What is a Revocable Living Trust?

On August 26, 2016   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Non-Probate Administration, Real Estate Law West Des Moines, Will & Trusts West Des Moines  
revocable living trust, living trust, estate planning des moines iowa

This month I want to introduce you to the Revocable Living Trust which is also known as a Revocable Trust, Living Trust, or Inter Vivos Trust. A Revocable Living Trust is a document which is used to manage one’s property during life and to distribute one’s property at the time of death. The person who creates the Trust is referred to as the trustor, grantor or settlor. The person who holds the property and who is in charge of the management of the Trust is the trustee. The individuals and entities which receive distributions from the Trust are the beneficiaries.

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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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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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How Long Should You Keep Records?

On November 2, 2015   /   Business Law West Des Moines, Contract Law West Des Moines, Corporate Law West Des Moines, Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
how long do i keep legal documents

Our clients frequently ask us for advice on how long they need to attain their various records. Often times, the requirements for records retention varies based on the circumstances. For the benefit of our clients as well as you, our readers, the table set forth below will give some general guidelines for record-keeping and documentation. If you have additional questions pertaining to the documentation of legal records or have questions concerning another legal matter, please don’t hesitate to call us – 515-225-1100. By James D. Beatty.

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Distribution of Property by Affidavit

On August 24, 2015   /   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  
Distribution of Property

Section 633.356 of the Iowa Probate Code sets forth a provision that is often overlooked by the estate planning professionals. The provision sets forth a method to avoid probate of an estate in an item of personal property involved is valued at $25,000.00 or less. For example, a person may die with a house titled in joint tenancy with their spouse and have a life insurance policy to their spouse but have a bank account in their individual name. The house passes to the surviving spouse outside of probate due to the fact that the asset is held in joint

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Directives Often Overlooked In Estate Planning, Wills, and Trusts

On March 27, 2015   /   Elder Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Will & Trusts West Des Moines  
estate planning

Much has been written about the importance and benefits of a person having a Will or a Revocable Trust for the disposition of his or her assets, a Statutory Power of Attorney (Financial Power of Attorney), a Medical Power of Attorney, and a Declaration Concerning Life Sustaining Procedures (a Living Will). There are two other estate planning directives that often get overlooked. They are: A Testamentary Letter; Final Disposition of a Person’s Body. Iowa Code Chapter 633.276 makes provisions for a person who desires to make a specific bequest of tangible personal property may do so by signing what I

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‘Tis The Season – (TAX Season, that is)

On November 21, 2014   /   Business Law West Des Moines, Corporate Law West Des Moines, Estate & Trust Administration, Taxation Law West Des Moines  
tax season des moines iowa lawyer

“Tis the Season!” We wish you a Happy Holiday Season wherever you reside, whether it be in Adel, Altoona, Ankeny, Bondurant, Carlisle, Clive, Colfax, Dallas Center, Des Moines, Earlham, Granger, Grimes, Indianola, Johnston, Mitchelville, Norwalk, Polk City, Prairie City, Runnells, Van Meter, Waukee or West Des Moines, we hope you have a joyous time with friends, family and associates. Of course, though, following the Holiday Season there is a another, more ominous season. That season is “The Tax Season”. It is not my intent to bring you “doom and gloom”, rather I am inviting you to think about what you

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