2015 Legislative Changes Regarding Probate & Trust

On June 25, 2015   /   Business Law West Des Moines, Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Non-Probate Administration, Will & Trusts West Des Moines  
inheritance tax code iowa

The 2015 Legislature recently adjourned for the year. I will summarize the major items of legislation which were passed by the House and Senate. Iowa inheritance tax changes were made in regard to bequests going to the children of step-children.   Prior to the passage of the act, there was no Iowa inheritance tax owed from bequests passing to the surviving spouse, parents, grandparents, great grandparents, children, stepchildren, grandchildren, great grandchildren, and other lineal descendants. The new Act provides that bequests passing to lineal descendants of a decedent’s stepchildren will also be exempt from Iowa inheritance tax.   The bill does not

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Directives Often Overlooked In Estate Planning, Wills, and Trusts

On March 27, 2015   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
estate planning

Much has been written about the importance and benefits of a person having a Will or a Revocable Trust for the disposition of his or her assets, a Statutory Power of Attorney (Financial Power of Attorney), a Medical Power of Attorney, and a Declaration Concerning Life Sustaining Procedures (a Living Will). There are two other estate planning directives that often get overlooked. They are: A Testamentary Letter; Final Disposition of a Person’s Body. Iowa Code Chapter 633.276 makes provisions for a person who desires to make a specific bequest of tangible personal property may do so by signing what I

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Attention To Detail Is Everything In Estate Planning

On December 22, 2014   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Will & Trusts West Des Moines  
living will west des moines

By James D. Beatty Many clients we meet with within Des Moines, West Des Moines, Urbandale, Johnston, Ankeny, Altoona, Carlisle and Norwalk, have an incorrect belief that their Will determines who will inherit all of their assets. Many assets do not pass under a person’s Will. For example, life insurance policies and retirement accounts are typically paid on death to the persons named on the various beneficiary designations on file with the companies. Also, accounts titled as “transfer on death” or “payable on death” will also pass on death to the beneficiaries named on the accounts. Finally, assets which are

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Iowa’s New Elder Abuse Act

On November 3, 2014   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
elder care abuse act iowa

A new Act was passed in 2014 dealing with elder abuse. The new Act defines elder abuse as any of the following: 1. Physical injury to or injury which is at a variance with the history given of the injury or unreasonable confinement, unreasonable punishment, or assault of an vulnerable elder by a person. 2. The commission of a sexual offense under Chapter 709 or Section 726.2 with or against a vulnerable elder. 3. Neglect which is the deprivation of the minimum food, shelter, clothing, supervision, or physical or mental health care, or other care necessary to maintain a vulnerable

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The New Iowa Power of Attorney Act

On October 28, 2014   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Probate Law West Des Moines, Will & Trusts West Des Moines  
revised power of attorney act iowa

Effective July 1, 2014, the Iowa Uniform Power of Attorney Act became effective. As opposed to the previous law, the new Act provides detailed provisions regarding the setup and operation of a Power of Attorney and the rights and duties of principals (the person who sets up the Power of Attorney), agents (the person who will act on behalf of the principal), and other third parties. The purpose of the Act is to further the use of a Power of Attorney to avoid the need for a setup of a formal court supervised conservatorship. Another purpose of the Act is

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