Here are our Top 7 Tips for Estate Planning this year: Review K-1s and 1099s. These documents should show your trust or you as trustee or its abbreviation “TR.” If not, the asset is most likely title in your individual name and should be transferred to the trust. This is especially true if the asset [...]
Estate Planning Update January, 2021 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #8. Marital Deduction for Transfers to U.S. Spouse: unlimited. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through 2025, see #8. Top [...]
Assisted successor trustees with the administration of a trust after the death of both spouses. What should have been a simple administration was complicated by poor planning, the surviving spouse’s failure to follow the terms of the trust and her failure to provide remainder beneficiaries with important information, such as where the original documents are [...]
Happily, most our business clients have adjusted to the new reality of 2020 and are holding up well, with residential home building industry leading the way. This does not mean that there haven’t been casualties. Small businesses such as restaurants, bars, gyms, hotels and certain medical practices obviously have been the hardest hit. We have [...]
Time and time again we are asked to re-create the corporate records of an entity. The fire drill is ignited by the need for financing, a large asset transaction, an IRS audit, an impending sale of the business or litigation. Business owners lose their mind that these seeming inconsequential items are holding up the transaction [...]
Concerns over an impending “blue wave” of Democrats taking over the Senate caused our phones to ring in September. DeAngelis Legal spent a significant amount of time with these high net worth clients throughout Arizona describing and evaluating the best alternatives for utilizing their remaining estate tax exemptions before the end of the year. Several [...]
Represented a new client with the buyout of an investor from a closely held business in Scottsdale. DeAngelis Legal advised the buyer regarding the acquisition structure, reviewed and revised the interest purchase agreement and prepared the documents necessary to properly evidence the buyer as the sole owner of the entity going forward.
“Money makes money. And the money that makes money, makes more money.” Benjamin Franklin This centuries old quote by our founding father could not be more appropriate today. Millions of Americans are out of work, surviving on government subsidies and yet the stock market and real estate market are approaching historic highs. Those with capital [...]
DeAngelis Legal’s pandemic planning for businesses is a list of topics you should address in light of the COVID-19 outbreak. For individual topics see Pandemic Planning for Individuals. CARES Act for Businesses. The CARES Act has significant financial benefits for businesses, including employee retention credits, payroll tax deferral, pension funding deferral and income tax relief. A [...]
DeAngelis Legal's pandemic planning for individuals is a list of topics you should address in light of the COVID-19 outbreak. For topics related to businesses see Pandemic Planning for Businesses. CARES Act for Individuals. The CARES Act has many provisions benefiting individuals. These pandemic planning topics are wide ranging from the much discussed rebates, to lesser [...]
