Scottsdale couple with adult children desired to update their estate plan. After a quick discussion regarding the assets, the children and the couple’s objectives, DeAngelis Legal created and implemented a simple revocable trust and ancillary documents necessary to achieve their objectives upon disability and death. The documents included wills, financial powers of attorney, healthcare powers [...]
Long time Scottsdale estate and business clients desired to overhaul their estate plan. DeAngelis Legal worked with the clients and their investment advisor to rework goals and objectives, including restructuring the terms of the gifts to their children, evaluating insurance needs and incorporating large gifts to charitable organizations. DeAngelis Legal prepared the documents updating their [...]
Gilbert estate planning and business client got married and required an update to her estate plan to include her new spouse. DeAngelis Legal worked with the client on an appropriate division of her assets between her new spouse and her children from a previous marriage at death in accordance with her desires. DeAngelis Legal prepared [...]
Residential real estate continues to be a significant asset in most estates we plan. It also continues to cause considerable issues with the estates and trusts we administer. Whether caused by poor financial planning, poor estate planning or poor execution, the result is always the same – increased family discord, frustration and expense during administration [...]
Estate Planning Update July 2023 2023 Annual Gift Tax Exclusion: increased to $17,000 per donor, per donee. 2023 Gift and Estate Tax Exemption: increased to $12,920,000 per donor through 2025, see #6, an increase of $860,000. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2023 Generation Skipping Tax Exclusion: increased to $12,920,000 per donor [...]
At the end of the administration of a trust, the title company required the trustee to open a probate and obtain letters of personal representative before closing. This is the second matter in as many months where DeAngelis Legal has had to deal with simple mistakes that caused significant delays and additional expenses in trust [...]
Trustee of a large estate identified a small investment account that was not transferred to the decedent’s revocable trust during his lifetime (mistake #1). Unfortunately, while making a copy of his will prior to his death the decedent had mixed the pages of the original and the copy (mistake 2), so while we had the [...]
A recently re-married Scottsdale client desired to define the financial relationship with their spouse. DeAngelis Legal met with the client identifying common issues and solutions and drafted a comprehensive agreement addressing issues such as the waiver of community property laws, the waiver of the obligation to provide support, restricting gifts and joint debts, and providing [...]
During the review and update of a new high net-worth Scottsdale couple’s estate plan, DeAngelis Legal identified a potentially large estate tax obligation caused by life insurance owned by the couple. DeAngelis Legal worked with the couple and their insurance advisor to identify and evaluate alternatives, which included an evaluation of how much life insurance [...]
Winter deaths caused several trusts to become irrevocable and new trustees taking over. DeAngelis Legal advised the new trustees regarding their new duties and responsibilities, drafted the initial paperwork to transfer control, published notice to creditors to shorten the claims period and obtained tax identification numbers for the new trusts. All estates have avoided probate [...]
