BW INSIGHTS

What is the Purpose of a Trust?

By Robert D. Hodges & Katheryn J. Thorson | 12.06.2022

There are two main types of trusts—Revocable/Living Trusts, and Irrevocable Trusts. This article provides a very short overview of the different purposes of a trust and why you would set one up. Trusts can provide privacy, coordination of assets, asset protection from third-party creditors, gift and estate tax savings, protect beneficiaries from... Read More

Estate Planning During and After Divorce: What You Should Know

By Robert D. Hodges & Katheryn J. Thorson | 12.01.2022

If you are going through a divorce, there is probably a lot on your mind. One thing you may not be thinking about is your estate plan. If you name your spouse in your estate planning documents, you may want to consider making some changes. This article explains some key estate planning items to consider during and after your divorce. Estate... Read More

UPDATE: IRS Extends Deadlines for Certain Additional Required Amendments to Retirement Plans and IRAs

By Maggie Simonson Schild & Cynthia Boyle Lande | 11.29.2022

Earlier this year, we shared an update on certain retirement plan updates originally required to be adopted this year. At that time, we noted that some amendment deadlines had been delayed, but other amendments were still required this year. On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for qualified plans, 403(b)... Read More

Annual Minutes - Are They Worth It? YES.

By Joe Leo | 11.28.2022

As we head into the end of the year, you are likely being bombarded with reminders of house-cleaning items you should address before the calendar turns over. Reviewing your insurance coverage, evaluating your healthcare options for next year, reviewing your retirement accounts, and scheduling time with your tax preparer are all important, and... Read More

Do You Need to File a Gift Tax Return?

By Robert D. Hodges & Katheryn J. Thorson | 11.22.2022

The holidays are upon us and even though the holidays may mean more than packages, boxes, and bags, gifting during the holidays can put a twinkle in your eye and thaw your heart as the world slowly freezes over for the winter. But have your dreams of sugar plum fairies been interrupted by the unwelcome thought of gift taxes? No need to bah humbug... Read More

BrownWinick Hosts Second Wills for Veterans Event

By BrownWinick | 11.17.2022

In honor of Veterans Day, BrownWinick held its second “Wills for Veterans” event to benefit Iowa veterans. Several attorneys and staff partnered on this event to provide complimentary basic wills and powers of attorney documents for 30 Iowa veterans and their spouses. “These Veterans and their spouses have served our country with honor. Finding a... Read More

Government Relations Update - Iowa General Election Summary - 11-9-22

By BrownWinick | 11.15.2022

Iowa Republicans enjoyed a strong election night as they swept the federal races and nearly swept the statewide contests. U.S. Senator Charles Grassley was re-elected to his eighth term and all four GOP congressional candidates prevailed. Additionally, Governor Reynolds and Lt. Governor Adam Gregg handedly defeated Deidre DeJear and Eric Van... Read More

Government Relations Update - 2022 General Election - 11-02-22

By BrownWinick | 11.04.2022

As the 2022 general election is less than one week away, candidates across the state are making their final push for support. At the federal level, U.S. Senator Charles Grassley (R) is running for his eighth term in the U.S. Senate. He is being challenged by retired Navy Admiral Mike Franken (D). A recent Des Moines Register/Mediacom Iowa poll... Read More

NLRB Proposes Expanded Definition of Joint Employer Status

By Danielle Smid | 10.31.2022

In an attempt to tackle uncertainty and litigation in a progressively complex world of employment relationships, the National Labor Relations Board (NLRB) recently proposed a new rule for determining joint-employer status. On September 6, 2022 the NLRB released a notice proposing to rescind and replace the “Joint Employer Status Under the National... Read More

New FinCEN BOI Reporting Rule Requires Ownership and Control Disclosures that Previously Allowed for Complete Anonymity in Entity Formation

By Sheridan DeJong | 10.31.2022

On September 30, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the “Rule”) implementing the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA). The purpose of the rule is to assist FinCEN and other agencies in protecting national security and enhancing... Read More