New Scottsdale client engaged DeAngelis Legal to assist with changes to her estate plan, which included an irrevocable trust. The joint trust created with her deceased husband contained provisions dividing the trust principal into a Survivor’s Trust and a Family Trust, with the later being irrevocable. After reviewing her alternatives, DeAngelis Legal prepared a Non-judicial [...]
Scottsdale couple with young children desired to update their simple estate plan. DeAngelis Legal worked with the couple to review their objectives and provide alternatives and prepared draft documents to create a revocable trust and new wills, update the agents under their financial and healthcare powers of attorney. We also assisted them on how to [...]
Scottsdale couple, each with children from a previous marriage, desired to update their general business and estate plans. DeAngelis Legal worked with the couple to design an overall plan that addressed their particular circumstances. DeAngelis Legal drafted the estate plan documents, which included a joint trust, an amended and restated separate property trust for one [...]
Does your estate plan look like this old mine? The pieces are there, but you just don’t know if it is going to work. Not all things stand the test of time, and that includes estate plans. Is it time to review your estate plan? DeAngelis Legal has updated and administered estate plans drafted before [...]
Estate Planning Update January 2025 2024 Annual Gift Tax Exclusion: increased to $19,000 per donor, per donee. 2024 Gift and Estate Tax Exemption: increased to $13,990,000 per donor through 2025 (an increase of $380,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2024 Generation Skipping Tax Exemption: increased to $13,990,000 [...]
An irrevocable trust held title to vacation properties and an operating fund used for family reunions. The trustee engaged DeAngelis Legal to assist with the trust administration. Certain members of the family desired to continue to use the property, while others were ready to liquidate the trust and distribute the proceeds. Unfortunately, title to the [...]
Phoenix high net worth couple on their second marriage engaged DeAngelis Legal to update their estate plan prepared by another prominent estate planning law firm. In addition to incorporating their changes, DeAngelis Legal reviewed their current plan, updated the language and eliminated ambiguous and sometime conflicting provisions between documents. DeAngelis Legal also worked with their [...]
Connelly and Buy-Sell Agreements – Is it time for a new strategy? On June 6, 2024, the Supreme Court of the United States decided the case of Connelly v. United States, 144 S. Ct. 1406. The Connelly decision significantly impacts business succession planning using buy-sell agreements funded with life insurance. The Court (i) disregarded the valuation [...]
Two more informal probates. In two separate matters, the decedent had a valid and enforceable revocable trust. As we see time and time again, the decedent's transferred a majority of their assets to their trust, but failed to transfer a few of them, thus requiring the survivors to open probate. DeAngelis Legal prepared and filed [...]
Estate Planning Update July 2024 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025 (an increase of $690,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2024 Generation Skipping Tax Exemption: increased to $13,610,000 [...]
