High net-worth out-of-state couple moving to Arizona desired to update their estate plan. DeAngelis Legal worked with prior advisors to create a comprehensive multigenerational estate plan that minimized income, estate and generation skipping tax considerations. The plan strikes a delicate balance between giving beneficiaries assets outright to enrich their lives versus holding assets in trust [...]
Winter deaths caused several trusts to become irrevocable and new trustees taking over. DeAngelis Legal advised the new trustees regarding their new duties and responsibilities, drafted the initial paperwork to transfer control, published notice to creditors to shorten the claims period and obtained tax identification numbers for the new trusts. All estates have avoided probate [...]
Estate Planning Update January 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 [...]
DeAngelis Legal reviewed a letter of intent for the seller of a Scottsdale based business. The letter outlined the material terms for the purchase and allowed the parties to proceed with more detailed due diligence. DeAngelis Legal clarified certain terms and provided additional language protecting the parties.
DeAngelis Legal resolved trust administration disputes between a trustee and beneficiary. Upon death, a parent set up a trust for a beneficiary naming the beneficiary’s older sibling as trustee. Over the years, the Trustee and beneficiary clashed over budgets, distributions, and reporting which adversely impacted their relationship. DeAngelis Legal advised the trustee, coordinated delivery of [...]
Worried that I might stop following him on crazy adventures, my friend Béat Koszinowski gave me the New York Times bestseller book Younger Next Year for my birthday last year. At the time, my workout regimen was fairly inconsistent, with frequent rest days, but I was constantly getting dropped on extended skiing or biking outings. [...]
DeAngelis Legal created three new investment holding companies for three separate clients in Scottsdale, Phoenix and Mesa. The entities will be used to hold real estate and private equity investments. Two entities were created to be disregarded for tax purposes and the third has several family members and therefore is taxed as a partnership. DeAngelis [...]
DeAngelis Legal performed a comprehensive review of the corporate records of an Arizona based closely held business. The review included a clean-up of the shares certificates and transfer ledger, minutes of shareholder and director meetings and buy-sell terms for the operating and related entities.
DeAngelis Legal performed a comprehensive review and edit of a proposed multi-member LLC operating agreement on behalf a new client. The client asked DeAngelis Legal to provide input on the operating agreement. DeAngelis Legal provided a memo with additional questions and substantive comments and edits regarding management, capital contributions, purchase options and purchase price valuation.
DeAngelis Legal obtained Letters of Personal Representative for a trustee who identified an asset that was not transferred to the trust. The deceased participated in his employer’s stock option plan. Unfortunately, the plan failed to name a beneficiary and the employer would not transfer the asset without the Letters of Personal Representative. DeAngelis Legal prepared [...]
