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
More Legal News & Information... →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
More Legal News & Information... →Our central Iowa clients are surprised when I tell them that pre-marital agreements are allowed in Iowa but post-marital agreements are not. The Iowa Legislature is considering legislation this year authorizing post-marital agreements in Iowa. The ban on post-marital agreements goes back to the early 1900’s. In the early 1900’s, a woman upon marriage was simply presumed to be merged into her husband and become one with him. Contrary to the laws of most states, in Iowa it is impossible for a husband and wife to contract with each other after marriage. The Iowa Supreme Court has upheld the ban
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