“Money makes money. And the money that makes money, makes more money.” Benjamin Franklin This centuries old quote by our founding father could not be more appropriate today. Millions of Americans are out of work, surviving on government subsidies and yet the stock market and real estate market are approaching historic highs. Those with capital [...]
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 [...]
Represented a Scottsdale couple with the preparation of a comprehensive review of their estate plan. Both spouses in this second marriage had children from their prior marriages and maintained both separate and combined finances. DeAngelis Legal identified issues, including tax implications and inequities in their proposed structure, identified potential solutions and drafted the appropriate changes [...]
Not surprisingly, DeAngelis Legal devoted much of the month of April preparing and finalizing estate plans for physicians, nurses and other healthcare workers in preparation for Arizona's COVID-19 outbreak. Everything from simple wills to complex trusts, most of which was done on an expedited basis given the COVID-19 crisis. Preparing these plans required balancing social [...]
Scottsdale couple transferred their personal residences to several irrevocable Qualified Personal Residence Trusts (QPRTs) under the advice of prior counsel. Clients now desired to unwind the transactions. DeAngelis Legal reviewed the facts, trust documents and client’s objectives in order to propose alternatives for terminating the QPRTs in conjunction with the client’s tax and accounting professionals. [...]
DeAngelis Legal's pandemic planning for individuals is a list of topics you should address in light of the COVID-19 outbreak. For topics related to businesses see Pandemic Planning for Businesses. CARES Act for Individuals. The CARES Act has many provisions benefiting individuals. These pandemic planning topics are wide ranging from the much discussed rebates, to lesser [...]
Opened informal intestate probate. Father prepared his estate plan documents but never signed them. DeAngelis Legal represented personal representative open an informal intestate probate in Arizona to transfer assets to the beneficiaries. Using Arizona's simplified and expedited informal probate process, the personal representative was able to gain control over the decedent's assets and distribute the [...]
Quinn DeAngelis was re-certified as an Estate and Trust Law Specialist for another five years by the Arizona State Bar Board of Legal Specialization. Quinn is one of only seven lawyers in Scottsdale currently holding the Estate and Trust Law specialization designation. From the State Bar of Arizona’s website: “Being a certified legal specialist is [...]
Represented long time ultra high net worth clients with an overhaul of their estate plan. Husband and wife engaged DeAngelis Legal over 20 years ago to assist with their estate planning and amended the plan periodically over the years to account for changes in their family wealth. They desired to amend their plan to update [...]
Represented surviving children with administration of trust. Husband and wife each had children from a previous marriage and entered into a trust agreement which became irrevocable upon the first spouse’s death. Successor trustees engaged DeAngelis Legal to assist them with the administration of the trust and provide solutions for a beneficiary designation that was rejected [...]
