A good article at the link. A repeal effort failed in 2012. Iowa also has an inheritance tax.
When an estate or the trustee of a Revocable Living Trust sells real estate, title companies require an inheritance tax determination. That's how the inheritance tax is effectively collected.
http://www.thebalance.com/state-inheritance-tax-chart-3505460 ...
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Reversed and Remanded
The three words above mean a new trial and more cost and expense to the estate.
Shelia Foxley Radford gave her daughter Mary Radford $200,000 to purchase a new house. The gift was made in May 2007. At the time of the gift Mary signed a handwritten note that the money was recognized by her "as inheritance."
Three years later mom updated her will and restated her trust. In the trust's restatement there was no mention of the $200,000 gift to Mary. Under the terms of the restated trust Mary was to receive one-sixth of the residuary estate.
After Shelia died in 2014 Provident Trust Company administered the estate and filed an application in ...
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Keep Your Will in a Safe Place
Keep your will in a safe place and tell your family and personal representative where it is.
Gilbert Fuchs passed away on May 29, 2012. He was unmarried at the time of his death and was survived by four children. He owned a house in Norfolk, Nebraska and another house on the farm. As the Nebraska Supreme Court wrote, “Both homes were in a state of disarray, with papers strewn all about.” On top of that, “Gilbert did not keep his important papers well organized, often leaving them lying about his houses or piled in his cars.”
His children searched his homes for a will but found nothing. Local attorneys, surrounding courthouses and banks ...
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