Probate & Estate Planning

Arizona has a large population of vulnerable adults.  Arizona adopted the Adult Protective Services Act (“APSA”) in 1980.  The Arizona legislature has amended and supplemented APSA several times since. The goal of APSA is to protect Arizona’s large population of vulnerable adults from abuse, neglect and financial exploitation.  In order to further the objective of protecting vulnerable adults, in 2006, Arizona added A.R.S. § 46-459, which provides for the Adult Protective Services Registry. Pursuant to the law, the Arizona Department of Economic Security (the “Department” or “ADES”) is required to “maintain a registry of substantiated reports of abuse, neglect and…
Hearsay Rule Defined Under Arizona Rules of Evidence 801 and 802, hearsay is inadmissible unless an exception applies.  Rule 801(c) defines hearsay as a statement that: (1) the declarant does not make while testifying at the current trial or hearing and (2) a party offers in evidence to prove the truth of the matter asserted in the statement. (Emphasis added.) Although relatively clear, to further define the rule, a “statement” is a “person’s oral assertion, written assertion, or nonverbal conduct, if the person intended it as an assertion.” Ariz. R. Evid. 801(a).  A “declarant” is “the person who made the…
“Money makes money. And the money that makes money, makes more money.” Benjamin Franklin This centuries old quote by our founding father could not be more appropriate today. Millions of Americans are out of work, surviving on government subsidies and yet the stock market and real estate market are approaching historic highs. Those with capital and a willingness to invest will profit from the shift just like they have in the past. This is Quinn’s fourth economic shift during his career – the bank failures of the early 90’s, the tech bubble of 00s, the financial crisis of ‘08 and…
Although Nakamoto, whose name is thought to be a pseudonym for an individual or group, has been silent since 2011, his prototyped cryptocurrency system continues to explode, with many new forms of cryptocurrency available. Its blockchain structure, in which a publicly available ledger tracks all transactions, has potential applications beyond currency. For example, self-enforcing agreements embedded in computer code and managed by a blockchain, known as “smart contracts,” may be used to replace certain contracts, since they allow parties to digitally facilitate and enforce the performance of contracts. Because of its decentralized nature, there is no need to pay intermediaries,…
On September 11, 2020, elder law attorney  Marsha Goodman will participate as a speaker in “ALTCS Planning for Married Couples,” a Maricopa County Bar Association Continuing Legal Education program. As more and more baby boomers are diagnosed with dementia and other chronic conditions of aging, many people need to look to the Arizona Long Term Care System (ALTCS) to assist with the cost of care. Applicants for benefits who are married are often relieved to discover that they can retain a significant portion of their assets and still be eligible for benefits. However, the manner in which ALTCS calculates the…
On June 23, 2020, the IRS issued Notice 2020-51 , which provides guidance on the waiver of 2020 required minimum distributions (RMDs) from individual retirement accounts (IRAs) and individual account retirement plans (defined contribution plans but not defined benefit plans). We initially discussed the RMD waiver in our March 30, 2020, article, ” Required Minimum Distributions Waived for 2020 .” In Notice 2020-51, the IRS included several areas of relief, including those summarized below. RMD ROLLBACKS EXTENDED UNTIL AUGUST 31, 2020 As noted in the prior article, if an individual has already withdrawn his or her RMD for 2020 or…
Estate Planning Update July, 2020 1. 2020 Annual Gift Tax Exclusion: remains at $15,000 per donor, per donee. 2. 2020 Gift and Estate Tax Exemption: increased to $11,580,000 per donor through 2025, see #8. 3. Marital Deduction for Transfers to U.S. Spouse: unlimited. 4. 2020 Generation Skipping Tax Exclusion: increased to $11,580,000 per donor through 2025, see #8. 5. Top rate for Federal Estate, Gift and Generation Skipping Taxes: 40%. 6. National Topics: While we were focused on the impeachment hearings last fall, Congress and the President were busy passing the SECURE Act. The SECURE Act impacts the structure and…
After expiring on June 30, the PPP business loan program is back in business for at least a few more weeks. Over the Fourth of July weekend, President Trump signed legislation that extends the Paycheck Protection Program (PPP) for five weeks. The PPP had expired last Tuesday, with $130 billion in uncommitted loan money. It resumed accepting applications Monday and will continue through August 8. The PPP provides loans designed to provide a direct incentive for small businesses (including sole proprietorships and independent contractors) and private not-for-profit entities to keep their workers on the payroll. The program offers generous terms…
DeAngelis Legal dissolved several entities that had either sold their assets or had terminated their business operations.  Taking the time to formally and correctly terminate the entity with the Arizona Corporation Commission reduces the risk of identity fraud and accelerates the statute of limitations so future claims are barred.  DeAngelis Legal advised the owners on the timing of the filing and prepared the necessary documentation. The post May 2020 Corporate Dissolution appeared first on DeAngelis Legal.…
DeAngelis Legal formed several new entities from standard real estate holding companies to entities created to capitalize on opportunities caused by the COVID-19 outbreak.  DeAngelis Legal assisted the clients in identifying the correct entity, including the clients’ perspectives on privacy, liability protection, complexity and income tax preferences.  DeAngelis Legal prepared the formation documents including articles and operating agreements.  For more on creating a new entity see Forming a New Business The post May 2020 Entity Formation appeared first on DeAngelis Legal.…
Represented a Scottsdale couple with the preparation of a comprehensive review of their estate plan.  Both spouses in this second marriage had children from their prior marriages and maintained both separate and combined finances.  DeAngelis Legal identified issues, including tax implications and inequities in their proposed structure, identified potential solutions and drafted the appropriate changes to their estate plan and amendment to their marital agreement. The post May 2020 Estate Planning for Second Marriage appeared first on DeAngelis Legal.…
To help our LLC clients avoid the new law’s unfavorable default provisions, we offer a $750 flat-fee option for updating most operating agreements. Given the turmoil of the last few months, many LLC managers and members have been focused more on their business’s survival than on its governance. Nevertheless, in less than three months – September 1, to be precise – the 2018 Arizona Limited Liability Company Act (ALLCA) goes into full effect, totally replacing Arizona’s original LLC statutes. Will you be ready? The new law imposes various default provisions that, if not affirmatively addressed, could undermine some of the…
For the sixth straight year, Frazer Ryan ranks among Arizona’s top 50 best places to work. Selection recognizes companies that offer a great work atmosphere and is based on the results of employee surveys that measure culture, work environment, leadership, and employee pride and satisfaction, combined with rigorous evaluations of workplace practices, policies, perks and demographics.…