Buy-Sell Provisions – What is Appraised Market Value? LLC operating agreements, LLP partnership agreements, and corporation shareholder agreements all contain buy-sell provisions. These provisions grant options to purchase or require purchase of an ownership interest upon certain events such as termination of employment, death, disability, divorce, bankruptcy, etc. (the “triggering events”) in situations where the [...]
The COVID-19 Christmas waive hit Arizona hard and it showed up in the number of new probate and trust administration files being opened. From easy informal probates of signed wills, to intestate estates for those that failed to sign a valid will to complex trust administrations, DeAngelis Legal has been advising numerous trustees and beneficiaries [...]
The new year kicked off strong on the business side. DeAngelis Legal assisted several clients with start-up entities, evaluating investments in venture capital opportunities and the formation of real estate holding companies. The real estate acquisitions ranged from single family lots to commercial buildings and the business ranged from online products and services to construction [...]
Out of the chaos of current events comes clarity of purpose. The impact of the COVID-19 virus is widespread and yet to be fully understood as we do not know whether this a temporary condition or a monumental shift in our lifestyles. Some industries have been decimated, while others continue to thrive. The political and [...]
Here are our Top 7 Tips for Estate Planning this year: Review K-1s and 1099s. These documents should show your trust or you as trustee or its abbreviation “TR.” If not, the asset is most likely title in your individual name and should be transferred to the trust. This is especially true if the asset [...]
Estate Planning Update January, 2021 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #8. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through 2025, see #8. Top [...]
Assisted high net worth Paradise Valley family with the overhaul of their estate plan. Their current plan was outdated. DeAngelis Legal had several meetings with parents, provided alternatives for their desire to take advantage of current estate and property tax laws to minimize taxes, provide for future generations and protect the wealth from creditors. In [...]
Assisted successor trustees with the administration of a trust after the death of both spouses. What should have been a simple administration was complicated by poor planning, the surviving spouse’s failure to follow the terms of the trust and her failure to provide remainder beneficiaries with important information, such as where the original documents are [...]
Assisted long time corporate client with the review and implementation of its succession plan. DeAngelis Legal reviewed the plan and prepared the necessary documents to the next stage of the plan, which included issuing additional shares to key employees and making gifts to family members, effectively cleaning up fractional shares of the entity and furthering [...]
Three years! After three years, we completed the administration of a client’s deceased aunt’s estate and trust. What should have been a relatively simple administration turned into a lengthy probate. The administration was not contested but was complicated by the aunt’s lack of financial records, failure to title assets in the name of her trust, [...]
