Where there’s a Will, there’s a Way
October 24, 2019 | William F. HuefnerMany people in Minnesota are married. Many of those same people own a home, cabin, farm, hunting land or other real estate and many of our clients think that because both the husband and wife have their names on the deed, that the survivor simply become the sole owner of the real property upon the death of their spouse. This is incorrect. In order for title to real estate to pass to the surviving spouse, they must own the property as Joint Tenants. If the title does not list husband and wife as Joint Tenants, then the default is Tenants in Common. This means that when one owner dies, their interest in the property is subject to a probate court proceeding. If the Decedent has a Will, it will pass according to the Will. If there is no Will, it will pass according to Minnesota Statute. Depending on the circumstances, it may or may not pass outright to the surviving spouse. There are solutions to this problem once it is identified, such as: (1) Recording a document so that the property is titled as joint tenancy. This way, when one person dies, title to the property passes to the surviving tenant; (2) Putting a proper Will into place which will make your and…
Read MoreRachel Schwankl Selected for Fridley Housing & Redevelopment Authority
October 21, 2019 | Barna, Guzy & Steffen, Ltd.Rachel Schwankl, Real Estate Paralegal at Barna, Guzy & Steffen, was recently appointed to the Housing and Redevelopment Authority (“HRA”) in Fridley, MN. According to the City website, “In 1947, the Minnesota Legislature created the Municipal Housing and Redevelopment Act, which authorized cities to create Housing and Redevelopment Authorities (HRAs) charged with improving “substandard conditions” characterized by “dilapidation, obsolescence, overcrowding and faulty arrangement or design of buildings and improvements.”Fridley’s HRA was established in 1965 and today plays an active role in developing and redeveloping the City. HRA projects are designed to enlarge the tax base, create jobs, and create vital, attractive businesses in blighted or underdeveloped areas of the City. The HRA is empowered to carry out housing rehabilitation programs and redevelopment projects that create new housing opportunities. The HRA also makes use of State and Federal programs to provide housing rehabilitation assistance to those that qualify. Examples of State programs include the First Time Home Buyer Program, the Minnesota Fix-Up Fund, and the Home Energy Fund. Federal programs include the Community Development Block Grant Program and HUD’s HOME program. Housing and Redevelopment Authority Services: Business site selection assistance; Local tax structure and tax increment financing districts data and analysis; Guidance on available City programs and other programs for various types of projects;…
Read MoreMinnesota Deed Registry Tax Update
October 4, 2019 | Tammy J. SchemmelThe Minnesota Department of Revenue recently announced a change to how Deed Taxes are calculated, effective for deeds recorded in Minnesota beginning January 1, 2020. While the minimum deed tax amount remains $1.65 for non-exempt transactions, the threshold or minimum net consideration was increased from $500.00, to $3,000.00. See Minnesota Statute 287.21(b). Connect with a professional Real Estate attorney at Barna, Guzy & Steffen in Coon Rapids, MN for all of your real property legal needs.
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