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
More Legal News & Information... →I frequently see clients come into my office who have met with their banker and set up joint tenancy with rights of survivorship bank accounts naming another person who is not their spouse as the joint tenant on the account. Often times a client simply wants to name another person to write checks on the account. Note that there is a difference between adding another person with signature authority versus adding another person as a joint tenant. A person with only signature authority does not have ownership of the account and only has the power to write checks on the
More Legal News & Information... →Iowa law allows for individuals to execute Living Wills to insure that the rights and desires of terminally ill or comatose individuals are honored. The document takes the decision making burden away from your family members. Your physician will make sure your desires are accomplished. Pursuant to the Living Will, you direct your physician to withhold life-sustaining procedures in the event you have an incurable or irreversible condition that will result in death within a relatively short period of time or a state of permanent unconsciousness from which, to a reasonable degree of medical certainty, there can be no recovery.
More Legal News & Information... →I am not suggesting that one must be a skeptic but rather that constructive doubt is useful in my profession. I need to have an understanding of the differences among (1) what I think, (2) what I believe, and (3) what I know. With regard to thinking, it involves the development of a process by which I gather information. It is being open-minded, being non-judgmental and does not evaluate the information or documentation assembled. With regard to what I believe, it involves looking at the information and the documentation assembled and sorting through the information and documentation to analyze which
More Legal News & Information... →A question that always comes up when I meet with new Will clients is how to handle distribution of one’s personal property. One option is to direct your executor to divide your personal property equally among a group of individuals. The Will can provide that the executor makes the decision as to what property goes to what individual or can provide that the individuals decide among themselves as to what property goes to what individual. Both options can cause problems. If a child is also acting as executor, the decisions made by said child on how to distribute personal property
More Legal News & Information... →After a person has signed his/her Will, the most often asked question is, “what do I do with my Will”. There are a variety of responses to that question. Among the answers are: A safe deposit box which can present another problem at your death; A secured strong box in your home; The Trust Department of the bank if you have named the bank as executor of your estate. If you place your Will in your safe deposit box, make certain that you have authorized your spouse, at least one of your children or a trusted friend to have access
More Legal News & Information... →In the course of managing the estate for yourself or a loved one, the specifics surrounding disposition is often confusing. Iowa law provides detailed answers, but after the death of an individual, family members and friends are often concerned with consoling one another and paying respects to the deceased. Burial, cremation, and other details need to be fully defined through proper estate planning procedures. For your convenience, we’ve put together a comprehensive overview of the Iowa Code for Disposition. Chapter 144C of the Iowa Code, which was enacted in 2008, sets forth the Final Disposition Act which allows a person
More Legal News & Information... →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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