Assisted high net worth Paradise Valley family with the overhaul of their estate plan. Their current plan was outdated. DeAngelis Legal had several meetings with parents, provided alternatives for their desire to take advantage of current estate and property tax laws to minimize taxes, provide for future generations and protect the wealth from creditors. In [...]
Assisted long time high net worth Scottsdale couple with the review and analysis of their complex estate plan. DeAngelis Legal reviewed their current plan, updated tax projections based on various scenarios and provided various recommendations for utilizing their remaining gift, estate and GST tax exemptions. DeAngelis Legal is also preparing the additional spousal lifetime access [...]
With the Democrats capturing the presidency and holding on to a majority in the U.S. House of Representatives, all eyes are focused on the Georgia Senate race. The remaining candidates in each race will advance to a runoff election on January 5, 2021. The Democrats need to pick up both Georgia seats to gain control [...]
DeAngelis Legal spent a considerable amount of time in October evaluating and coordinating large transfers for clients. In reviewing the numbers, clients over the age of 80 with a taxable estate substantially over the Federal Gift and Estate Tax exclusion ($11,580,000 per spouse) were the most likely to make such transfers, while younger clients seemed [...]
Concerns over an impending “blue wave” of Democrats taking over the Senate caused our phones to ring in September. DeAngelis Legal spent a significant amount of time with these high net worth clients throughout Arizona describing and evaluating the best alternatives for utilizing their remaining estate tax exemptions before the end of the year. Several [...]
We continue to monitor the election polling and its potential impact on the estate and gift tax laws. If the democratic party wins the Presidency and control of Congress, it is possible that (a) the planned reduction in the exemption amounts is accelerated, to as low as $3,500,000 per person, (b) the tax rate is [...]
Estate Planning Update July, 2020 1. 2020 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2020 Gift and Estate Tax Exemption: increased to $11,580,000 per donor through 2025, see #8. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2020 Generation Skipping Tax Exclusion: increased to $11,580,000 per donor through [...]
Estate Planning Update January, 2020 2020 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2020 Gift and Estate Tax Exclusion: increased to $11,580,000 per donor through 2025, see #8. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2020 Generation Skipping Tax Exclusion: increased to $11,580,000 per donor through 2025, see #8. [...]
SECURE Act Impact on Trusts While we were focused on the impeachment hearings, Congress and the President were busy passing the SECURE Act. The Act was signed into law on December 20, 2019 and is effective January 1, 2020. In addition to funding federal agencies through September, the SECURE Act impacts trusts by reducing the [...]
Estate Planning Update July, 2019 2019 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2019 Gift and Estate Tax Exclusion: $11,400,000 per donor through 2025, see #6 below. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2019 Generation Skipping Tax Exclusion: $11,400,000 per donor through 2025, see #6 below. Top rate for [...]
