Iowa Estate Plan

Currently in Iowa, if a decedent owns personal property that totals $25,000 or less, and that property would normally pass under a Will or the intestate statute, you can skip probate with just an affidavit .  The governor recently signed a bill that increased that figure up to $50,000 (for deaths after July 1, 2018), along with a few extra new additions to the affidavit. So...what does that mean lawyer boy?  This: If the dead person owned real estate, the affidavit doesn't work. If the dead person owned other types of property that all together total more than $50,000, the affidavit doesn't work. You still have to pay inheritance taxes , if any are due. You still have to pay the creditors, if any. You still have to pay the state back for any Medicaid debts due. Otherwise, you use the affidavit to transfer those small estates. Here's a common scenario where the affidavit could be used: John Smith passes away.  When he died, he owned his truck, lived in a...