Insights On The New Stimulus Package

On December 29, 2020   /   Legal Resources West Des Moines, Taxation Law West Des Moines  
stimulus package ppp questions

The US House and Senate have passed a new stimulus bill which has been signed by the President.  The new stimulus bill is over 5,500 pages in length.  This article will deal with the provisions involving the PPP (Paycheck Protection Plan).  The new bill contains provisions dealing with the deductibility of expenses paid with PPP funds.  There is little coverage in the press regarding such provision.  When the PPP program was first approved, it provided that the loans would be eligible to be forgiven by the SBA and that the forgiveness would not create taxable income.  Soon thereafter, the IRS

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Insights from a Recent Living Trust Case

On August 28, 2020   /   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 trust iowa lawyer

On July 22, 2020, the Iowa Court of Appeals issued a ruling in the matter of the Inman Family Living Trust (No. 19-1045).  Leland and Ella Mae Inman executed the Inman Family Living Trust in 2014.  In 2016, Leland passed away.  The Trust provided that the trustees possessed the powers, rights and discretion set forth in the Iowa Code; that the trustees are authorized to determine fairly and equitably the manner of ascertainment of income and principal and the allocation of all receipts and disbursements to income and principal accounts; and that the Trust shall be governed in accordance with

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Payout of EIP Stimulus Checks to Deceased Individuals

On June 1, 2020   /   Legal Resources West Des Moines, Taxation Law West Des Moines  
payout of stimulus checks

There has been much discussion among lawyers as to the payment of Economic Impact Payments (EIP) stimulus checks to deceased individuals.  The checks are generally in the amount of $1,200.00 for each taxpayer.  The Internal Revenue Service has recently addressed the issue on the Question and Answer section of its website. The IRS states that a person who died before receipt of the payment does not qualify and the payment should be returned to the IRS.  The entire payment should be returned unless the payment was made to joint filers and one spouse was alive at the time of receipt

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Iowa Supreme Court on Gift Restrictions – Tax Insight

On January 28, 2020   /   Business Law West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines  
laws about digital assets iowa

On November 8, 2019, the Iowa Supreme Court issued an opinion in the Matter of the Application of Coe College for Interpretation of Purported Gift Restriction.  The case involves a gift of seven paintings of Grant Wood in 1976 by the Eppley foundation to Coe College in Cedar Rapids.  The gift letter stated that the paintings would be given to the college “and that this would be their permanent home, hanging on the walls of Stewart Memorial Library”. The college treated the paintings on its books as an unrestricted gift that could be sold or otherwise alienated.  In 2016 an

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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

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IRS Guidance on Large Gifts Made Prior to 2026

On December 28, 2018   /   Business Law West Des Moines, Corporate Law West Des Moines, Legal Resources West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines  
irs tax on gift

Last month the Internal Revenue Service issued a proposed regulation addressing large gifts made prior to 2026.  The basic exclusion amount for estate or gift tax for the year 2017 was $5,490,000.00.  The 2017 Tax Cuts and Jobs Act increased the basic exclusion amount from 5 million to 10 million for tax years 2018 through 2025 with both dollar amounts adjusted for inflation.  For the year 2018 the basic exclusion amount adjusted for inflation is $11,180,000.00 million.  For 2019 the basic exclusion amount adjusted for inflation is $11,400,000.00.  Under the 2017 Tax Cuts and Jobs Act in the year 2026,

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Business Tax Update: Business Meals Still 50 Percent Deductible

On November 26, 2018   /   Business Law West Des Moines, Corporate Law West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines  
iowa business tax law meal entertainment

The Internal Revenue Service recently issued a Notice (Notice 2018-76) regarding the deductibility of business meal expenses under the new Tax Act.  The Notice may be relied on until proposed regulations are published.  The Notice provides that most business meal expenses will be 50 percent deductible as long as a separate invoice is provided for the food.  The new Tax Act prohibits the deduction of entertainment expenses.  It has been unclear until this Notice whether business meals involving a client or a potential client would fall into the entertainment expense category.  As such, until the proposed regulations are published, a

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Thinking of Gifting of Body to University of Iowa?

On August 29, 2017   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Will & Trusts West Des Moines  
deeded body, living will, estate planning des moines

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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Guardianships and Conservatorships

On July 27, 2017   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
guardianship and conservatorship, elder law, estate planning

I have written previously in this Blog regarding the use of Medical Power of Attorneys and Financial Power of Attorneys. One of the benefits of the Health and Financial Powers is that in many cases they can be used to avoid setting up a formal Guardianship and Conservatorship with the Court. The Guardian makes medical and social decisions for the Ward and also decides on where the Ward will reside. The Conservator handles the Ward’s property and finances. Either an individual or a bank may act as a Guardian or Conservator. Guardians and Conservators are required to file annual reports

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Facts About Organ Donation

On December 22, 2016   /   Estate & Trust Administration, Estate Planning West Des Moines, Will & Trusts West Des Moines  
organ donation, register as organ donor, iowa donor network, beatty & Miller pc

My blog articles for the past two months have dealt with Power of Attorneys for Health Care Decisions and Living Wills.  Both documents contain a paragraph dealing with organ donation.  If you check yes, you are indicating that in the event medical professionals determine that you are an organ donor, you agree to the use of life-sustaining procedures, including a ventilator for the sole purpose and time period required to complete the organ donation.   It is my experience that many clients who come to my office to discuss estate planning have not considered the option of becoming an organ

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