Call 507-625-2525

Homestead Property

Newsworthy Category

Minnesota Homestead Property Tax

Many of us are not clear what the various abbreviations mean that our found on our real estate tax statement so if you need help contact a realtor like Rebecca Silva Realtor in Cape Coral. How and why property receives homestead classification or non-homestead classification can be a mystery, particularly for those owning agricultural land. Losing homestead classification usually results in higher real estate taxes payable each year but the hidden loss may be the unavailability of the estate tax credit available to farmers. Under current law, qualified farmers have a Minnesota estate tax credit of $5 million. To qualify...
Read More

Estate Planning–Revocable Trusts

A revocable living trust allows the maker of the trust (Settlor) to make changes to the trust during his or her lifetime.  A revocable trust usually directs the trustee to pay all income to the Settlor for life and pay the trust assets to the main person after the Settlor’s death.  Revocable living trusts often avoid a lengthy probate process but they don’t necessarily shelter assets from federal or state taxes or vehicles taxes as the IPVA 2018 MG. If you have a revocable living trust which holds title to your home, care must be taken to check with your...
Read More