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 [...]
Why do we spend so much time and energy on updating corporate records? Soon after the entity is created, business owners move on to growing their business and often fail to pay attention to the details of maintaining proper corporate records. As a non-priority item, these tasks get pushed down and forgotten until an event [...]
During the review and update of a new high net-worth Scottsdale couple’s estate plan, DeAngelis Legal identified a potentially large estate tax obligation caused by life insurance owned by the couple. DeAngelis Legal worked with the couple and their insurance advisor to identify and evaluate alternatives, which included an evaluation of how much life insurance [...]
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 [...]
June marked the end of a four year complex trust administration odyssey. This administration could have been a television show, as it had every intrigue you can imagine - power struggles, illiquid assets, environmental claims, a defunct closely held business with unpaid claims, an injunction preventing the sale of real estate, property tax claims, third [...]
DeAngelis Legal documented the sale of goodwill of a Phoenix food distributer. In this friendly sale of the business, the buyer and seller had a long standing relationship. DeAngelis Legal prepared the purchase and sale agreement on behalf of the seller and the transaction closed with minimal changes from either party.
DeAngelis Legal prepared the estate plan for a young couple with generational wealth. This project was made more complicated by one spouse’s interest in four irrevocable trusts and a myriad of out of state family businesses gifted from the spouse’s parents. While the couple’s planning was simple, DeAngelis Legal assisted the spouse understand her rights [...]
DeAngelis Legal assisted with the trust decanting of an irrevocable trust. We prepared the new trust instrument which holds a variety of closely held businesses, real estate entities and marketable securities. The old instrument was prepared by another law firm and its terms did not meet with the settlors’ intent. DeAngelis Legal worked with the [...]
DeAngelis Legal assisted a Sedona high net worth couple with a comprehensive review of their estate planning documents, including their wills, trust, and family limited partnership. DeAngelis Legal met with the couple to learn about their objectives, reviewed their current plan and made recommendations, prepared documents updating their plan to make it consistent with their [...]
DeAngelis Legal performed a corporate review of the structure and records of several new clients and proposed recommended changes to confirm with each client’s operations and objectives. The clients created several entities over the years, creating a rat’s nest of entities. Separate entities provide enhanced creditor protection, but owners need to adhere to corporate formalities [...]
