Probate & Estate Planning

On October 31, 2022, Forbes released its list of “Highest-Paid Dead Celebrities of 2022“. The list is riddled with tongue-in-cheek remarks (it was released on Halloween, after all), but this kind of information is truly fascinating.
Of the 13 named in this list, just one is an athlete – Kobe Bryant. The remaining are authors, musicians, and writers, or some combination of the three. Even Kobe Bryant was getting his reps in on becoming a filmmaker prior to his tragic death, winning an Oscar in 2017 for his animated short film “Dear Basketball”, which he wrote and produced.
Continue Reading Timing Is Everything, Even After You’re Gone

I’m not a professional or even amateur headline writer, but if I were, mine would read as:
“Petty Estate ‘Won’t Back Down’: Demands Kari Lake’s Campaign Immediately Cease & Desist in Wake of Arizona Governorship Loss”
Just a few years ago, the Petty Estate was embroiled in litigation over who would be appointed to lead the administration of the Estate, i.e., the personal representative. Among many other things, and dependent on the circumstances, a personal representative is someone with the authority – and perhaps an obligation – to issue cease and desist letters on behalf of an estate. You can
Continue Reading Tom Petty: Still Headlining

By opening an OCLAT investment account and shifting assets to it equal to their desired tax deduction, Millennials create both a triple tax-advantaged retirement account that can grow exponentially over time and a giving-engine that donates increasingly more to charity, usually over 20-30 years. This tax deduction strategy, perhaps most famously associated with Jackie Onassis (see

related article

by Jonathon Morrison), is IRS-approved and has many benefits that make it attractive to high-earning Millennials, including a high-funding limit (30% of annual income) and charitable giving, retirement savings and generational wealth transfer components. Specifically:

  • The individual funding the OCLAT receives a


Continue Reading Jonathon Morrison in Forbes magazine: OCLAT offers year-end tax deductions, wealth growth

DeAngelis Legal performed a comprehensive review and edit of a proposed multi-member LLC operating agreement on behalf a new client.  The client asked DeAngelis Legal to provide input on the operating agreement.  DeAngelis Legal provided a memo with additional questions and substantive comments and edits regarding management, capital contributions, purchase options and purchase price valuation.
The post October 2022 LLC Operating Agreement Review appeared first on DeAngelis Legal.
Continue Reading October 2022 LLC Operating Agreement Review

DeAngelis Legal obtained Letters of Personal Representative for a trustee who identified an asset that was not transferred to the trust.  The deceased participated in his employer’s stock option plan.  Unfortunately, the plan failed to name a beneficiary and the employer would not transfer the asset without the Letters of Personal Representative.  DeAngelis Legal prepared the documents necessary to open an informal probate in Maricopa County and obtained the Letters of Personal Representative allowing the trustee to transfer the asset to the trust beneficiaries.
The post October 2022 Letters of Personal Representative appeared first on DeAngelis Legal.
Continue Reading October 2022 Letters of Personal Representative

Our list of often-overlooked questions can help you strengthen your business succession planning and ensure a solid future for your spouse and children.

An 800-word article cannot begin to address all of the scenarios, options and decisions that may apply to your personal and business situation. Instead, we offer a few (OK, more than a few) questions that, thoughtfully considered, might provide a useful start in formulating plans for your business’s ownership and operations in case you should die while still running the show.

Consider questions such as these:

  • Are you married or single?

  • If you are married, is your


Continue Reading Estate planning for business owners: a will or trust is just the start of your ultimate plan

Mr. Smith demanded in writing the prompt release of the unredacted police report. The Town declined, and, in May 2021, Mr. Smith sued the Town, seeking to compel it to comply with Arizona’s public records statutes.

At trial, Mr. Smith argued that, because the shooter was not a victim for purposes of disclosure law (as the County Attorney had declined to prosecute), Mr. Smith was not required to establish that the public interest in disclosure outweighed the shooter’s right to privacy. (A 1984 decision, in

Carlson v. Pima County,

places a burden on public entities to presumptively disclose information unless
Continue Reading Jimmy Cool prevails in an Arizona town's denial of a shooting victim's public records request

Frazer Ryan Goldberg & Arnold LLP, a leading Phoenix-based law firm that is consistently voted as one of BestCompaniesAZ’s “Top Companies to Work for in Arizona,” is seeking a full-time Director of First Impressions.

This position is responsible for greeting clients, answering the telephones, maintaining supply inventory and placing the supply order, and hospitality duties such as keeping the conference rooms tidy and setting up for meetings.

This person should be able to lift at least 25 lbs. This is a perfect position for a student. The working hours can be from 8:00 a.m. – 5:00 p.m.

Frazer Ryan Goldberg
Continue Reading IMMEDIATE OPENING: Frazer Ryan wishes to hire a Director of First Impressions

A new federal law will require businesses to report specific information about the business and its owners – and impose costly consequences for failure to comply.

Will my business have to file a report?

It probably will. Entities required to report (

aka

a “reporting company”) include most corporations, LLCs, partnerships, certain types of trusts, and more.

For purposes of the CTA, a reporting company is defined as:

“a corporation, limited liability company or other similar entity that is created by the filing of a document with a secretary of state or similar office under the law of a state,
Continue Reading Corporate Transparency Act Update: effective date pushed back to January 1, 2024

Falling for fall.
Fall is wonderful. Harvest time. The afterglow of summer travels and the excitement of the first snowfall knowing the holidays and ski season are right around the corner. It is also a time when we review our corporate clients to review strategic plans, make sure their corporate structure is appropriate and update corporate records.
Year-end strategy review.
Most of the year is behind us and we generally know how the year is going to wind up. Take time to meet with your tax advisor, review financials and determine whether there are any actions you can take before
Continue Reading Corporate Structure Review

Qualifying charitable contributions give you control over how a portion of your state income tax dollars will be used.

As 2022 rapidly comes to an end, you might be considering some of the special Arizona charitable donations that generate a dollar-for-dollar tax credit on your Arizona return.

Here is some basic information (for tax year 2022) on some of those special donations. Happy year-end tax planning!



You may claim a dollar-for-dollar Arizona tax credit for making contributions to a certified School Tuition Organization to create scholarships for K-12 students attending private schools.

  • Contributions for the 2022 tax year can


Continue Reading State tax credits benefit Arizona kids, low-income families

In the initial phase of probate, a personal representative’s attention is on preparing an asset inventory, determining which assets are subject to probate, and keeping the decedent’s heirs in the loop.

  • collect the assets of the decedent,

  • pay any outstanding bills or creditors that need to be paid, and

  • distribute the decedent’s assets to whomever is supposed to receive them under the Will (or, if no Will exists, under state law).

This article, which is an excerpt from our

Arizona Personal Representative Handbook

, focuses on the first duty:

gathering the decedent’s assets.

Initially, you (as the PR) must identify
Continue Reading For Personal Representatives, Collecting the Decedent's Assets Is a Critical Duty

That potential liability was described in our July 26, 2022, article, “

New IRS Rules and Actuarial Tables Impact RMDs for 2021 and Beyond.

” Our article discussed how a then-required distribution for 2021 could have been missed by a beneficiary of an inherited IRA or inherited “individual account plan”

[2]

whose original owner died on or after January 1, 2020.

While the IRS’s reversal on this issue is an obvious benefit for affected beneficiaries who

did not

make an RMD for 2021 or 2022, it also impacts those who

did:

  • First, if you have already withdrawn an RMD for


Continue Reading IRS announces RMD waivers for some beneficiaries of an inherited IRA

DeAngelis Legal represented a young Phoenix couple expecting their first child with their estate plan documents.  The couple represents the third generation in this family that DeAngelis Legal had represented after obtaining the necessary consents and waivers of potential conflicts from the other family members, .  The simple estate plan included simple wills, powers of attorney, healthcare powers of attorney and living wills.  Very proud of this young couple for getting sure appropriate documents are in place for their young family.
The post September 2022 Simple Estate Plan appeared first on DeAngelis Legal.
Continue Reading September 2022 Simple Estate Plan

Sometimes trust administrations are easy.  DeAngelis Legal represented the beneficiary of a trust created by the beneficiary’s parents.  Years of strained relations caused tension between family members, one of which was the trustee.  After obtaining the documents clarifying past transactions, accounting and distribution amounts, the beneficiary signed off on the trust and received his share of the estate.
The post September 2022 Trust Administration appeared first on DeAngelis Legal.
Continue Reading September 2022 Trust Administration