Estate Planning Update
Estate Planning Update
Estate Planning Update
DeAngelis Legal reviewed a letter of intent for the seller of a Scottsdale based business. The letter outlined the material terms for the purchase and allowed the parties to proceed with more detailed due diligence. DeAngelis Legal clarified certain terms and provided additional language protecting the parties.
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DeAngelis Legal resolved trust administration disputes between a trustee and beneficiary. Upon death, a parent set up a trust for a beneficiary naming the beneficiary’s older sibling as trustee. Over the years, the Trustee and beneficiary clashed over budgets, distributions, and reporting which adversely impacted their relationship. DeAngelis Legal advised the trustee, coordinated delivery of information, proposed a solution for the future and prepared the Non-judicial Settlement Agreement resolving all matters and allowing the family to enjoy their Christmas holiday in peace.
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Worried that I might stop following him on crazy adventures, my friend Béat Koszinowski gave me the book Younger Next Year for my 55th birthday. At the time, my workout regimen was fairly inconsistent, with lots of rest days, but I was constantly getting dropped on our skiing or biking outings. After reading the book, I began reducing my recovery days and increasing my protein and vegetable intake, which has resulted in more energy and endurance with less pain.
No, I am not going to ever be competing with Tom Brady at a high level, but I am enjoying what…
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DeAngelis Legal created three new investment holding companies for three separate clients in Scottsdale, Phoenix and Mesa. The entities will be used to hold real estate and private equity investments. Two entities were created to be disregarded for tax purposes and the third has several family members and therefore is taxed as a partnership. DeAngelis Legal assisted the clients with entity selection and prepared the Articles of Organization, Operating Agreement and EIN Application for each entity.
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DeAngelis Legal performed a comprehensive review of the corporate records of an Arizona based closely held business. The review included a clean-up of the shares certificates and transfer ledger, minutes of shareholder and director meetings and buy-sell terms for the operating and related entities.
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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.
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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.
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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…
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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.
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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.
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DeAngelis Legal reviewed the corporate records of a client who created several entities on their own and prepared the necessary documents to update, bring current and satisfy the title company’s requirements. The documents included amendments to operating agreements, member consents and a deed.
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DeAngelis Legal prepared a comprehensive cohabitation and premarital agreement for a Scottsdale physician. The agreement provided for terms upon which the couple would reside together and in the event they were married, modified the community property rules to achieve their intent. Significant issues addressed included the disparate net worth and income of the couple, closely held businesses and how assets would be allocated upon termination of the relationship, incapacity and death. The agreement also dealt with debt and post-termination support.
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DeAngelis Legal created another non-judicial settlement agreement modifying the terms of an irrevocable trust. Decedent died before updating his estate plan, an all-too-common occurrence, leaving the beneficiaries of his trust to piece it together and work out the details themselves. DeAngelis Legal prepared the settlement agreement, modifying the decedent’s trust to conform with his intentions and the agreement of the parties. Significant issues addressed involved a marital agreement, non-trust assets (i.e., retirement accounts), valuation, a charitable gift, non-pro rata allocations and distribution terms.
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At its core, estate planning is setting the terms upon which assets are transitioned from a person, often a parent, to another such as a child. Without proper estate planning creating trusts for children, a parent’s assets become available to the child immediately if at the parent’s death: (a) the parent was not married to the child’s other parent and (b) the child is over the age of 18. Money can be a powerful tool. It also can be abused or squandered. Most would agree that even a modest sum of money would be better served by holding back the…
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Estate Planning Update
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 through 2025, see #6.
5. Top rate for Federal Estate, Gift and Generation Skipping Taxes: 40%.
6. National Topics: The current Gift and Estate Tax Exemption is doubled to get to the amounts set forth above and the question is, will the doubling (a) be…
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