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 [...]
Another one bites the dust. DeAngelis Legal assisted this long-time Phoenix client with the termination of an irrevocable trust created by his parents through a non-judicial settlement agreement among the trustee and beneficiaries. The agreement provided for a distribution to the remainder beneficiaries and the distribution of illiquid real estate to the income beneficiary. In [...]
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 [...]
July marked our first confirmed trust administration of a COVID-19 related death. Several members of the family contracted the disease and unfortunately, the father died. The Scottsdale couple were long time clients of the firm and the death surprised everyone. DeAngelis legal prepared the initial trust package with the required documents, including the acceptance of [...]
“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 [...]
