If you are like many Iowa residents, the idea of giving back to your community holds great appeal to you. Whether your church, your library, your school or some other favorite charity, you do what you can to support its efforts. But what if you could do even more?
So you just became a new Iowa parent. Congratulations! Undoubtedly estate planning is the last thing on your mind right now, but before you get too caught up in all the many things that being a good parent entails, stop and consider for a moment that estate planning is one of the most loving and protective things you can do for your new child.
While no one wants to think of their end of years, it is an important part of estate planning for Iowa residents. People must consider how they want their care to be, such as whether they want a natural progression of death or if they want the medical team to use life-saving devices. A healthcare proxy is a legal document that names an agent to make sure a patient receives the care he or she wants in cases in which there is an inability to make these decisions.
Your legally adopted children in Iowa would probably enjoy most of the same protections under the state's inheritance laws as would your biological children. However, there could be some concerns you may want to address during or immediately following the adoption process.
When the wealthy fashion designer Karl Lagerfeld left quite the fortune for his cat, many people were a little more than surprised. Some even called it ridiculous.
A last will and testament should be composed without any negative influence on the testor. Unfortunately, some Iowa residents can become caught in the snare of an abusive manipulator who will use undue influence to make the vulnerable party craft a will that will benefit the manipulator. Wills made under undue influence may be thrown out by a court, so if you suspect a relative may be a victim of undue influence, here are some things to look out for so you can protect your relative’s inheritance from a malicious party.
Intellectual property (IP) is an important way Iowa authors, business owners, artists and inventors generate their income. In fact, IP may even provide a living for relatives of an intellectual property owner, which is why if you own a copyright, a patent or any IP, you should include it in your estate plan. You can choose who you want to receive your intellectual property rights so that your heirs can profit from the IP.
As someone currently working on your Iowa estate plan, chances are, one of your main objectives involves leaving as much of your hard-earned assets behind for your loved ones as you possibly can. While there are various methods you can rely on to accomplish this, one method involves minimizing the amount of taxes your loved ones will have to pay on your estate. At Janssen Law, PLC, we are well-versed in the various methods you can use to reduce estate taxes, and we have helped many clients accomplish these and related goals.
Major corporations have succession plans, but small business owners — especially sole proprietors — tend to overlook these essential continuity tools. Nearly any business in Iowa, regardless of the size, could benefit from its leadership considering how to enact a smooth transition of authority should a loss occur at the highest levels.
It can be hard for anyone to think about the end of life when they are still young. After all, we all felt invincible at 25, did we not? The truth is, though, it is never too early for Iowans to start putting their final wishes in writing.