Minnesota Homestead Property Tax
Many of us are not clear what the various abbreviations mean that our found on our real estate tax statement. 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 for these additional credit, the farm must be, among other things, taxed as homestead property.... 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. If you have a revocable living trust which holds title to your home, care must be taken to check with your county tax department to make sure you are... Read More