Details on the Iowa Inheritance Tax Repeal

On June 23, 2021   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Probate Law West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
iowa inheritance tax repeal

In the past week, the Governor signed Senate File 619 which repeals the Iowa inheritance tax over the next five years.  Numerous attempts have been made over the past decade to eliminate or modify the Iowa inheritance tax.  Pursuant to the bill, for persons dying in the year 2021, the Iowa inheritance tax will be reduced by twenty percent.  For persons dying in the year 2022, the Iowa inheritance tax will be reduced by forty percent.  For persons dying in the year 2023, the Iowa inheritance tax will be reduced by sixty percent.  For persons dying in the year 2024,

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Death Taxes – What Are They?

On December 23, 2015   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
inheritance taxes des moines iowa

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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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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