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

More Legal News & Information... →
Back to Top

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

More Legal News & Information... →
Back to Top

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.

More Legal News & Information... →
Back to Top

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

More Legal News & Information... →
Back to Top

Be Wary of Transfer on Death and Payable on Death Accounts

On December 27, 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  

The use of transfer on death and payable on death registrations for bank and investment accounts has increased dramatically.  Banks and investment firms are pushing their clients to sign the forms claiming that the forms will eliminate the need for probate administration. Chapter 633D of the Iowa Code deals with transfer on death registrations which applies to investment accounts.  The Act allows the owner to designate the beneficiary of the account in the event of the owner’s death.  The beneficiary form may be cancelled or changed at any time by the owner without the consent of the beneficiary.  The Act

More Legal News & Information... →
Back to Top

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.

More Legal News & Information... →
Back to Top

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)

More Legal News & Information... →
Back to Top

Skepticism as a Useful Tool

On May 27, 2016   /   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, Non-Probate Administration, Probate Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
legal sceptic evaluation

I am not suggesting that one must be a skeptic but rather that constructive doubt is useful in my profession.  I need to have an understanding of the differences among (1) what I think, (2) what I believe, and (3) what I know. With regard to thinking, it involves the development of a process by which I gather information.  It is being open-minded, being non-judgmental and does not evaluate the information or documentation assembled. With regard to what I believe, it involves looking at the information and the documentation assembled and sorting through the information and documentation to analyze which

More Legal News & Information... →
Back to Top

Don’t Hide The Important Documents From Yourself

On March 28, 2016   /   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, Non-Probate Administration, Probate Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
filing wills and legal documents west des moines, iowa

After a person has signed his/her Will, the most often asked question is, “what do I do with my Will”. There are a variety of responses to that question. Among the answers are: A safe deposit box which can present another problem at your death; A secured strong box in your home; The Trust Department of the bank if you have named the bank as executor of your estate. If you place your Will in your safe deposit box, make certain that you have authorized your spouse, at least one of your children or a trusted friend to have access

More Legal News & Information... →
Back to Top

Recordkeeping: A Blissful Task or Cursed Undertaking?

On January 20, 2016   /   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, Non-Probate Administration, Probate Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines, Uncategorized, Will & Trusts West Des Moines  
recordkeeping west des moines iowa

What is it about Recordkeeping that makes it so difficult to do at times? As I get into the topic of recordkeeping, I learned that it is a much broader topic than this Blog has time to address. Recordkeeping addresses an array of matters for which records are created. In my opinion, there are two significant elements of recordkeeping, they are the emotional side (how I feel about recordkeeping) and the reasoning side (what I think about recordkeeping). First, I want to address the emotional side. Is it fun to do? Is it tedious to do? Do I feel rewarded

More Legal News & Information... →
Back to Top