Text: H01753                            Text: H01755
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House Amendment 1754

Amendment Text

PAG LIN
  1  1    Amend Senate File 241, as amended, passed, and
  1  2 reprinted by the Senate, as follows:
  1  3    #1.  Page 1, by inserting before line 1 the
  1  4 following:
  1  5    "Section 1.  Section 614.14, subsection 4,
  1  6 paragraph b, Code 1997, is amended to read as follows:
  1  7    b.  That, to the knowledge of the trustee, the
  1  8 person creating the trust was under no disability or
  1  9 infirmity at the time the trust was created.
  1 10    Sec. 2.  Section 627.6, subsection 8, Code 1997, is
  1 11 amended by adding the following new paragraph:
  1 12    NEW PARAGRAPH.  f.  All contributions to and assets
  1 13 in the following list of plans or contracts and the
  1 14 accumulated earnings, and market increases in value,
  1 15 therefrom:  simplified employee pension plans, self-
  1 16 employed pension plans, Keogh plans, individual
  1 17 retirement accounts, and similar plans for retirement
  1 18 investments in the future authorized under federal
  1 19 law.  However, contributions to a plan shall not be
  1 20 exempt to the extent that the contributions for the
  1 21 twenty-four month period prior to the date the
  1 22 exemption is claimed or execution is issued exceed ten
  1 23 thousand dollars in the aggregate over and above the
  1 24 average contributions that had been made to the plan
  1 25 or plans by the debtor or the debtor's employer or
  1 26 both in the five tax years ending prior to the twenty-
  1 27 four-month period before the date the exemption is
  1 28 claimed or the execution is issued.  The exception to
  1 29 the exemption in this paragraph for contributions
  1 30 within the twenty-four-month period prior to the date
  1 31 the exemption is claimed or execution is issued shall
  1 32 not include the interest and any accumulation on that
  1 33 interest in any new plans or contracts that are used
  1 34 to replace prior plans, contracts, or policies that
  1 35 would have been excludable from a bankruptcy estate or
  1 36 that the debtor could have claimed exempt from
  1 37 execution at the time of the transfer.  For purposes
  1 38 of this paragraph, market increases in value shall
  1 39 include, but not be limited to, dividends, stock
  1 40 splits, interest, and appreciation.
  1 41    Sec. 3.  NEW SECTION.  627.6A  EXEMPTION FROM
  1 42 EXECUTION FOR CHILD SUPPORT.
  1 43    Notwithstanding the provisions of section 627.6, a
  1 44 creditor to whom child support is owed may bring an
  1 45 action pursuant to this section for satisfaction of a
  1 46 child support order against assets which are otherwise
  1 47 exempt.  Such an action shall be commenced by filing a
  1 48 petition for application of exempt assets in the same
  1 49 manner as provided in chapter 598 for the filing of a
  1 50 petition for modification.  Upon notice as required
  2  1 for the commencement of an original action and after a
  2  2 hearing, the court may order that the exempt assets
  2  3 provided for in section 627.6, in whole or in part,
  2  4 are not exempt from the collection of the child
  2  5 support obligation.  Notwithstanding an action of the
  2  6 state court under this section, a bankruptcy court may
  2  7 make the determination that the otherwise exempt
  2  8 assets provided for in section 627.6 are not exempt
  2  9 from the claims of a child support creditor if such
  2 10 creditor objects to the exemptions claimed by the
  2 11 debtor in conformity with 11 U.S.C. } 522(l) and
  2 12 federal rule of bankruptcy procedure 4003.
  2 13    Sec. 4.  Section 633.10, subsection 4, Code 1997,
  2 14 is amended by adding the following new paragraph:
  2 15    NEW PARAGRAPH.  d.  A trust that is administered
  2 16 solely or jointly by an individual trustee or trustees
  2 17 is not subject to the jurisdiction of the court unless
  2 18 jurisdiction is invoked by a trustee or beneficiary,
  2 19 or if otherwise provided by the governing instrument.
  2 20 Upon application of all trustees administering a trust
  2 21 which is subject to the court's jurisdiction, and
  2 22 following notice to beneficiaries as provided in
  2 23 section 633.40, subsection 4, the court shall release
  2 24 the trust from further jurisdiction unless one or more
  2 25 beneficiaries object, on the condition that
  2 26 jurisdiction may thereafter be invoked by a trustee or
  2 27 beneficiary.  The provisions of this paragraph shall
  2 28 be effective for applications filed on or after July
  2 29 1, 1997."
  2 30    #2.  Page 1, by inserting after line 6 the
  2 31 following:
  2 32    "Sec.    .  Section 633.31, Code 1997, is amended
  2 33 by adding the following new subsection:
  2 34    NEW SUBSECTION.  3.  The fee set forth in
  2 35 subsection 2, paragraph "k", shall not be charged on
  2 36 any property transferred to a testamentary trust from
  2 37 an estate that has been administered in this state and
  2 38 for which court costs have been assessed and paid.
  2 39    Sec.    .  NEW SECTION.  633.357  CUSTODIAL
  2 40 INDIVIDUAL RETIREMENT ACCOUNTS.
  2 41    1.  As used in this section, unless the context
  2 42 otherwise requires:
  2 43    a.  "Custodial independent retirement account"
  2 44 means an individual retirement account in accordance
  2 45 with section 408(a) of the Internal Revenue Code, the
  2 46 assets of which are not held in trust.
  2 47    b.  "Designator" means a person entitled to
  2 48 designate the beneficiary or beneficiaries of a
  2 49 custodial independent retirement account.
  2 50    2.  The assets of a custodial independent
  3  1 retirement account shall pass on or after the death of
  3  2 the designator of the custodial independent retirement
  3  3 account to the beneficiary or beneficiaries specified
  3  4 in the custodial independent retirement account
  3  5 agreement signed by the designator or designated by
  3  6 the designator in writing pursuant to the custodial
  3  7 independent retirement account agreement.  Assets that
  3  8 pass to a beneficiary pursuant to this section shall
  3  9 not be considered part of the designator's probate
  3 10 estate except to the extent that the designator's
  3 11 estate is a beneficiary.  The designation of a
  3 12 beneficiary shall not be considered testamentary and
  3 13 does not have to be witnessed.
  3 14    3.  This section applies to a custodial independent
  3 15 retirement account established and a beneficiary
  3 16 designation made prior to, on, or after the effective
  3 17 date of this Act.  This section shall be considered to
  3 18 be declarative of the law as the law existed
  3 19 immediately prior to the effective date of this Act.
  3 20    4.  This section shall not be construed to imply
  3 21 that assets or benefits that are payable upon the
  3 22 death of a person to a beneficiary or beneficiaries
  3 23 designated in or pursuant to a written arrangement not
  3 24 described in this section, other than a will, are part
  3 25 of the person's probate estate or that the arrangement
  3 26 is testamentary.
  3 27    Sec.    .  Section 633.410, Code 1997, is amended
  3 28 to read as follows:
  3 29    633.410  LIMITATION ON FILING CLAIMS AGAINST
  3 30 DECEDENT'S ESTATE.
  3 31    All claims against a decedent's estate, other than
  3 32 charges, whether due or to become due, absolute or
  3 33 contingent, liquidated or unliquidated, founded on
  3 34 contract or otherwise, are forever barred against the
  3 35 estate, the personal representative, and the
  3 36 distributees of the estate, unless filed with the
  3 37 clerk within the later to occur of four months after
  3 38 the date of the second publication of the notice to
  3 39 creditors or, as to each claimant whose identity is
  3 40 reasonably ascertainable, one month after service of
  3 41 notice by ordinary mail to the claimant's last known
  3 42 address.  However, notice is not required to be given
  3 43 by mail to any creditor whose claim will be paid or
  3 44 otherwise satisfied during administration and the
  3 45 personal representative may waive the limitation on
  3 46 filing provided under this section.  This section does
  3 47 not bar claims for which there is insurance coverage,
  3 48 to the extent of the coverage, claims for debts
  3 49 created under section 249A.5 relating to the recovery
  3 50 of medical assistance payments, or claimants entitled
  4  1 to equitable relief due to peculiar circumstances.
  4  2    Sec.    .  Section 633.440, Code 1997, is amended
  4  3 to read as follows:
  4  4    633.440  CONTENTS OF NOTICE OF DISALLOWANCE.
  4  5    Such a notice of disallowance shall advise the
  4  6 claimant that the claim has been disallowed and will
  4  7 be forever barred unless the claimant shall within
  4  8 twenty days after the date of mailing the notice, file
  4  9 a request for hearing on the claim with the clerk, and
  4 10 mail a copy of such request for hearing to the
  4 11 personal representative and the attorney of record, if
  4 12 any, by certified mail.
  4 13    Sec.    .  Section 633.681, Code 1997, is amended
  4 14 to read as follows:
  4 15    633.681  ASSETS OF MINOR WARD EXHAUSTED.
  4 16    When the assets of a minor ward's conservatorship
  4 17 are exhausted or consist of personal property only of
  4 18 an aggregate value not in excess of four ten thousand
  4 19 dollars, the court, upon application or upon its own
  4 20 motion, may terminate the conservatorship and.  The
  4 21 order for termination shall direct the conservator to
  4 22 deliver the any property remaining after the payment
  4 23 of allowed claims and expenses of administration to
  4 24 the parent or other person entitled to the custody of
  4 25 the minor ward, for the use of the ward, after payment
  4 26 of allowed claims and expenses of administration a
  4 27 custodian under any uniform transfers to minors Act.
  4 28 Such delivery shall have the same force and effect as
  4 29 if delivery had been made to the ward after attaining
  4 30 majority.
  4 31    Sec.    .  Section 633.704, subsection 3, paragraph
  4 32 a, Code 1997, is amended to read as follows:
  4 33    a.  PASSAGE OF DISCLAIMED INTEREST OR PROPERTY.
  4 34 Unless the transferor has otherwise provided, the
  4 35 property, interest, or right disclaimed, and any
  4 36 future interest which is to take effect in possession
  4 37 or enjoyment at or after the termination of the
  4 38 interest or right disclaimed, descends or shall be
  4 39 distributed as if the disclaimant has died prior to
  4 40 the date of the transfer, or if the disclaimant is one
  4 41 designated to take pursuant to a power of appointment
  4 42 exercised by testamentary instrument, then as if the
  4 43 disclaimant has predeceased the donee of the power
  4 44 unless the donee of the power has otherwise provided.
  4 45 In every case, the disclaimer relates back for all
  4 46 purposes to the date of the transfer.  In the case of
  4 47 a disclaiming beneficiary under a will, other than a
  4 48 spouse, the property, interest, or right disclaimed
  4 49 passes to the heirs of the disclaimant unless from the
  4 50 terms of the transferor's will the intent is clear and
  5  1 explicit to the contrary, in which event the property,
  5  2 interest, or right disclaimed passes pursuant to the
  5  3 will.  In the case of a disclaimer under a will by a
  5  4 spouse the property, interest, or right disclaimed
  5  5 lapses unless from the terms of the transferor's will
  5  6 the intent is clear and explicit to the contrary."
  5  7    #3.  Title page, line 1, by inserting after the
  5  8 word "Act" the following:  "relating to estates and
  5  9 probate, and".
  5 10    #4.  By renumbering as necessary.  
  5 11 
  5 12 
  5 13                               
  5 14 LAMBERTI of Polk 
  5 15 SF 241.303 77
  5 16 da/cf/28
     

Text: H01753                            Text: H01755
Text: H01700 - H01799                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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