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On June 30, Gov. Doug Ducey signed a major income tax cut package that, beginning January 1, 2022, caps Arizona’s income tax at 4.5 percent. Because the legislature does not have the authority to repeal or undermine a voter-approved ballot issue, majority Republicans used other strategies to circumvent Prop. 208’s effect, implementing a 4.5% cap on the maximum combined tax rate. The provision has the effect of reducing the regular income tax rate on that income to 1%, which also reduces revenue from the regular income tax. Changes in Tax Rates. Key provisions of the tax cut package, contained largely…
 the rent an owner can charge, who can occupy a unit based on a tenant’s income, and the owner’s ability to sell the property. LIHTC housing is also burdened by state regulatory authorities who impose operational and compliance costs, periodic monitoring, on-site inspections, and compliance reviews. Maricopa County sought to block county assessors from taking into account these restrictions in determining a property’s value and, instead, force them to use the Arizona Department of Revenue’s Subsidized Housing Valuation Guidelines issued in 1998. The Guidelines assume that a LIHTC property is not encumbered by deed restrictions and, instead, market rent…
Don’t let uncertainty regarding tax legislation blind you to the near certainty of profound changes – this year – and the need to protect your family’s inheritance. To recognize where we are headed with respect to estate taxation, it is important to understand where we are now: The current lifetime gift tax and estate tax limits have never been higher, and estates valued at up to $11.7 million per individual ($23.4 million per married couple) are not subject to estate tax. An individual can reduce the value of their estate by gifting up to $15,000 per year per recipient, without…
The Health Care Power of Attorney allows the Principal to pre-direct the type of care they want to receive in the event they are unable to communicate their healthcare wishes themselves. Conversely, the Durable General Power of Attorney allows for the Principal to appoint an Agent to manage their personal and financial affairs in the event of the Principal’s incapacity.  Without having powers of attorney, a person’s loved ones could be forced to take legal action to obtain authority to make medical and financial decisions on their behalf. This can have devastating results, as a person who needs their Agent…
John’s ACTEC election is the most recent of multiple professional achievements. He enjoys a long-standing AV Preeminent® rating — the highest possible rating from his peers for legal ability and ethical standards — and is a  Best Lawyers ® and Super Lawyers honoree and a past chair (2018-2019) of the State Bar of Arizona’s Probate and Trust Section.…
For the third straight year, Frazer Ryan is Ranking Arizona ‘s first runner-up among midsize Arizona law firms (22-47 attorneys) for 2021. We also ranked among the top four law firms statewide in Elder Law ( #1 for the fourth straight year ), Estate/Trust (#4), Mental Health (#2) and Tax (#2). In addition, Frazer Ryan was one of 100 Arizona employers recognized in “Ranking the Best Places to Work in Arizona.”…
Frazer Ryan is Ranking Arizona’s top-ranked Elder Law firm for 2021. It is the firm’s fourth consecutive #1 ranking among all Arizona law firms that provide elder law services. Frazer Ryan’s Phoenix elder law attorneys and staff help the elderly and their families plan for their care and the management of their estates, and address elder abuse, financial exploitation, and neglect. Related areas of service include: long-term care planning guardianship and conservatorship mental health law special needs planning veterans benefits. Read more about our Elder Law practice.
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.…