A closely held corporate client had previously established a sophisticated shareholders agreement that provided for the purchase and sale of the entity’s shares upon certain triggering events. The purchase price was funded with large insurance policies on the lives of the shareholders. Unfortunately, instead of naming the third-party trustee as the owner, the insurance agent [...]
Spring training was back in full swing this year, which meant agents were working hard and players were setting up their entities to hold endorsement deals and updating their estate plans before the season started. DeAngelis Legal created several new entities for players to assist them with managing their endorsements and drafted new estate plans [...]
Garren W. Carroll, Esq. has joined DeAngelis Legal as an attorney. Garren has been practicing general business and estate planning law since 2005. Prior to joining DeAngelis Legal he worked in private practice and as in-house counsel at a small start-up. Garren regularly represents clients with their estate planning and probate matters, including simple wills, [...]
High net worth Chandler couple asked for a review of their estate plan and associated estate taxes. DeAngelis Legal performed a comprehensive review of their finances and estate plan, including financial statements, trusts, and beneficiary designations on retirement accounts and life insurance. DeAngelis Legal identified several options for reducing their estate tax obligations by several [...]
Several clients had entities with little or no purpose, so we began the dissolution and termination process. In addition to starting the statute of limitations on potential claims and limiting the potential for fraud, cleaning up your corporate structure will make it easier to administer of your affairs upon a death or disability and avoids [...]
High net worth second marriage couple from Phoenix desired to review and update their estate plan, which included bequests of sole and separate property to each spouse’s children. DeAngelis Legal reviewed the couple’s current estate plan, worked with their investment advisor and accountant to identify and resolve a variety of income tax, estate tax and [...]
Successor trustee desired assistance with the administration of a simple trust. During administration, the beneficiaries of the trust requested that the trustee modify the provisions of the trust, including altering the remainder beneficiaries, one of which was an incapacitated adult. DeAngelis Legal provided proper notice to creditors and beneficiaries, advised the trustee as to permissible [...]
Restaurant owner and operator desired to enter into a comprehensive LLC operating agreement addressing ownership, control and succession planning. DeAngelis Legal met with the parties to discuss alternatives and prepared a comprehensive LLC operating agreement in accordance with their desires.
Ultra high net worth couple acquired the majority stake in a foreign entity holding real estate operated by the minority party. As is often the case in these arrangements, conflicts arose between the parties regarding the ownership, control and management of the property. Complicating matters were incomplete financial records and communication issues. DeAngelis Legal worked [...]
Estate Planning Update January 2024 1. 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025, see #6, an increase of $690,000. 3. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 4. 2023 Generation Skipping Tax Exemption: increased [...]
