Text: HF00242 Text: HF00244 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 9H.1, subsection 20, Code 1995, is 1 2 amended to read as follows: 1 3 20. "Revocable trust" means a trust which provides that 1 4 the grantor retains the power to amend, modify, or revoke the 1 5 trust at any time prior to the death of the grantor, 1 6 regardless of whether, subsequent to the execution of the 1 7 revocable trust and at any time prior to death, the grantor is 1 8 legally competent to exercise the power to amend, modify, or 1 9 revoke the trust and regardless of when the trust is created. 1 10 A revocable trust also includes a revocable trust which has 1 11 become irrevocable due to the death of the grantor. 1 12 Sec. 2. Section 9H.1, subsection 21, Code 1995, is amended 1 13 to read as follows: 1 14 21. "Testamentary trust" means a trust created by devising 1 15 or bequeathing property in trust in a will as such terms are 1 16 used in the Iowa probate code.Testamentary trust includes a1 17revocable trust that has not been revoked prior to the1 18grantor's death.1 19 Sec. 3. Section 633.5, Code 1995, is amended to read as 1 20 follows: 1 21 633.5 NONESTATE PROPERTY &endash; INSURANCE PROCEEDS. 1 22 A decedent's estate shall not include life insurance 1 23 proceeds, unless the proceeds are payable to the decedent's 1 24 estate, or property held in a revocable trust which had not 1 25 been revoked prior to death. 1 26 Sec. 4. Section 633.197, Code 1995, is amended to read as 1 27 follows: 1 28 633.197 COMPENSATION. 1 29 1. Personal representatives shall be allowed such 1 30 reasonable fees as may be determined by the court for services 1 31 rendered, but not in excess of the following commissions upon 1 32 the gross assets of the estate listed in the probate inventory 1 33 for Iowa inheritance tax purposes, which shall be received as 1 34 full compensation for all ordinary services: 1 35 a. For the first one thousand dollars, six percent;. 2 1 b. For the overplus between one and five thousand dollars, 2 2 four percent;. 2 3 c. For all sums over five thousand dollars, two percent. 2 4 2. For purposes of this section, the gross assets of the 2 5 estate shall not include life insurance proceeds, unless 2 6 payable to the decedent's estate, or property held in a 2 7 revocable trust which had not been revoked prior to death. 2 8 EXPLANATION 2 9 This bill eliminates language added during the 1994 Session 2 10 providing that a testamentary trust for purposes of chapter 9H 2 11 (corporate and family farming) includes a revocable trust 2 12 which had not been revoked prior to the grantor's death. The 2 13 bill amends the definition of revocable trust for the purposes 2 14 of chapter 9H to include a trust which is made irrevocable by 2 15 the death of the grantor of the trust. 2 16 The bill also changes current law to provide that property 2 17 held in a revocable trust which had not been revoked at the 2 18 time of death shall not be included in the decedent's probate 2 19 estate or included in the gross estate for the purpose of 2 20 computing attorney's fees. 2 21 LSB 1954HH 76 2 22 mk/sc/14
Text: HF00242 Text: HF00244 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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