Tax-Free IRA Distributions to Certain Public Charities for Taxpayers 70½ and Older

On March 26, 2019   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
tax rules for ira distribution

The Federal Path Act includes provisions to allow a taxpayer who is age 70½ or older to make tax-free distributions from their IRA’s to qualified charities. The Path Act allows an individual who is over the age of 70½ to make a direct distribution from their IRA account to a charity.  The benefit of doing such is that the amount transferred to the charity will be counted as part of the taxpayer’s qualified minimum distribution and it will also not be included in the taxpayer’s gross income for Federal and State income taxes.  In order to qualify as a qualified

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Professional Tax Preparation Recommended for Businesses

On January 28, 2019   /   Business Law West Des Moines, Contract Law West Des Moines, Corporate Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines  
professional tax preparation

The Tax Cuts and Jobs Act has added a number of complex issues to the tax preparation for businesses. Taxpayers who previously prepared their own tax returns with Schedule C’s or Schedule F’s will face many complex issues under the new tax act.  One issue is the new 20 percent pass–through deduction for non-C corporation businesses. The Act also has significant changes regarding depreciation and the deduction of expenses. Another item that adds complexity to tax preparation for 2018 is that the State of Iowa has not adopted the changes in federal tax law for the year 2018. I highly

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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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Opinion Issued on “No-Contest” Provision

On September 27, 2018   /   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  
last will and testement no-content

The Iowa Court of Appeals recently issued an opinion involving a will that contained a “no-contest” provision.  The will in question contained a “no-contest” provision which provided that if any beneficiary under the will contests the validity of the will by filing suit against the executor, any share to such beneficiary under the will is revoked and shall be disposed of in the manner provided under the will if the contesting beneficiary and all descendants of that beneficiary have predeceased the testator. After the testator’s death, a beneficiary under the will filed a petition to set aside the will based

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Intentional Interference with an Inheritance

On August 27, 2018   /   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  
interferance with inheritance

A recent case by the Iowa Court of Appeals dealt with the tort of intentional interference with an inheritance.  In the case, the testator died in 2015.  She had three children, two sons and a daughter.  She executed a Will in 2010 which divided her estate equally among her three children.  She executed another Will in 2011 which left most of her estate to her son, Wayne. After the 2011 Will was drafted, the other two children moved to file for a Guardianship and Conservatorship in regards to their mother.  The other brother, Wayne, proceeded to have a Codicil drafted

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Iowa Governor Signs Real Estate Partition Law

On July 27, 2018   /   Business Law West Des Moines, Contract Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Real Estate Law West Des Moines  
iowa real estate law contract

The Governor recently signed SF 2175 into law which replaces Iowa Code Chapter 651 which deals with Partition of Real Estate.  The biggest change in the new law is the establishment of a partition procedure for “heirs property”.  For the first time a new law allows the equitable remedy of “owelty” which provides for a payment of money to equalize the value of property received in a partition in kind action.  Under the new Chapter, an individual who inherits property as a tenant in common with other relatives and who does not want to sell the property, in all likelihood

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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 Law Regarding Distribution of Decedent’s Property By Affidavit

On April 27, 2018   /   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  
death benefits insurance

The Governor recently signed Legislation which amends the Iowa Code Section 633.356 which allows distribution of a decedent’s property by Affidavit in lieu of a formal probate proceeding. The previous Section applied when the gross value of a decedent’s personal property was valued at $25,000.00 or less.  The new Section increases the dollar amount to $50,000.00 or less.  The new Act, like the previous Act, requires 40 days to pass from the death of a decedent before the Affidavit can be utilized.  The new Act becomes effective July 1, 2018.  The new Act requires that an Affidavit state that no

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New Iowa Supreme Court Case on Prenuptial Agreements

On March 27, 2018   /   Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
iowa lawyer for prenuptual agreement

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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Understanding Pre-Need Funeral Arrangements

On February 27, 2018   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
pre-funeral planning costs

This month’s article discusses the sale of pre-need funeral arrangements which are sold by funeral homes and cemeteries.  The contract is entered into whereby the customer selects the various features of a funeral and the various details regarding the final disposition of the body. Under Iowa law, such pre-need contracts can be cancelled by the customer within three days after signing the contract if you change your mind.  The contract can require either a lump sum payment or a series of installment payments.  If you elect to pay in installments, it is important to verify what happens in the event

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