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Several clients had entities with little or no purpose, so we began the dissolution and termination process. In addition to starting the statute of limitations on potential claims and limiting the potential for fraud, cleaning up your corporate structure will make it easier to administer of your affairs upon a death or disability and avoids the necessity of filing under the new Corporate Transparency Act. Now is a great time to dig out those old entities and formally merge, dissolve or terminate them.
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High net worth Chandler couple asked for a review of their estate plan and associated estate taxes. DeAngelis Legal performed a comprehensive review of their finances and estate plan, including financial statements, trusts, and beneficiary designations on retirement accounts and life insurance. DeAngelis Legal identified several options for reducing their estate tax obligations by several million dollars, regardless of whether the Federal Estate Tax exemption is reduced at the end of 2025. DeAngelis Legal also prepared or reviewed the documents necessary to implement the revised plan.
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High net worth second marriage couple from Phoenix desired to review and update their estate plan, which included bequests of sole and separate property to each spouse’s children.    DeAngelis Legal reviewed the couple’s current estate plan, worked with their investment advisor and accountant to identify and resolve a variety of income tax, estate tax and logistical issues and prepared updated estate plan documents.
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Successor trustee desired assistance with the administration of a simple trust. During administration, the beneficiaries of the trust requested that the trustee modify the provisions of the trust, including altering the remainder beneficiaries, one of which was an incapacitated adult. DeAngelis Legal provided proper notice to creditors and beneficiaries, advised the trustee as to permissible alternatives during administration and reviewed and revised the non-judicial settlement agreement implementing the agreed upon solution. The end result permitted the trustee to liquidate the principal of the trust early and distribute the incapacitated adult’s share to a special needs trust for his benefit.
The
Continue Reading January 2024 Trust Administration

Ultra high net worth couple acquired the majority stake in a foreign entity holding real estate operated by the minority party. As is often the case in these arrangements, conflicts arose between the parties regarding the ownership, control and management of the property. Complicating matters were incomplete financial records and communication issues. DeAngelis Legal worked with the couple, their US tax team, foreign counsel, the entity’s foreign accountant and the third party to reach and document a resolution between the parties.
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Estate Planning Update
January 2024
1. 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee.
2. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025, see #6, an increase of $690,000.
3. Marital Deduction for Transfers to U.S. Spouse: remains unlimited.
4. 2023 Generation Skipping Tax Exemption: increased to $13,610,000 per donor through 2025, see #6.
5. Top rate for Federal Estate, Gift and Generation Skipping Taxes: 40%.
6. National Topics:
a. The current Gift and Estate Tax Exemption is doubled to get to the amounts set forth above. It is anyone’s guess
Continue Reading January 2024 Estate Planning Update

Beginning January 1, 2024, the US Corporate Transparency Act (CTA) will require corporations, limited liability companies, limited partnerships, trusts and other similar entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau within the US Department of the Treasury. The CTA aims to enhance financial transparency and strengthen anti-money laundering efforts by detecting, preventing, and punishing terrorism, money laundering, and other misconduct through business entities.
Entities that were formed before January 1, 2024, will have to report by December 31, 2024.  Any new company formed after January 1, 2024, will need to report within 30
Continue Reading The Corporate Transparency Act (CTA) – New Year. New Requirements.

Co-owners of successful Arizona based closely held business disagreed about the entity’s future, its ownership and its management.  DeAngelis Legal reviewed the parties’ shareholder agreement and other corporate documents, advised the owner regarding various exit strategies and negotiated and implemented the ultimate sale of a non-controlling interest to a third party.
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Majority owner of Arizona based business desired to sell its interest to a third party. However, the minority owner and operator had different objectives. DeAngelis Legal met with the minority owner, reviewed the transaction documents and provided comments and suggestions to the minority owner to use in his employment agreement negotiations.
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During the review and update of a new ultra high net-worth Scottsdale couple’s estate plan, DeAngelis Legal identified estate tax issues, provided alternative solutions for achieving the couple’s charitable giving objectives and restructured their charitable giving to maximize the amount given to charities and the couple’s family members through changes to their revocable trust, retirement account beneficiary designations and life insurance beneficiaries.
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High net-worth Scottsdale couple asked for assistance with funding their revocable trust with complex closely held business interests, retirement accounts and life insurance. DeAngelis Legal assisted with the update of each entity’s corporate records and transfer them to their revocable trust. The updates included amendments to the operating agreement to comply with recent ownership changes and changes in Arizona LLC law, updating records with the Arizona Corporation Commission and assignments evidencing the ownership changes. During the funding meeting, DeAngelis Legal identified a potentially large estate tax obligation caused by life insurance owned by the couple. DeAngelis Legal worked with the
Continue Reading October 2023 Irrevocable Life Insurance Trust

High net worth Arizona couple had not reviewed their revocable trust in over ten years. The husband became ill and upon review, their advisors found the trusts to be ambiguous and tax inefficient. DeAngelis Legal worked with the couple and their adult children to evaluate and prepare a comprehensive and complex revocable trust. The new trust achieved the couple’s objectives on an estate tax efficient basis and addressed ownership and control issues associated with a successful family business.
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New out of state client’s mother and her boyfriend jointly owned their personal residence in Maricopa County as tenants in common and subject to a cohabitation agreement. The cohabitation agreement granted the surviving party an option to acquire the property upon a death. Client’s parent named her child as the designated beneficiary of her half of the property on a beneficiary deed and subsequently died. DeAngelis Legal assisted the child assert her ownership interest and negotiate the sale of the property to the surviving party.
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During the administration of a decedent’s trust, the trustee identified a brokerage account in the decedent’s individual name, even though all other assets were either titled in the name of the revocable trust or transferred outside the trust directly pursuant to a beneficiary designation. Because the account was over the threshold for a small estate affidavit, the brokerage firm required the trustee to obtain Letters of Personal Representative from the probate court. DeAngelis Legal prepared and filed the necessary paperwork for the named personal representative to decline to serve, to open an informal probate in Maricopa County and to have
Continue Reading September 2023 Informal Probate

Scottsdale couple desired to update their estate plan and corporate records.  Complicating the planning were a mix of community and sole and separate assets, including a legal practice, long-standing construction company, children from a previous marriage and less than complete corporate records.  DeAngelis Legal worked with the couple to identify their objectives, discuss alternatives and document their new estate plan.  DeAngelis Legal also reviewed and updated each entity’s corporate records to reflect the current ownership and documented the transfers to their new estate plan.
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