Probate & Estate Planning

The $900 billion coronavirus relief bill that became law last week offers important benefits for most employers, small businesses and families. Here are some of the highlights.   STIMULUS PAYMENTS TO INDIVIDUALS AND FAMILIES       Households will receive a maximum of $600 per adult and $600 for each child. The payments start phasing out when 2019 individual adjusted gross income exceeds $75,000 ($150,000 for married couples filing jointly) or when head-of-household income exceeds $112,500. For individuals without dependent children, the payments go to zero when an individual’s AGI reaches $87,000 ($174,000 for married couples).       According…
After decades of committed advocacy for their clients and nationally recognized excellence in their respective fields of mental health and taxation, Chick Arnold and Yale Goldberg have retired from the practice of law.  Their retirements leave in their wake an incredible legacy, and a wealth of talent, for the law firm that they helped elevate to the upper echelon of Arizona’s legal community. Read more about the lives and careers of Chick Arnold and Yale Goldberg.…
We are very pleased to announce the election of David Cohen as a senior partner in the firm. A key member of our business, tax, and mergers and acquisitions practice groups, David is admitted to practice in Arizona, California, Maryland, and the District of Columbia. He holds an LL.M. in Taxation from Georgetown University Law Center.…
On January 14, elder law and veterans’ benefits attorneys  Marsha Goodman  and Tobias Pierce will present a Zoom webinar, “Public Benefits: Are You Leaving Money on the Table?” The webinar is sponsored by Summit at Sunland Springs , a Mesa assisted living and memory care facility. From the Sponsor: “Did you know that, out of all forms of public benefits, VA benefits are the most underutilized? Did you serve during WWII, Korean War, Vietnam War or Persian Gulf War? “There are several chronic conditions which are presumed to have been caused by certain military service. If you qualify, the Arizona…
Social Security Disability Insurance (SSDI) programs are the largest of several federal programs that provide income support to people with disabilities. SSDI is not based on financial need. It is available to individuals who: are (or expect to be) unable to engage in “substantial gainful activity” for at least 12 months; and are “fully insured” (paid into Social Security for at least 40 quarters); or were disabled before age 22 and have a retired, disabled or deceased parent who is fully insured (benefit is 50% of a disabled or retired parent’s Social Security benefit or 75% of a deceased parent’s…
Assisted long time high net worth Scottsdale couple with the review and analysis of their complex estate plan.  DeAngelis Legal reviewed their current plan, updated tax projections based on various scenarios and provided various recommendations for utilizing their remaining gift, estate and GST tax exemptions.  DeAngelis Legal is also preparing the additional spousal lifetime access trust (SLAT) and other documents implementing the revised plan. The post November 2020 Estate Tax Planning appeared first on DeAngelis Legal.…
Three years!  After three years, we completed the administration of a client’s deceased aunt’s estate and trust.  What should have been a relatively simple administration turned into a lengthy probate.  The administration was not contested but was complicated by the aunt’s lack of financial records, failure to title assets in the name of her trust, the number and variety of financial assets and the number of beneficiaries.  DeAngelis Legal assisted the trustee with the identification of assets, the titling and beneficiary designation issues, opening a probate in Arizona, working with more than twenty-five different financial institutions and custodians to gain…
Many people I meet would benefit from an irrevocable asset protection trust, a strategy generally assumed to be too complicated and too expensive.  But I am not referring to families with vast inherited wealth or the Mark Zuckerberg-type entrepreneurs.  So how do you know if an asset protection trust might be right for you?  Consider the value of these assets you may own: The amount of equity in your personal residence above $150,000; The value of your financial investments (savings, brokerage accounts, notes receivable, etc.) not held in a retirement account; The value of your investment real estate (other than…
No, because the LLC must have a legitimate business purpose.  A business purpose would include providing a service, product, or usable space to an unrelated person or company.  Every small business provides a service or product, or both, to the general public, while investment real estate provides a place to live or do business.   Your personal residence does not have a business purpose and neither does your personal investment brokerage account.           Arizona residents qualify automatically for a homestead exemption, which protects up to $150,000 of equity even if a judgment creditor forces a sale of the home.  For…
In May 2020 the executive council for the Probate and Trust Section of the State Bar of Arizona approved a proposed statute permitting the creation of Arizona qualified spendthrift trusts.  This type of self-settled trust is more commonly known as a domestic asset protection trust.  The proposed statute (A.R.S. 14-10821) would establish a framework for Arizona residents to protect personal assets from future claims in a manner consistent with and subject to Arizona fraudulent conveyances laws.  If enacted, Arizona would become the 20th state to allow self-settled spendthrift trusts.  …