Reducing the amount of taxable assets in an estate is a common concern among our friends in Iowa. Thankfully, you can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets into it.

In this article, our Iowa estate tax attorneys examine the planning tools that are used to reduce taxes on Iowa estates.

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https://youtu.be/PO4pnq3GAtk

While all states have slightly different laws regarding estate taxes, gifts are treated very similarly in both Iowa and Illinois. As such, our Iowa estate tax attorneys use this article to explain gift implications for Illinois, Iowa, and federal taxes.

Typically, these types taxes are applied to the giver and not the recipient of the gift and are applied only if it is over the federal exclusion amount and the person giving it has used their lifetime exclusion.

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When estate laws change, the estate tax lawyers at O'Flaherty Law of Iowa are there to help you minimize your tax burden on you and your loved ones. In this Learn About Law article, we outline some of the recent changes to Iowa estate law, specifically updates to Code Chapter 365 (a.k.a. the Small Estate Statute). We show how this recent change can simplify the estate administration process and how we will use the new law to ensure your legacy is well-kept through your estate.