Conservator’s Authority to Enter into Farm Leases

On July 26, 2021   /   Business Law West Des Moines, Contract Law West Des Moines, Corporate Law West Des Moines, Estate & Trust Administration, Legal Resources West Des Moines, Real Estate Law West Des Moines, Will & Trusts West Des Moines  
conservators authority farm lease iowa

On May 21, 2021, the Iowa Supreme Court issued an opinion In The Matter and Conservatorship of Marvin M. Jorgensen, No. 18-1235 (Iowa Sup. Ct. May 21, 2021).  Marvin Jorgensen suffered a stroke in 2016 that left him unable to manage his nearly 18,000 acres of Iowa farmland.  Prior to the stroke, Marvin leased approximately half of his farmland to his children and to several grandchildren in “handshake” agreements that were never put in writing.  After the stroke, a Conservatorship was opened for Marvin and the Conservator entered into new written leases with family members which continued with Marvin’s practice

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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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New Law Allows Consumers to Freeze Accounts at Credit Bureaus for Free

On October 24, 2018   /   Business Law West Des Moines, Elder Law West Des Moines, Legal Resources West Des Moines  
how do I freeze my credit

Consumers now have the power to freeze their accounts at the three Credit Bureaus for free, effective September 21, 2018, due to the Regulatory Relief, Economic Growth and Consumer Protection Act which was passed in May of 2018. In addition, consumers are allowed to unfreeze their accounts for free.  Consumers who are interested in placing a freeze on their Credit Bureau accounts should contact the three major reporting agencies, Experian, TransUnion, and Equifax.  In addition, consumers should also notify the National Consumer Telecom & Utilities Exchange (NCTUE) to have their account frozen.   NCTUE is the reporting agency used when individuals

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Recent Changes to the Iowa Small Estate Statute

On July 2, 2018   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Probate Law West Des Moines, Will & Trusts West Des Moines  
probate assets, small estate administration

Chapter 365 of the Iowa Code contains the Small Estate Statute. Recent legislation was passed which has made changes to the Chapter. The current statute is applicable to an estate if the value of the probate assets are $100,000.00 or less. One of the changes made in the legislation is to increase the maximum value of probate assets for an estate to qualify for small estate administration to $200,000.00 effective for estates of decedents dying on or after July 1, 2020. The new change in the maximum value of probate assets, combined with the increase in the amount for distribution

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New Health Care Options For Iowans

On May 29, 2018   /   Business Law West Des Moines, Legal Resources West Des Moines  
health care for small business

The Governor recently signed SF 2349 into law. The purpose of the law is to assist Iowans who are having difficulties purchasing health insurance on the individual market. First of all, the law allows Iowa Farm Bureau to offer new “health benefit plans” to its members. The plans are not defined as insurance and as such they are exempt from the Affordable Care Act Requirements and Iowa Insurance Division Regulation. Such plans will be self-funded and will be administrated by Wellmark Blue Cross and Blue Shield. It is projected that the plans will cost $5,000.00 per year for family coverage.

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Big News for Family Settlement Agreements

On September 28, 2017   /   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  
iowa family will lawyer

The Iowa Department of Revenue has had a long standing position that it will not accept Family Settlement Agreements to change the calculation of Iowa Inheritance Tax.  The Department has always relied on the original Will or Trust to calculate the amount of inheritance tax owed to the State of Iowa.  A recent Iowa Court of Appeals decision has changed the long standing policy regarding Family Settlement Agreements.  Family Settlement Agreements arise in estates or trusts where the beneficiaries of the Estate or Trust agree to enter into an agreement to change how the assets of the Estate or Trust

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More About Mediation

On July 28, 2016   /   Business Law West Des Moines, Contract Law West Des Moines, Legal Resources West Des Moines, Probate Law West Des Moines  
mediation, probate court mediation, mediation services

In last month’s blog, Jim Beatty discussed the mediation program for probate matters in Polk County. This blog will piggyback on that blog. Recently, I have had my first experience facilitating a mediation involving a probate matter. In anticipation of the mediation event, I did some research regarding styles of facilitating a mediation event and the styles of the positions of the disputing parties. Not only is it important to clearly identify a mutual understanding of the disputed issues, but equally important to identify the emotional impact which both have related to the dispute. The fact issue will most often be an economic (business matter)

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The ABLE Act (acronym: Achieving Better Life Experience)

On July 23, 2015   /   Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines  
able act - saving money for college

The ABLE Act referred to in last month’s blog was signed by the Governor and becomes law effective July 1, 2016. The Act authorizes the State of Iowa to create savings accounts, similar to the 529 College Saving Plans, to be created for disabled persons prior to age 26. The income earned on such accounts are exempt from Federal income tax if the money is spent for eligible services. The Treasurer of the State of Iowa is drafting the administrative provisions for the Act and will act as the depository for the savings accounts. Also, the Governor signed the Inheritance

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Planting a Tree – Iowa Tax Strategies

On May 20, 2015   /   Business Law West Des Moines, Corporate Law West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines  
planting a tree Iowa legal strategies

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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Decision-Making Process – A Guide for Tax Season

On January 20, 2015   /   Corporate Law West Des Moines, Taxation Law West Des Moines  
legal tax help west des moines, iowa

Decision making – everyday has within it many decision-making challenges. Many of those challenges have a crucial moment where action needs to be taken. How do you process the moment? How will you process these moments for the upcoming tax season? At Beatty and Miller, P.C., we help our clients through many challenges and decision-making steps needed during tax time. The process we take, while general in its application, can help tremendously in making tax-based decisions or any important decision-making moment you may face. The three stages of the decision-making process are as follows: Awareness that a decision needs to

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