COVID has caused a lot of changes in our everyday lives and is changing the way many of us do business. While many things can be done remotely by telephone or over video-chat, certain tasks are best accomplished in person....more
First and foremost, let’s address a common misconception we’re seeing right now: a Living Will is NOT the same as a Last Will and Testament.
The terms “living will” and “medical directives” are hot topics currently as many...more
The combination of COVID and back to school time has a lot of people thinking about their personal estate planning. Even if you are not working in a medical facility or a school environment with a heightened concern regarding...more
As employers consider the financial impact of COVID-19, some are considering eliminating employer contributions to 401(k) and 403(b) plans. Notice 2020-52 addresses many employer concerns regarding mid-year amendments to safe...more
In the final day of the 2020 session, the Iowa legislature passed a bill that enacted several changes to Iowa tax laws. This post addresses several miscellaneous changes made to the tax laws that are effective immediately....more
In a prior blog post, we discussed the changes for retirement accounts coming from the CARES Act. The IRS recently released Notice 2020-50 and Notice 2020-51 to provide guidance and clarify some of those changes. The guidance...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES) made short-term changes to the rules for withdrawals from 401(k), 401(a), 403(b) and 457(b) plans and IRAs for qualifying emergencies and adverse financial...more
In an effort to support American workers, Congress passed the new federally funded Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Here’s what employers need to know about how this will affect their health and...more
Many employers are looking at their financial sustainability for the near future as COVID-19 impacts our economy and are looking at ways to cut costs. A common question we are receiving - can we stop matching our employees’...more
Many businesses, families, and individuals are seeing personal financial impacts from the COVID-19 pandemic. Individuals facing difficult choices about paying their bills are asking their employers if they can withdraw from...more
Sometimes court decisions make you say “huh?”
In March 2019, the Iowa Court of Appeals made an interesting determination in the Estate of Newhall decision. A brother and sister had been in court for many years regarding...more
This update covers the proposed Treasury regulations associated with the new IRS Code 199A as it relates to estates, trusts, and beneficiaries. An overview of Section 199A can be found here....more
In March 2018, Governor Reynolds signed HF 2125 into law, with effective date, July 1, 2018. This law increases the limit of personal property that can be transferred after death using an affidavit....more
When it comes to your estate plan, ensuring appropriate beneficiary designations is just as important, if not more important, than your will. When you start a job, open a retirement account, or take out a new life insurance...more
Governor Branstad signed Senate File 333, the Iowa Uniform Fiduciary Access to Digital Assets Act, on April 20.
This bill is an important tool in estate planning and trust and estate administration....more
When I first posted about Prince’s estate, I did not intend to continue providing updates. However, as administration of the estate continues, more and more opportunities arise to discuss how things could have been handled...more
Several months after his death, a woman came forward claiming she was married to Prince and that she was the sole heir of the estimated $300 million estate. She additionally claimed to have possession of a will signed by...more
The interesting issues with Prince’s estate continue. Previously, I discussed that he died intestate, meaning he did not have any sort of will or other testamentary instrument....more
I’m not typically one to follow pop culture, but in the case of Prince’s lack of an estate plan, I’m following closely how this can serve as an example of how not to do your estate plan. An earlier post discussed the...more
News sources are reporting that court documents filed last week indicate Prince died intestate, meaning he did not have a will. His sister filed the paperwork, stating to her knowledge he did not have a will and requesting...more
Just about one year ago, we had a similar blog post about the 2014 Tax Increase Prevention Act. This year, the Protecting Americans from Tax Hikes Act of 2015 (“PATH”) was signed into law on Friday, December 18. Similarly to...more
Individuals who are “seriously delinquent” on their taxes may not be able to obtain or renew a passport under a new law signed December 4, 2015. The provision is part of the Fixing America’s Surface Transportation Act, aimed...more
If you are at or near retirement age, you are likely aware there will be no cost-of-living adjustment to Social Security benefits for 2016. In other words, your benefits will remain the same for next year. As a result, many...more
As the end of the year approaches, individuals over the age of 70½ are considering their Required Minimum Distribution (RMD) from Individual Retirement Accounts (IRAs). Some of those individuals are asking about the Qualified...more
Each year, the IRS calculates cost of living and inflation adjustments and determines how much certain limits and thresholds should be adjusted, if at all, for the upcoming tax year. The IRS released Revenue Procedure 2015-53...more