Another one bites the dust. DeAngelis Legal assisted this long-time Phoenix client with the termination of an irrevocable trust created by his parents through a non-judicial settlement agreement among the trustee and beneficiaries. The agreement provided for a distribution to the remainder beneficiaries and the distribution of illiquid real estate to the income beneficiary. In [...]
Quinn was called as witness in litigation between two owners of a closely held entity. Quinn had previously represented a party to the litigation with the review and analysis of the corporate records and identified several irregularities with the records. Unfortunately, the parties could not resolve the issues and the dispute ended up in litigation. [...]
Business owners are continuing to wind up their operations. DeAngelis Legal terminated five entities this month, three corporations and two limited liability companies. While COVID-19 was not the reason for most of the terminations, it is a telling sign of the state of the economy when we terminate more entities than we create in a [...]
We continue to monitor the election polling and its potential impact on the estate and gift tax laws. If the democratic party wins the Presidency and control of Congress, it is possible that (a) the planned reduction in the exemption amounts is accelerated, to as low as $3,500,000 per person, (b) the tax rate is [...]
Prepared an amended and restated operating agreement between equal owners of an Arizona limited liability company. DeAngelis Legal reviewed and evaluated owners’ objectives and prepared a compressive operating agreement that incorporated the new LLC law which applies to existing entities as of September 1, 2020. For more on the new law see https://www.deangelislegal.com/arizonas-new-llc-act/ The operating agreement [...]
July marked our first confirmed trust administration of a COVID-19 related death. Several members of the family contracted the disease and unfortunately, the father died. The Scottsdale couple were long time clients of the firm and the death surprised everyone. DeAngelis legal prepared the initial trust package with the required documents, including the acceptance of [...]
“Money makes money. And the money that makes money, makes more money.” Benjamin Franklin This centuries old quote by our founding father could not be more appropriate today. Millions of Americans are out of work, surviving on government subsidies and yet the stock market and real estate market are approaching historic highs. Those with capital [...]
Assisted seller with the proposed sale of a Scottsdale small business. DeAngelis Legal advised Seller with negotiations and reviewed and revised the asset purchase agreement evidencing the sale, including the preparation of a lease for the property used by the business.
Assisted Scottsdale buyer with the purchase of a website and its software. DeAngelis Legal prepared the asset purchase agreement including provisions necessary to transfer components unique to websites, including software, copyrights, third party licenses, and content and other provisions to protect the buyer such as restrictive covenants and representations. For more information on structuring mergers [...]
Estate Planning Update July, 2020 1. 2020 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2020 Gift and Estate Tax Exemption: increased to $11,580,000 per donor through 2025, see #8. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2020 Generation Skipping Tax Exclusion: increased to $11,580,000 per donor through [...]
