This is basic information on the Iowa inheritance tax. It is not information regarding probate. This information is not a substitute for legal advice. Please contact an attorney for legal advice or if you have questions concerning probate or any other estate question.
A person who has died may leave property to certain individuals or groups. This may be done through the making of a Will, which is a written document explaining to whom he or she wishes to leave the property. A person may also die without making a Will. If this occurs, Iowa law provides for distribution of the property. Because there are other possible ways to distribute your property, you may wish to consult an attorney or an individual specializing in estate planning.
It is important to know who is to receive property and the value of the property, because the Iowa inheritance tax is based upon each share of the estate. The tax is based upon a person’s (beneficiary’s) right to receive money or property which was owned by the decedent at the date of death. This is in contrast to the federal estate tax, which is a tax upon the entire amount of property owned by the decedent at the time of death.