Protecting Family Wealth

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July 2022 Cohabitation and Premarital Agreement

DeAngelis Legal prepared a comprehensive cohabitation and premarital agreement for a Scottsdale physician.  The agreement provided for terms upon which the couple would reside together and in the event they were married, modified the community property rules to achieve their intent.  Significant issues addressed included the disparate net worth and income of the couple, closely [...]

By |2022-08-15T16:58:27-07:00August 15th, 2022|Recent Projects, Estate Planning, Protecting Family Wealth|Comments Off on July 2022 Cohabitation and Premarital Agreement

Trusts for Children

At its core, estate planning is setting the terms upon which assets are transitioned from a person, often a parent, to another such as a child. Without proper estate planning creating trusts for children, a parent’s assets become available to the child immediately if at the parent’s death: (a) the parent was not married to [...]

By |2022-07-29T11:26:55-07:00July 25th, 2022|Past Newsletters, Estate Planning, Protecting Family Wealth|Comments Off on Trusts for Children

July 2022 Estate Planning Update

 Estate Planning Update July, 2022 1. 2022 Annual Gift Tax Exclusion: increased to $16,000 per donor, per donee. 2. 2022 Gift and Estate Tax Exemption: increased to $12,060,000 per donor through 2025, see #6. 3. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 4. 2022 Generation Skipping Tax Exclusion: increased to $12,060,000 per donor [...]

By |2022-07-29T11:30:04-07:00July 20th, 2022|Annual Estate Plan Updates, Past Newsletters, Federal Estate Tax, Estate Planning, Protecting Family Wealth|Comments Off on July 2022 Estate Planning Update

June 2022 Complex Trust Administration

June marked the end of a four year complex trust administration odyssey.  This administration could have been a television show, as it had every intrigue you can imagine - power struggles, illiquid assets, environmental claims, a defunct closely held business with unpaid claims, an injunction preventing the sale of real estate, property tax claims, third [...]

By |2022-07-21T12:14:07-07:00July 15th, 2022|Recent Projects, Probate and Trust Administration, Estate Planning, Succession Planning, Protecting Family Wealth, Homepage|Comments Off on June 2022 Complex Trust Administration

May 2022 IRA Beneficiary Designations

DeAngelis Legal advised long time Scottsdale clients on appropriate IRA beneficiary designations.  After the 2017 Tax Act, non-spouse beneficiaries can no longer take distributions over their lifetime and in most cases must take all distributions within 10 years of the account owner’s death.  This makes planning for large retirement accounts difficult, especially when you see [...]

By |2022-07-21T12:11:51-07:00June 15th, 2022|Recent Projects, Estate Planning, Protecting Family Wealth, Homepage|Comments Off on May 2022 IRA Beneficiary Designations

April 2022 Estate Planning for Generational Wealth

DeAngelis Legal prepared the estate plan for a young couple with generational wealth.  This project was made more complicated by one spouse’s interest in four irrevocable trusts and a myriad of out of state family businesses gifted from the spouse’s parents.  While the couple’s planning was simple, DeAngelis Legal assisted the spouse understand her rights [...]

By |2022-07-21T12:11:11-07:00May 15th, 2022|Federal Estate Tax, Recent Projects, Probate and Trust Administration, Estate Planning, Succession Planning, Protecting Family Wealth|Comments Off on April 2022 Estate Planning for Generational Wealth

March 2022 Irrevocable Trust Decanting

DeAngelis Legal represented a Scottsdale estate planning client with the decanting of his parent’s irrevocable trust.  The client is a current beneficiary of the trust, but wanted to clarify the terms upon which his children as secondary beneficiaries would receive its assets, especially because one child had special needs. DeAngelis Legal prepared the new trust [...]

By |2022-07-21T12:10:47-07:00April 15th, 2022|Recent Projects, Probate and Trust Administration, Protecting Family Wealth|Comments Off on March 2022 Irrevocable Trust Decanting

January 2022 Trust Decanting

DeAngelis Legal assisted with the trust decanting of an irrevocable trust.  We prepared the new trust instrument which holds a variety of closely held businesses, real estate entities and marketable securities.  The old instrument was prepared by another law firm and its terms did not meet with the settlors’ intent.  DeAngelis Legal worked with the [...]

By |2022-07-21T12:10:04-07:00February 15th, 2022|Estate Planning, Probate and Trust Administration, Succession Planning, Protecting Family Wealth|Comments Off on January 2022 Trust Decanting

October 2021 Entity Formation

DeAngelis Legal created several new entities this month in a variety of industries.  A couple corporations and several limited liability companies (LLCs).  The proper choice of entity and its proper tax character (c-corporation, s-corporation, partnership or disregarded entity) is largely driven by liability protection, the entity’s purpose and industry (i.e., real estate holding company, operating [...]

By |2022-07-28T20:05:42-07:00November 15th, 2021|Entity Formation, Recent Projects, Protecting Family Wealth|Comments Off on October 2021 Entity Formation

October 2021 Estate Planning

DeAngelis Legal assisted a Sedona high net worth couple with a comprehensive review of their estate planning documents, including their wills, trust, and family limited partnership.  DeAngelis Legal met with the couple to learn about their objectives, reviewed their current plan and made recommendations, prepared documents updating their plan to make it consistent with their [...]

By |2022-07-21T12:08:23-07:00November 15th, 2021|Recent Projects, Federal Estate Tax, Estate Planning, Succession Planning, Protecting Family Wealth|Comments Off on October 2021 Estate Planning