Text: HF00526 Text: HF00528 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 450.7, subsection 1, Code 1995, is 1 2 amended to read as follows: 1 3 1. Except for the share of the estate passing to the 1 4 surviving spouse, the tax is a charge against and a lien upon 1 5 the estate subject to tax under this chapter, and all property 1 6 of the estate or owned by the decedent from the death of the 1 7 decedent until paid, subject to the followinglimitations1 8 limitation: 1 9a. Inheritance taxes owing with respect to a passing of1 10property of a deceased person whose estate has not been1 11administered in this state are no longer a lien against the1 12property twenty years from the date of death of the decedent1 13owner, except to the extent taxes are attributable to1 14remainder or deferred interests which have not been finally1 15vested in possession for at least ten years.1 16b.Inheritance taxes owing with respect to a passing of 1 17 property of a deceased personwhose estate has been1 18administered in this stateare no longer a lien against the 1 19 property ten years from the date of death of the decedent 1 20 owner, except to the extent taxes are attributable to 1 21 remainder or deferred interests and are deferred in accordance 1 22 with the provisions of this chapter. 1 23 Sec. 2. Section 450.12, subsection 1, paragraph a, Code 1 24 1995, is amended to read as follows: 1 25 a. The debts owing by the decedent at the time of death, 1 26 the local and state taxes accrued before the decedent's death, 1 27 the federal estate tax and federal taxes owing by the 1 28 decedent, a reasonable sum for funeral expenses, the allowance 1 29 for surviving spouse and minor children granted by the probate 1 30 court or its judge, court costs,the costs of appraisement1 31made for the purpose of assessing the inheritance tax, the fee1 32of personal representatives as allowed by order of court, the1 33amount paid by the personal representatives for a bond, the1 34attorney's fee as determined pursuant to sections 633.197,1 35633.198, and 633.199 and approved by the court for the probate2 1proceedings in the estate, the costs of the sale of real2 2estate or personal property in the estate, including the real2 3estate agent's commission, and expenses for abstracting,2 4documentary stamps, and title correction expensesand any 2 5 other administration expenses allowable pursuant to section 2 6 2053 of the Internal Revenue Code. 2 7 Sec. 3. Section 633.108, Code 1995, is amended to read as 2 8 follows: 2 9 633.108 SMALL LEGACIES TO MINORS &endash; PAYMENT. 2 10 Whenever a minor becomes entitled under the terms of a will 2 11 to a bequest or legacy, to a share of the estate of an 2 12 intestate, or to a beneficial interest in a trust fund upon 2 13 the distribution of the trust fund, and the value of the 2 14 bequest, legacy, share, or interest does not exceed the sum of 2 15fourten thousand dollars, and a conservator for the minor has 2 16 not been appointed, the court having jurisdiction of the 2 17 distribution of the funds may, in its discretion, upon the 2 18 application of the fiduciary, enter an order authorizing the 2 19 fiduciary to pay the bequest, legacy, share, or interest to 2 20the parent or other person entitled to the custody of the2 21minor, for the use of the minora custodian under any uniform 2 22 transfers to minors Act.The receipt of the person or persons2 23thereforReceipt by the custodian, when presented to the court 2 24 or filed with the report of distribution of the fiduciary, 2 25 shall have the same force and effect as though the payment had 2 26 been made to a duly appointed and qualified conservator for 2 27 the minor. 2 28 Sec. 4. Section 633.219, subsections 3 and 4, Code 1995, 2 29 are amended to read as follows: 2 30 3. If there is no person to take under either subsection 1 2 31 or 2 of this section,to the issue of the parents or either of2 32them per stirpesthe estate shall be divided and set aside 2 33 into two equal shares. One share shall be distributed to the 2 34 issue of the decedent's mother per stirpes and one share shall 2 35 be distributed to the issue of the decedent's father per 3 1 stirpes. If there are no surviving issue of one deceased 3 2 parent, the entire estate passes to the issue of the other 3 3 deceased parent in accordance with this subsection. 3 4 4. If there is no person to take under subsection 1, 2, or 3 5 3 of this section,butand the decedent is survived by one or 3 6 more grandparents or issue of grandparents, half the estate 3 7 passes to the paternal grandparents, if both survive, or to 3 8 the surviving paternal grandparent, or to the issue of the3 9paternal grandparents if both are deceased, the issue taking3 10per stirpes, and the other half passes to the maternal3 11relatives in the same manner; but if there is no surviving3 12grandparent or issue of grandparent on one side, the entire3 13estate passes to the relatives of the other side in the same3 14manner as the halfif only one survives. If neither paternal 3 15 grandparent survives, this half share shall be further divided 3 16 into two equal subshares. One subshare shall be distributed 3 17 to the issue of the decedent's paternal grandmother per 3 18 stirpes and one subshare shall be distributed to the issue of 3 19 the decedent's paternal grandfather per stirpes. If there are 3 20 no surviving issue of one deceased paternal grandparent, the 3 21 entire half share passes to the issue of the other deceased 3 22 paternal grandparent and their issue in the same manner. The 3 23 other half of the decedent's estate passes to the maternal 3 24 grandparents and their issue in the same manner. If there are 3 25 no surviving grandparents or issue of grandparents on either 3 26 the paternal or maternal side, the entire estate passes to the 3 27 decedent's surviving grandparents or their issue on the other 3 28 side in accordance with this subsection. 3 29 Sec. 5. Section 633.273, subsection 1, Code 1995, is 3 30 amended to read as follows: 3 31 1. If a devisee dies before the testator, leaving issue 3 32 who survive the testator, the devisee'sheirsissue who 3 33 survive the testator shall inherit the property devised to the 3 34 devisee per stirpes, unless from the terms of the will, the 3 35 intent is clear and explicit to the contrary. 4 1 Sec. 6. Section 633.574, Code 1995, is amended to read as 4 2 follows: 4 3 633.574 PROCEDURE IN LIEU OF CONSERVATORSHIP. 4 4 If a conservator has not been appointed, money due a minor 4 5 or other property to which a minor is entitled, not exceeding 4 6 in the aggregatefourten thousand dollars in value, may be 4 7 paid or delivered tothe parent or other person entitled to4 8the custody of the minor, for the use of the minor, upon4 9written statement verified by the oath of the parent or other4 10person that all money or property of the minor does not exceed4 11in the aggregate four thousand dollarsa custodian under any 4 12 uniform transfers to minors Act. The written receipt of the 4 13parent or other person entitled to the custody of the minor4 14 custodian constitutes an acquittance of the person making the 4 15 payment of money or delivery of property. 4 16 Sec. 7. Section 633.704, subsection 3, Code 1995, is 4 17 amended by adding the following new paragraph: 4 18 NEW PARAGRAPH. d. DISCLAIMER BY ATTORNEY-IN-FACT. 4 19 Whenever a principal designates in writing another as the 4 20 principal's attorney-in-fact or agent by a power of attorney, 4 21 and the designation authorizes the attorney-in-fact to 4 22 disclaim the principal's interest in any property, the 4 23 attorney-in-fact has the same right to disclaim as the 4 24 disclaimant and may disclaim on behalf of the attorney-in- 4 25 fact's principal. 4 26 Sec. 8. REPEAL. Chapter 634A, Code 1995, is repealed. 4 27 EXPLANATION 4 28 This bill provides for the following: 4 29 1. Section 450.7 is amended to provide that an inheritance 4 30 tax lien expires 10 years from the date of death of the person 4 31 owning the property at death regardless of whether the 4 32 decedent's estate has been probated or not. Currently, 4 33 inheritance tax liens continue for a period of 20 years for 4 34 estates which have not been administered in probate and 10 4 35 years for estates which have been. Section 450.12 is amended 5 1 to provide that the gross value of the estate for estate tax 5 2 purposes may be reduced by any administration expenses 5 3 allowable pursuant to section 2053 of the federal Internal 5 4 Revenue Code. 5 5 2. Sections 633.108 and 633.574 are amended to increase 5 6 from $4,000 to $10,000 the amount which may be bequeathed to a 5 7 minor without the appointment of a conservator, and to provide 5 8 that the bequest may be paid to a custodian under the uniform 5 9 transfers to minors Act. Currently, the bequest must be paid 5 10 to a parent or other person entitled to the custody of the 5 11 minor. 5 12 3. Section 633.219, regarding the passing of property 5 13 where no will has been executed, is amended to provide that, 5 14 if the decedent has no descendants or parents, the 5 15 descendant's estate is to be divided into two shares, with one 5 16 share each being distributed among the surviving descendants 5 17 of each parent. If no descendants survive from one parent, 5 18 the surviving descendants of the other parent get both shares. 5 19 The section is further amended to provide that if the decedent 5 20 has no descendants, parents, or living descendants of the 5 21 decedent's parents, then half the estate passes to the 5 22 maternal grandparents and half to the paternal grandparents, 5 23 to the surviving maternal and paternal grandparent, or to the 5 24 surviving descendants of the grandparents, and if no 5 25 descendants from one set of grandparents are living, then the 5 26 other set of grandparents or their surviving descendants get 5 27 the whole estate. 5 28 Section 633.273 is amended to provide that if a person who 5 29 would receive a bequest dies prior to the date the testator 5 30 dies, the bequest shall be divided among the person's living 5 31 descendants. 5 32 Section 633.704 is amended to provide that a person acting 5 33 as an attorney-in-fact pursuant to a power of attorney may 5 34 disclaim an interest in property on behalf of the person who 5 35 executed the power of attorney in the same manner as that 6 1 person would if no power of attorney existed. 6 2 Finally, the bill repeals chapter 634A, regarding the 6 3 creation of certain supplemental needs trusts for persons with 6 4 disabilities, which was enacted during the 1994 session. 6 5 LSB 1800HV 76 6 6 mk/sc/14
Text: HF00526 Text: HF00528 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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