Past Newsletters

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January 2024 Estate Planning Update

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 [...]

By |2024-01-22T20:10:52-07:00January 15th, 2024|Past Newsletters, Annual Estate Plan Updates, Entity Formation, Federal Estate Tax, Business Services|Comments Off on January 2024 Estate Planning Update

The Corporate Transparency Act (CTA) – New Year. New Requirements.

Beginning January 1, 2024, the US Corporate Transparency Act (CTA) will require corporations, limited liability companies, limited partnerships, trusts and other similar entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau within the US Department of the Treasury. The CTA aims to enhance financial transparency and strengthen anti-money laundering [...]

By |2024-01-18T19:14:48-07:00January 1st, 2024|Past Newsletters, Entity Formation|Comments Off on The Corporate Transparency Act (CTA) – New Year. New Requirements.

Residential Real 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 [...]

By |2023-07-27T14:34:43-07:00July 22nd, 2023|Past Newsletters, Probate and Trust Administration, Estate Planning|Comments Off on Residential Real Estate

July 2023 Estate Planning Update

Estate Planning Update July 2023 2023 Annual Gift Tax Exclusion: increased to $17,000 per donor, per donee. 2023 Gift and Estate Tax Exemption: increased to $12,920,000 per donor through 2025, see #6, an increase of $860,000. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2023 Generation Skipping Tax Exclusion: increased to $12,920,000 per donor [...]

By |2023-07-25T10:27:39-07:00July 22nd, 2023|Past Newsletters, Annual Estate Plan Updates, Recent Projects, Federal Estate Tax, Probate and Trust Administration, Estate Planning|Comments Off on July 2023 Estate Planning Update

June 2023 Corporate Entity Review and Update

Young Scottsdale couple accumulated several businesses and real estate properties owned by four different entities formed in three different states. DeAngelis Legal reviewed each entity’s purpose, tax records, formation documents and contact information and prepared the documents necessary to conform with how the entities were treated for income tax purposes, update each entity’s contact information [...]

By |2023-07-09T12:17:27-07:00July 15th, 2023|Past Newsletters, Recent Projects, Succession Planning, Protecting Family Wealth, Homepage|Comments Off on June 2023 Corporate Entity Review and Update

June 2023 Informal Probate

At the end of the administration of a trust, the title company required the trustee to open a probate and obtain letters of personal representative before closing. This is the second matter in as many months where DeAngelis Legal has had to deal with simple mistakes that caused significant delays and additional expenses in trust [...]

By |2023-07-27T14:37:07-07:00July 15th, 2023|Past Newsletters, Recent Projects, Probate and Trust Administration, Homepage|Comments Off on June 2023 Informal Probate

May 2023 Formal Probate

Trustee of a large estate identified a small investment account that was not transferred to the decedent’s revocable trust during his lifetime (mistake #1).  Unfortunately, while making a copy of his will prior to his death the decedent had mixed the pages of the original and the copy (mistake 2), so while we had the [...]

By |2023-07-09T12:16:42-07:00June 15th, 2023|Past Newsletters, Recent Projects, Probate and Trust Administration, Homepage|Comments Off on May 2023 Formal Probate

Corporate Records

Why do we spend so much time and energy on updating corporate records? Soon after the entity is created, business owners move on to growing their business and often fail to pay attention to the details of maintaining proper corporate records.  As a non-priority item, these tasks get pushed down and forgotten until an event [...]

By |2023-05-17T17:54:49-07:00April 20th, 2023|Past Newsletters, Entity Formation, Succession Planning, Protecting Family Wealth|Comments Off on Corporate Records

March 2023 Interest Purchase Agreement

A long-time Scottsdale closely held business owner desired to purchase a family member’s minority interest in the business.  DeAngelis Legal worked with the buyer to evaluate alternatives and prepare the documents to evidence the transaction.  The documents included an interest purchase agreement, promissory note, consent of the other members, assignment of interest and amendments to [...]

By |2023-05-12T20:04:05-07:00April 15th, 2023|Past Newsletters, Recent Projects, Mergers & Acquisitions, Business Services, Protecting Family Wealth, Homepage|Comments Off on March 2023 Interest Purchase Agreement

March 2023 Life Insurance Trust  

During the review and update of a new high net-worth Scottsdale couple’s estate plan, DeAngelis Legal identified a potentially large estate tax obligation caused by life insurance owned by the couple.  DeAngelis Legal worked with the couple and their insurance advisor to identify and evaluate alternatives, which included an evaluation of how much life insurance [...]

By |2023-05-12T20:00:34-07:00April 15th, 2023|Past Newsletters, Recent Projects, Federal Estate Tax, Estate Planning, Succession Planning, Protecting Family Wealth, Homepage|Comments Off on March 2023 Life Insurance Trust