Iowa Estate Plan

 If you were luck to live until January 1, 2025, and you were worried about your beneficiaries having to pay Iowa inheritance tax when your estate is passed on to them, your worries are now over. The Iowa inheritance tax is fully repealed as of today! However, as a couple of remainders: If you died in 2024, you probably wouldn't be reading this anyway. But if you could, there would only be Iowa inheritance tax owed if your property passed to someone other than a charity, your spouse, or lineal descendant or ascendant. Thus, small category of coverage. Second reminder, we are still subject to the federal estate tax. Well, 99.99% are not as the exemption amount for 2025 is now $13,990,000. If your estate is below that figure, no worries.

  Living Trust FAQ A living trust, also known as a revocable trust, revocable living trust, or inter vivos trust, is an alternative way to own property during your life and transfer property at your death.  Living trusts have been in use for many years. You can create a living trust during your lifetime by signing a legal document that directs how property transferred to the trust: (a) will be managed, (b) when and to whom the income from the trust property will be paid, and (c) to whom, when and how the trust property will be distributed when you die. A person setting up the trust is called a settlor , grantor , or trustor of the trust. The party to whom you transfer your property is called the trustee . The persons who will receive the income during your lifetime or who will receive the trust property after your death, are called the beneficiaries . You may be the settlor, a trustee, and a beneficiary, all at the same time. The property in the trust is called the trust prin...