Helpful Resources
Below we have provided a few helpful resources sectioned out by each practice area.
Estate Planning, Probate, & Trust Administration; Divorce & Family Law; Business Law
Estate Planning Resources
- Revocable Living Trusts
- Charitable Lead Trusts
- Supplemental Needs Trust – Any person with special needs who qualifies for social security, Medicaid, or other public benefits may lose those benefits upon receiving an inheritance. Supplemental needs trusts may be established to prevent this from happening.
- Blended Family Planning
- Charitable Lead Trusts
- Optimal Basis Increase Trusts
ESTATE TAX
The Internal Revenue Service (IRS) taxes all estates which qualify for such tax. The estate tax is a federal tax, which means it applies regardless of where you reside. Each state, however, also has its own laws on separate taxes. Under the Tax Cuts and Jobs Act signed by Congress, beginning in 2018, estates exceeding approximately $11.2 Million per person or $22.4 Million per married couple may be taxed up to 40 percent. Click here to learn more about the estate tax history prior to 2018.
Frequently Asked Questions On Estate Taxes
INHERITANCE TAX
Some states impose an inheritance tax on persons who inherit money or property. This is known as an inheritance tax. As of 2016, eight states impose an inheritance tax. The amount of the inheritance tax generally depends upon the value of the property inherited and the relationship of the beneficiary (the person receiving the inheritance) to the decedent (the person who died).
- Iowa inheritance tax
- Nebraska inheritance tax
- South Dakota inheritance tax - South Dakota does not impose an inheritance tax.
FEDERAL INCOME TAX RATES
- 10% - Under $19,050
- 12% - $19,050 to $77,400
- 22% - $77,400 to $165,000
- 24% - $165,0000 to $315,000
- 32% - $315,000 to $400,000
- 35% - $400,000 to $600,000
- 37% - Over $600,000
Divorce and Family Law
Business Law
Business Succession Planning
Business owners are well advised to begin creating a business succession plan as soon as possible. Even if a business owner doesn’t plan to transfer his/her business for many years, the plan should still be in place in case something unexpected arises. That said, picking up the pen and actually creating the succession plan can be very daunting for even the most sophisticated business owners.