Estate Planning Update July, 2021 1. 2021 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2021 Gift and Estate Tax Exemption: increased to $11,700,000 per donor through 2025, see #6. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2021 Generation Skipping Tax Exclusion: increased to $11,700,000 per donor through [...]
The death toll resulting from COVID-19 continues to climb. June was no exception, with several new probates opened and trusts administered. A common theme among them was the failure to find the decedent’s original documents. The probate process is one of the few remaining areas where an original will is still required. This is because [...]
DELEGATION OF TRUSTEE POWERS When a client has a large asset base and a trust that will continue for a long period of time or in perpetuity, trustee selection often becomes an important issue to address. There may not be another person the client trusts to make decisions or who has the sophistication to invest, [...]
Long time Phoenix husband and wife clients own a closely held business among other assets. DeAngelis Legal met with the new clients to discuss their objectives and alternatives and drafted the updated wills, revocable trust, powers of attorney and ancillary documents to achieve their objectives. DeAngelis Legal also updated the corporate records of their business, [...]
Unfortunately, divorce is a fact of life and has a significant impact on the legal rights of the spouses. In addition to changing their status on Facebook, spouses need to consider the impact the divorce will have on their estate plan. In this matter, DeAngelis Legal discussed the impact on the estate plan post-divorce, offered [...]
New Scottsdale client relocating from Nevada asked DeAngelis Legal to review her estate plan documents prepared by a firm in Nevada. The sophisticated estate tax plan included a revocable trust, irrevocable trust and family limited partnership. DeAngelis Legal provided a summary of the documents and recommendations. After reviewing the suggestions with the client, DeAngelis Legal [...]
“It’s not personal, it’s just business.” This often used phrase is utilized in a variety of contexts, often to justify some extreme unsupported negotiation position or rationalize an unreasonable result. However, it is plain wrong; business is personal. Business owners who fail to recognize this limit their success and risk losing their investment, goodwill or [...]
The COVID-19 Christmas waive hit Arizona hard and it showed up in the number of new probate and trust administration files being opened. From easy informal probates of signed wills, to intestate estates for those that failed to sign a valid will to complex trust administrations, DeAngelis Legal has been advising numerous trustees and beneficiaries [...]
The new year kicked off strong on the business side. DeAngelis Legal assisted several clients with start-up entities, evaluating investments in venture capital opportunities and the formation of real estate holding companies. The real estate acquisitions ranged from single family lots to commercial buildings and the business ranged from online products and services to construction [...]
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 [...]
