Long time Scottsdale estate and business clients desired to overhaul their estate plan. DeAngelis Legal worked with the clients and their investment advisor to rework goals and objectives, including restructuring the terms of the gifts to their children, evaluating insurance needs and incorporating large gifts to charitable organizations. DeAngelis Legal prepared the documents updating their [...]
Estate Planning Update July 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 [...]
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 [...]
Estate Planning Update July, 2022 1. 2022 Annual Gift Tax Exclusion: increased to $16,000 per donor, per donee. 2. 2022 Gift and Estate Tax Exemption: increased to $12,060,000 per donor through 2025, see #6. 3. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 4. 2022 Generation Skipping Tax Exclusion: increased to $12,060,000 per donor [...]
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 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 [...]
Estate Planning Update July, 2021 1. 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #6. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through [...]
New Scottsdale client relocating from Nevada asked DeAngelis Legal to review her estate plan documents prepared by a firm in Nevada. The sophisticated estate tax plan included a revocable trust, irrevocable trust and family limited partnership. DeAngelis Legal provided a summary of the documents and recommendations. After reviewing the suggestions with the client, DeAngelis Legal [...]
Here are our Top 7 Tips for Estate Planning this year: Review K-1s and 1099s. These documents should show your trust or you as trustee or its abbreviation “TR.” If not, the asset is most likely title in your individual name and should be transferred to the trust. This is especially true if the asset [...]
Estate Planning Update January, 2021 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #8. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through 2025, see #8. Top [...]
