On August 20, 2024, the United States District Court for the Northern District of Texas issued a nationwide ruling blocking the implementation of the final Noncompete Rule (the “Final Rule”). Prior to the court’s ruling on August 20, it preliminarily blocked the FTC from implementing or enforcing the Final Rule, but only against the named [...]
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 [...]
Represented couple with the preparation of a comprehensive review and update 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 significant issues, including estate tax implications and inequities in their proposed structure, proposed potential solutions and drafted the [...]
“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 [...]
On April 23, 2024, the Federal Trade Commission issued its final rule banning noncompetition (noncompete) provisions for all workers as an unfair method of competition. The U.S. Chamber of Commerce has vowed to challenge the ruling, but employers need to start understanding the law and how it will impact their documents and their worker’s rights. [...]
Four months into complying with the Corporate Transparency Act (CTA), we have picked up a few tips that we thought would be helpful to pass along. Background. The CTA is a federal registration program for business owners administered by the Financial Crimes Enforcement Network (FinCEN). Compliance began January 1, 2024 and involves several disclosure requirements [...]
Garren W. Carroll, Esq. has joined DeAngelis Legal as an attorney. Garren has been practicing general business and estate planning law since 2005. Prior to joining DeAngelis Legal he worked in private practice and as in-house counsel at a small start-up. Garren regularly represents clients with their estate planning and probate matters, including simple wills, [...]
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 [...]
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 [...]
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 [...]
