Estate Planning Update January 2025 2024 Annual Gift Tax Exclusion: increased to $19,000 per donor, per donee. 2024 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. 2024 Generation Skipping Tax Exemption: increased to $13,990,000 [...]
An irrevocable trust held title to vacation properties and an operating fund used for family reunions. The trustee engaged DeAngelis Legal to assist with the trust administration. Certain members of the family desired to continue to use the property, while others were ready to liquidate the trust and distribute the proceeds. Unfortunately, title to the [...]
Two more informal probates. In two separate matters, the decedent had a valid and enforceable revocable trust. As we see time and time again, the decedent's transferred a majority of their assets to their trust, but failed to transfer a few of them, thus requiring the survivors to open probate. DeAngelis Legal prepared and filed [...]
Estate Planning Update July 2024 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025 (an increase of $690,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2024 Generation Skipping Tax Exemption: increased to $13,610,000 [...]
Surviving spouse was surprised to learn that the revocable trust created by the couple 10+ years ago became irrevocable upon the 1st spouse’s death. In addition, the trust split the couple’s assets and allocated half to a trust where the surviving spouse only had limited rights to the assets. After reviewing the survivor’s alternatives, DeAngelis [...]
“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In two separate matters, a new client’s spouse unexpectedly died, leaving behind a will and trust that was outdated and adversely impacted the surviving spouse upon the death of the first spouse.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 [...]
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 [...]
During the administration of a decedent’s trust, the trustee identified a brokerage account in the decedent’s individual name, even though all other assets were either titled in the name of the revocable trust or transferred outside the trust directly pursuant to a beneficiary designation. Because the account was over the threshold for a small estate [...]
Residential real estate continues to be a significant asset in most estates we plan. It also continues to cause considerable issues with the estates and trusts we administer. Whether caused by poor financial planning, poor estate planning or poor execution, the result is always the same – increased family discord, frustration and expense during administration [...]
