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Inheritance Tax

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, also called a decedent, may leave property to specific individuals or groups, also called beneficiaries. This may be done through the making of a will, which is a written document explaining to whom the decedent wishes to leave their property. A person may also die without making a will. If this occurs, Iowa law provides who will then be considered an heir and how the decedent’s property will be distributed. Because there are other possible ways to distribute your property, including the use of trust instruments, you may wish to consult an attorney or an individual specializing in estate planning.

It is important to know who is to receive property, their relationship to the decedent, and the value of the property. The tax is based upon a 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.