Represented couple with the preparation of a comprehensive review and update 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 significant issues, including estate tax implications and inequities in their proposed structure, proposed potential solutions and drafted the [...]
“Grandpa in the Garden” Under Arizona’s new “Grandpa in the Garden” bill, human remains may be turned into fertile soil that can be used in a loved one’s backyard or garden instead of traditional burial or cremation. The process is said to be cheaper than traditional burial or cremation methods and takes around 45 days [...]
In two separate matters, a new client’s spouse unexpectedly died, leaving behind a will and trust that was outdated and adversely impacted the surviving spouse upon the death of the first spouse. In both instances, the decedent failed to review or update their estate plan with legal counsel. DeAngelis Legal discussed potential solutions with the [...]
Spring training was back in full swing this year, which meant agents were working hard and players were setting up their entities to hold endorsement deals and updating their estate plans before the season started. DeAngelis Legal created several new entities for players to assist them with managing their endorsements and drafted new estate plans [...]
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 [...]
Successor trustee desired assistance with the administration of a simple trust. During administration, the beneficiaries of the trust requested that the trustee modify the provisions of the trust, including altering the remainder beneficiaries, one of which was an incapacitated adult. DeAngelis Legal provided proper notice to creditors and beneficiaries, advised the trustee as to permissible [...]
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 [...]
