In this video, our Des Moines estate tax appeal attorneys explain how an estate tax is levied against the entirety of an estate, including any property, monetary assets, business assets, etc, owned by the decedent. Iowa is one of thirty-six states that do not collect an estate tax. However, if your estate is valued at 11.58 million and above it will be subject to the federal estate tax, which comes with its own set of rules and exemptions. While it’s best to consult a qualified probate attorney for nearly all estates when estate planning, estates with significant value, containing multiple properties and assets, demand the services of a law firm.

An inheritance tax is only imposed against the beneficiaries that receive property or money from the decedent. Anything that is payable to the estate upon death is not included in the calculation of inheritance tax in Iowa and anything payable to a beneficiary, such as a life insurance policy, is subject to the inheritance tax, depending on the relationship between the decedent and the beneficiary.

In this video, our Des Moines estate tax appeal attorneys explain how probate is the official manner in which an estate is settled under supervision of the court. When a person dies without an established will, an executor is appointed (typically a surviving spouse or adult child of the deceased) to gather and value owned assets, settle remaining debts, and distribute assets to heirs. Probate prevents fraud and theft after a death. Without it, debts could go unpaid and assets could be improperly distributed.

In this video, our Des Moines estate tax appeal attorneys explain what an LLC is and how to use it in your Iowa estate planning. An LLC is a legal business structure that provides the owners with protection from the company’s liability and debts, as well as a host of other tax and business incentives. It is described as a hybrid model, taking some of the benefits of a corporation, such as reduced liability and tax incentives, and marrying them with the less rigorous structure of a partnership, making it a great option for small businesses. As a partnership, members of the LLC report their profits and losses on their individual tax returns. If you’ve amassed a certain amount of wealth that you’d like to distribute to your children and grandchildren, or maybe you’re just looking for a way to soften the potential impact of the estate tax, setting up an LLC can provide solutions, such as:

• Reducing the estate taxes that your children would face from their inheritance;
• Gifting assets to your family during your lifetime, without as much gift tax; and
• Maintaining control over your assets and the way they are distributed.

‍