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Text: SF00439                           Text: SF00441
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Senate File 440

Partial Bill History

Bill Text

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 following limitations
  1  8 limitation:
  1  9    a.  Inheritance taxes owing with respect to a passing of
  1 10 property of a deceased person whose estate has not been
  1 11 administered in this state are no longer a lien against the
  1 12 property twenty years from the date of death of the decedent
  1 13 owner, except to the extent taxes are attributable to
  1 14 remainder or deferred interests which have not been finally
  1 15 vested in possession for at least ten years.
  1 16    b.  Inheritance taxes owing with respect to a passing of
  1 17 property of a deceased person whose estate has been
  1 18 administered in this state are 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 appraisement
  1 31 made for the purpose of assessing the inheritance tax, the fee
  1 32 of personal representatives as allowed by order of court, the
  1 33 amount paid by the personal representatives for a bond, the
  1 34 attorney's fee as determined pursuant to sections 633.197,
  1 35 633.198, and 633.199 and approved by the court for the probate
  2  1 proceedings in the estate, the costs of the sale of real
  2  2 estate or personal property in the estate, including the real
  2  3 estate agent's commission, and expenses for abstracting,
  2  4 documentary stamps, and title correction expenses and 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 15 four ten 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 20 the parent or other person entitled to the custody of the
  2 21 minor, for the use of the minor a custodian under any uniform
  2 22 transfers to minors Act.  The receipt of the person or persons
  2 23 therefor Receipt 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 of
  2 32 them per stirpes the 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, but and 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 the
  3  9 paternal grandparents if both are deceased, the issue taking
  3 10 per stirpes, and the other half passes to the maternal
  3 11 relatives in the same manner; but if there is no surviving
  3 12 grandparent or issue of grandparent on one side, the entire
  3 13 estate passes to the relatives of the other side in the same
  3 14 manner as the half if 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's heirs issue 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 aggregate four ten thousand dollars in value, may shall
  4  7 be paid or delivered to the parent or other person entitled to
  4  8 the custody of the minor, for the use of the minor, upon
  4  9 written statement verified by the oath of the parent or other
  4 10 person that all money or property of the minor does not exceed
  4 11 in the aggregate four thousand dollars a custodian under any
  4 12 uniform transfers to minors Act.  The written receipt of the
  4 13 parent or other person entitled to the custody of the minor
  4 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 SF 440
  4 28 mk/cc/26
     
Text: SF00439                           Text: SF00441
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