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.
Planning for posterity in Iowa could mean putting money away for your beneficiaries. It also might entail making the most of every available resource at your disposal in order to minimize the impact your own living expenses have on your estate. A Medicaid payback trust is one type of financial document that could help you reduce medical costs, in some situations.
If a family member dies and there is no other close family member that will continue to live in the home of the deceased, typically an executor will be put in charge of the property until it is ready to pass to beneficiaries listed in a will or whoever an Iowa judge deems should possess the home in probate. But what if the executor alters or changes the home before the beneficiaries can take possession? While an executor holds great authority over the assets of a decedent, it is not absolute.
You may believe that by assigning someone to act as your personal agent to handle your financial affairs with power of attorney, you have safeguarded your financial future in the event you suffer incapacitation and cannot make decisions for yourself. However, it is possible that an Iowa bank or other financial institution may actually reject the person that acts on your behalf. How can this happen? According to Forbes, there are a number of reasons why.