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DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 3)
In Minnesota, married couples have potential estate tax liability when their net worth is greater than $3.0 million (for the year 2020 and beyond). Unlike the FEDERAL estate tax exemption, the Minnesota estate tax exemption is not “portable”. This means that you...
DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 2)
“Disclaimer Trusts” have become an effective method for Minnesota married couples to fully utilize their marital deductions in order to decrease possible Minnesota estate taxes upon the second spouse’s death. By using a properly drafted trust it is possible to...
DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 1)
There are a number of reasons one might want to take advantage of Minnesota’s Uniform Disclaimer of Property Interests Act (Minnesota Statutes Sections 524.2-1101 to 524.2-1116), which became effective on January 1, 2010. You may have a substantial estate which will...
TYPICAL COSTS AND FEES OF A REVERSE MORTGAGE IN MN
WHAT ARE THE TYPICAL COSTS AND FEES I WILL BE LOOKING AT? According to the Consumer Financial Protection Bureau, reverse mortgages are more expensive than other types of loans. Unlike traditional mortgages, the amount you owe on your reverse mortgage will grow the...
HUD REVERSE MORTGAGE IN MN
In recent years, HUD reverse mortgage standards have changed. HUD HECM standards have changed during the past decade as a result of massive program losses following the 2008-2009 real estate crash. To cut losses in 2013, HUD limited the amount that HECM borrowers can...
REVERSE MORTGAGE CONS (AND RISKS)
Reverse financing is not “free”. Reverse mortgages have significant costs that include lender fees, FHA insurance charges, closing costs, etc. These costs can be added to the loan balance. However, that means the borrower has more debt and less equity. Interest...
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