BW INSIGHTS

How Business Entities Held In Trusts are Treated Under the Corporate Transparency Act

By Robert D. Hodges & Katheryn J. Thorson | 05.01.2023

The Corporate Transparency Act (“CTA”) is a new law coming into effect January 1, 2024, that implements reporting requirements for limited liability companies (LLCs), corporations, and other business entities that have never had to report such information previously. BrownWinick attorney Brennan Block outlines the main components of the CTA in... Read More

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

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

What Happens If You Die Without a Will?

By Robert D. Hodges & Katheryn J. Thorson | 09.14.2022

You may have heard that if you die without a will, your property will go to the state. For most cases, this is not accurate. Iowa has an intestacy statute which dictates where your assets will go if you die without a will. Here is a chart to explain where your property would go depending on the family members you leave behind: If you die with:... Read More

Powers of Attorney: What They Are and Why You Need Them

By Robert D. Hodges & Katheryn J. Thorson | 09.07.2022

Having a power of attorney is essential for the estate planning process. In Iowa, there are two types of powers of attorney available: medical power of attorney (also known as the health care power of attorney) and financial power of attorney (also known as the general power of attorney). Read on to learn more about the differences between these... Read More

IRS Issues Revised Revenue Procedure for Late Portability Elections

By Kirsten E. Johanson & Katheryn J. Thorson | 08.08.2022

On July 8, 2022, the IRS issued a revised Revenue Procedure, Rev. Proc. 2022-32, providing for a late portability election to qualifying estates. The new procedure extends the time period in which the simplified method to make a late portability election can be filed. Rev. Proc. 2022-32 allows the simplified method to be used on or before the... Read More

Estate Planning With Pets

By Robert D. Hodges & Katheryn J. Thorson | 08.04.2022

Who will care for your pet after you die? Can you appoint a guardian for your pet? Who will pay for your pet’s care? If you have a pet, these are questions you may have thought about. Fortunately, you can develop a plan for your pets in your estate plan. In Iowa, pets are treated as property under the law. This means that you cannot leave money... Read More

Will v. Trust: What's the Difference and Which One is Right for You?

By Robert D. Hodges & Katheryn J. Thorson | 07.06.2022

You have probably heard of wills and trusts in the estate planning context, but what is the difference between the two? Both a will and a trust are used to distribute your assets upon your death. Both allow you to name beneficiaries to receive your assets and a fiduciary to control the distribution of your assets. However, there are some key... Read More