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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
DeAngelis Legal performed a corporate review of the structure and records of several new clients and proposed recommended changes to confirm with each client’s operations and objectives. The clients created several entities over the years, creating a rat’s nest of entities. Separate entities provide enhanced creditor protection, but owners need to adhere to corporate formalities [...]
DeAngelis Legal negotiated key points of two employment agreements on behalf of separate Scottsdale employees. One in connection with a new position and the other with a public offering. Key negotiated items included the noncompete, confidentiality, termination and default provisions.
