...]
