Qualified Charitable Distributions Tax Break

On November 26, 2019   /   Business Law West Des Moines, Taxation Law West Des Moines  
iowa tax law charitable donations

Qualified charitable distributions are a valuable tool in reducing taxes.  The deadline for the 2019 year is December 31, 2019.  Qualified charitable distributions are valuable if a person is taking required minimum distributions and also making charitable gifts.  Under the new tax act, most taxpayers are no longer able to itemize deductions, which includes charitable contributions, on the federal return due to the increase in the standard deduction.  As such, many taxpayers are no longer able to deduct their charitable contributions on their federal income tax returns.  A qualified charitable distribution allows an individual who is over the age of

More Legal News & Information... →
Back to Top

Mental Illness and Lack of Testamentary Capacity

On October 28, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Non-Probate Administration, Probate Law West Des Moines, Will & Trusts West Des Moines  
living will west des moines

On September 25, 2019, the Iowa Court of Appeals issued a ruling in the Matter of the Estate of Freeman Adams.  Freeman Adams died in December 2016.  Dorothy Ruth Fisher, the sister of the decedent, petitioned in probate to open an intestate estate for the decedent.  Ms. Fisher acknowledged that the decedent executed a Last Will and Testament in 2011 and asserted that such document was invalid due to lack of testamentary capacity or the product of undue influence, or both.  Two beneficiaries of the Estate objected to Ms. Fisher’s petition. The facts of the case show that the decedent

More Legal News & Information... →
Back to Top

New Retirement Bill Passes House

On September 27, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
retirement bill passed

On May 23, 2019, the U.S. House of Representatives passed (417-3) the Secure Act with the support of both Republicans and Democrats.  The purpose of the bill is to improve the country’s retirement system.  The bill is currently in the U.S. Senate awaiting passage.  Some of the main provisions that the Secure Act provides are as follows: It will repeal the maximum age for Traditional IRA contributions, which is currently 70. It will change the age to begin required minimum distributions from 70½ to 72. It will allow long term, part time workers to participate in 401k plans; It will

More Legal News & Information... →
Back to Top

Fiduciary Obligations on a 529 Account Owned by a Trust

On August 26, 2019   /   Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
iowa trust law beneficiary legal advice

On May 15, 2019, the Iowa Court of Appeals issued an Opinion in the case of Alberhasky v. Alberhasky.  The Opinion has received national attention.  The plaintiff, Max Alberhasky, sued his father, Rodney Alberhasky, alleging that Rod breached his fiduciary duties as a trustee of assets transferred to Rod’s mother.  Rod filed for divorce in 1999.  Rod has two children, Max and Grayson.  In 2000, Rod’s mother, Allie, set up a Revocable Trust and named Rod and her daughter, JoEllen, as successor trustees.  Rod and JoEllen became co-trustees for Allie’s Trust in 2009.  In 2010, Allie’s Trust enrolled in an

More Legal News & Information... →
Back to Top

Changes to Guardianships for Minors

On July 30, 2019   /   Estate & Trust Administration, Legal Resources West Des Moines, Will & Trusts West Des Moines  
minor guardianship des moines iowa

The Iowa Legislature recently passed and the Governor signed legislation which makes significant changes to the Iowa law regarding guardianships and conservatorships for adults and minors. Last month my blog dealt with the changes regarding guardianships for adults and conservatorships for adults and minors. This month I will discuss changes for guardianships for minors. The new law will apply to new minor guardianships opened after December 31, 2019 and will also apply to minor guardianships which were opened prior to January 1, 2020. The provisions in the Code regarding minor guardianships have been moved from Chapter 633 to Chapter 232D.

More Legal News & Information... →
Back to Top

Changes to Guardianship and Conservatorship Statutes

On June 26, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Probate Law West Des Moines  
guardianships and conservatorships

The Iowa Legislature recently passed and the Governor signed legislation which makes significant changes to the Iowa law regarding guardianships and conservatorships for adults and minors.  This month I will deal with the changes regarding Guardianships for adults and Conservatorships for adults and minors.  Next month, I will discuss changes for Guardianships for minors. For new guardianships and conservatorships which are opened after December 31, 2019, there are new requirements requiring professional evaluation of the proposed protected person and a requirement for a background check for all proposed guardians and conservators.  The guardian and conservator is required to file an

More Legal News & Information... →
Back to Top

New Law Regarding Certification of Trust

On May 28, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
revocable living trust, living trust, estate planning des moines iowa

The Governor has recently signed Senate File 112 amending the requirements for certifications of trust. The new Act becomes effective July 1, 2019.  The certification of trust must do all of the following: State that the Trust has not been revoked, modified or amended in any manner that would cause the representations in the certification of trust to be incorrect. Be signed by a currently acting trustee or the attorney of an acting trustee. Be subscribed and sworn to under penalty of perjury before a notary public as provided in Chapter 9B. The new Act is broader than the current

More Legal News & Information... →
Back to Top

Trust Case Decided By Iowa Supreme Court

On April 22, 2019   /   Contract Law West Des Moines, Elder Law West Des Moines, Estate & Trust Administration, Legal Resources West Des Moines, Real Estate Law West Des Moines  
wills and trusts in iowa

On April 5, 2019, the Iowa Supreme Court issued an opinion in the case of Serena Konrardy and Carrie Rigdon n/k/a Carrie Burmeister vs. Vincent Angerer Trust and DeWitt Bank & Trust Company, as Trustee of said Trust. The Trust provided that on the death of the Trustor, equal shares would be established for each of the Trustor’s five siblings.  Each share was to be placed in individual trusts for the sibling and the spouse of a deceased sibling.  If both a sibling and the sibling’s spouse had died, the Trust directed the trustee to distribute the Trust share to

More Legal News & Information... →
Back to Top

Tax-Free IRA Distributions to Certain Public Charities for Taxpayers 70½ and Older

On March 26, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
tax rules for ira distribution

The Federal Path Act includes provisions to allow a taxpayer who is age 70½ or older to make tax-free distributions from their IRA’s to qualified charities. The Path Act allows an individual who is over the age of 70½ to make a direct distribution from their IRA account to a charity.  The benefit of doing such is that the amount transferred to the charity will be counted as part of the taxpayer’s qualified minimum distribution and it will also not be included in the taxpayer’s gross income for Federal and State income taxes.  In order to qualify as a qualified

More Legal News & Information... →
Back to Top

Safe Harbor for Rental Real Estate – What You Need to Know

On February 28, 2019   /   Business Law West Des Moines, Contract Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines  
real estate safe harbor tax law

Last month the IRS issued the final regulations regarding Section 199A.  The IRS also issued IRS Notice 2019-07 which set forth a safe harbor under which a rental real estate enterprise would be treated as a trade or business under Section 199A.  The purpose of the Notice is to give taxpayers guidelines as to the application of the 199A deduction for rental real estate properties. To qualify for the safe harbor requirements, the taxpayer must meet the following requirements: Keep separate books and records setting out the income and expenses for the rental real estate enterprise; For tax years beginning

More Legal News & Information... →
Back to Top