You have the power (maybe). Financial powers of attorney allow you (the principal) to appoint someone you trust (the agent) to perform certain acts related to your financial affairs on your behalf. These instruments have a variety of uses, but are often used in the estate planning industry in in conjunction with, or in lieu [...]
Because the values of a married couple’s estate and the amount of the estate tax exemption change over time, estate planners commonly use formulas in a will or trust to avoid inadvertently triggering an estate tax on the first spouse’s death. These formulas divide a deceased person's assets between a marital share which qualifies for [...]
Estate Planning Update January 2026 2026 Annual Gift Tax Exclusion: remains $19,000 per donor, per donee. 2026 Gift and Estate Tax Exemption: increased to $15,000,000 per person this year (an increase of $110,000 per individual or $220,000 for a married couple) and made permanent. See paragraph 6(a) below. Marital Deduction for Transfers to U.S. Spouse: [...]
High net worth widow knew how she wanted her estate plan handled at death, but was not confident her estate planning attorney understood her desires and therefore had not updated her estate plan in years. After an in-depth review of her finances and objectives, DeAngelis Legal proposed a comprehensive estate plan which achieved her goals [...]
Husband and wife created a standard survivor’s bypass trust, with half the assets passing to the family of each spouse. Upon the death of the husband, this structure necessitated the valuation and allocation of the assets between the two trusts. While the couple had plenty of liquidity, the sheer number of entities and accounts made [...]
After updating his estate plan with DeAngelis Legal, a client inquired about alternatives for dealing with an irrevocable trust created by a prior law firm. DeAngelis Legal worked with the client to flush out his core concerns and objectives for his family, reviewed the trust instrument and applicable law to find alternatives and worked with [...]
Beneficiary of irrevocable trust unexpectedly filed for bankruptcy. Trustee engaged DeAngelis Legal to review the trust and Arizona law to determine if the trust’s assets were subject to the bankruptcy trustee’s control. In Arizona, the general rule is that a court may reach the assets of the trust for the benefit of the beneficiary. However, [...]
Co-trustees, who were also primary beneficiaries, engaged DeAngelis Legal to assist with the administration of their parent’s trust. Unfortunately, their parents had not transferred all assets to the trust. DeAngelis Legal assisted the trustees with the documentation necessary to obtain control over all assets of the trust without the need for probate through the Affidavit [...]
New high net worth client from Phoenix engaged DeAngelis Legal to update his estate plan documents. The client had created an irrevocable trust with his prior estate planning attorney. The trust was for the benefit of his children and grandchildren in an attempt to use his annual exclusion gifts and named a third-party trustee. However, [...]
Estate Planning Update July 2025 2025 Annual Gift Tax Exclusion: increased to $19,000 per donor, per donee. 2025 Gift and Estate Tax Exemption: increased to $13,990,000 per donor through 2025 (an increase of $380,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2025 Generation Skipping Tax Exemption: increased to $13,990,000 [...]
