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 [...]
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 [...]
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 [...]
Ultra high net worth Chandler couple asked for a review of their estate plan and associated estate taxes. DeAngelis Legal performed a comprehensive review of their finances and estate plan, including financial statements, trusts, and beneficiary designations on retirement accounts and life insurance. DeAngelis Legal identified several options for reducing their estate tax obligations by [...]
High net worth second marriage couple from Phoenix desired to review and update their estate plan, which included bequests of sole and separate property to each spouse’s children. DeAngelis Legal reviewed the couple’s current estate plan, worked with their investment advisor and accountant to identify and resolve a variety of income tax, estate tax and [...]
Estate Planning Update January 2024 1. 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025, see #6, an increase of $690,000. 3. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 4. 2023 Generation Skipping Tax Exemption: increased [...]
During the review and update of a new ultra high net-worth Scottsdale couple’s estate plan, DeAngelis Legal identified estate tax issues, provided alternative solutions for achieving the couple’s charitable giving objectives and restructured their charitable giving to maximize the amount given to charities and the couple’s family members through changes to their revocable trust, retirement [...]
High net-worth Scottsdale couple asked for assistance with funding their revocable trust with complex closely held business interests, retirement accounts and life insurance. DeAngelis Legal assisted with the update of each entity’s corporate records and transfer them to their revocable trust. The updates included amendments to the operating agreement to comply with recent ownership changes [...]
High net worth Arizona couple had not reviewed their revocable trust in over ten years. The husband became ill and upon review, their advisors found the trusts to be ambiguous and tax inefficient. DeAngelis Legal worked with the couple and their adult children to evaluate and prepare a comprehensive and complex revocable trust. The new [...]
