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 [...]
Beneficiaries were the victims of bank fraud in Phoenix. Bank employee embezzled funds from an irrevocable trust for his personal use. DeAngelis Legal worked with the beneficiaries and the bank to identity fraudulent transactions, complete an audit of the accounts and recover 100% of misappropriated funds and reimbursement of attorney fees incurred.
Scottsdale decedent named a trust as the beneficiary of his large IRA. Upon his death the terms of the trust called for the beneficiaries to receive their share of the trust outright. Trustee desired to create separate accounts for the IRA, so each beneficiary could determine whether to take the proceeds immediately or continue the [...]
Represented successor trustee with trust administration. DeAngelis Legal represented parents with creation of a trust that established sub-trusts for their adult children upon their deaths. DeAngelis Legal assisted the successor trustee with negotiating and closing the sale of a large Paradise Valley residence, distributing personal property to the beneficiaries, interviewing and selecting an investment advisor, [...]
Represented Scottsdale beneficiary with the decanting of an irrevocable trust. DeAngelis Legal previously represented beneficiary with the termination of different trust and updated his estate plan. Beneficiary’s parents created an irrevocable trust, but the administrative provisions were inflexible. DeAngelis Legal prepared the documents necessary to decant the trust into a trust with the same beneficiaries, [...]
Represented beneficiary with respect to his interest in irrevocable trust. Beneficiary’s late spouse left her assets in trust for surviving spouse. DeAngelis Legal analyzed trust terms, explained terms and alternatives to beneficiary and prepared the documents necessary to exercise beneficiary's rights to without amending or terminating the trust.
“I recommend you dispose of anything that does not fall into one of three categories: currently in use, needed for a limited period of time, or must be kept indefinitely.”― Marie Kondo, “The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing”* Ms. Kondo offers great advice in the above book for discarding [...]
October was the month of trust and estate administration. DeAngelis Legal assisted several different families with the administration of irrevocable trusts in Scottsdale, the filing of a formal probate of a copy of a will in Maricopa County and in informal probate of a murder victim’s intestate estate in Mohave County.
Represented trustees with administration of a multi-million dollar trust. Trustees desired to protect beneficiaries and provide for continued management of the trust's assets. DeAngelis Legal worked with the trustees, beneficiaries and successor co-trustees, including adding a corporate trustee, to resolve the issues and document the transition and ongoing management plan. The plan included decanting the terms of [...]
Represented couple with the termination of an irrevocable trust, re-assignment of a life insurance policy and overhaul of their estate plan documents. Over the last thirty years the couple accumulated a hodgepodge of entities and trusts. DeAngelis reviewed the documents, proposed and implemented a re-organization of their estate plan, including the termination of an irrevocable [...]