House File 232, which was discussed in my article of last month was signed by the Governor on June 1, 2023. Said bill also amends Section 633.555 to provide that in situations where a conservator has not been appointed for a minor, property due to a minor, not exceeding the aggregate of $50,000.00, shall be…
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House File 232, which is currently before the Governor for signature, provides a mechanism whereby new trusts and existing trusts will have a new tool to obtain information from third parties. The new provision allows a Trustee to present a written request to any person for the purpose to obtain information required to perform the Trustee’s duties or any information on property owned by the Trust and which is owned by the Trust Settlor at the time of death, including information about the property that has passed or will pass by beneficiary designations or joint tenancy ownership. The request must
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On February 8, 2023, the Iowa Court of Appeals issued an opinion In the Matter of the Estate of Mark D. Levine, Margarita Cervera Levine, Appellant, vs. Sara Lunn Keown, Appellee (No. 22-0654). Mark Levine died intestate in the country of Belize on February 8, 2021. Mark owned a joint interest in a mobile home and adjoining real estate in Polk County, a condominium in Belize, along with various bank and investment accounts. Mark married Margarita Cervera Levine in September of 2020, in Belize. Mark had an adult daughter Sara Keown who resides in Polk County Iowa. After the marriage,
More Legal News & Information... →The Iowa Supreme Court issued an opinion on March 2, 2018, in the case of Erpelding v. Erpelding which found that a prenuptial agreement which waives an award of attorney fees regarding issues of child or spousal support adversely affects the right to support and are categorically prohibited by Section 596.5(2) of the Iowa Code. Iowa Code Section 596.5(2) provides that the right of a spouse or child to support shall not be adversely affected by a premarital agreement. If you have questions or need more information concerning prenuptial agreements, please contact us through the contact page on our Web
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Many clients inquire as to the process to donate one’s body to the University of Iowa for scientific purposes. In order to be effective, the University of Iowa requires that a Deed of Disposition of Body for Scientific Purposes be on file with the University prior to an individual’s death. The Deed of Disposition of Body for Scientific Purposes can be executed by a person who is 18 years of age and competent. The University retains the right to not accept the body if it is not appropriate for their needs. The family of the donor or the estate of
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The words “death taxes” were created by persons (politicians) without defining the meaning or definitions of the words when they are spoken or written. I will try to bring meaning to the words “death taxes.” The event of death can cause two separate and distinct taxes. They are: A Federal estate tax and A State’s inheritance tax First the Federal estate tax is imposed on assets of a decedent’s estate over which he/she have title, ownership, dominion or control and have a net value of greater than $5,430,000 (called the Applicable Exclusion Amount) for deaths that occur in the year
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On November 25, 2015, the IRS issued a Notice increasing the De Minimis Safe Harbor Threshold for deducting certain capital expenses from $500.00 to $2,500.00. The new limit goes in effect on January 1, 2016. The De Minimis Safe Harbor Expense Threshold is applicable to any type of business entity: a C Corporation, an S Corporation, an LLC, or any type of partnership, and Schedule C (Profit or Loss from Sole Proprietorship), Schedule E (Supplemental Income and Loss from Rental Real Estate), Schedule F (Profit or Loss from Farming) and Schedule 4835 (Farm Rental Income and Expenses). We are recommending
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Our clients frequently ask us for advice on how long they need to attain their various records. Often times, the requirements for records retention varies based on the circumstances. For the benefit of our clients as well as you, our readers, the table set forth below will give some general guidelines for record-keeping and documentation. If you have additional questions pertaining to the documentation of legal records or have questions concerning another legal matter, please don’t hesitate to call us – 515-225-1100. By James D. Beatty.
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After you have recovered from a near-death experience, what are some tasks/things you might want to consider doing promptly (not prioritized except for the first task to do). Call your mother/father assuming they too have recovered from your near-death experience. Call your favorite teacher/athletic coach/mentor and tell him/her or them how much you have appreciated her/him or them (you may need to assume that she/he or they remember you). Invite your closest friend(s) to your home and share a bottle of really good wine or really really good Scotch with her/him or them. Go to that favorite quiet place in
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The question was asked of a forester, “what is the best time to plant a tree?” The answer was 40 years ago. The second best time to plant a tree is today. So what is my point? Now that Iowa tax season is behind us, it is appropriate to take time and reflect on how we could have made the process of gathering income tax information less stressful. Gathering information on the income-side is relatively easy. That information is sent to you by a payer of interest or dividends, a K-1 from a partnership or Sub-S Corporation or some other
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