Attorney Kim Bodnar joins Andrew to discuss how to properly plan your estate, especially when it comes to your real estate holdings. They cover inheritance taxes, transfer taxes, deed transfers to heirs, issues with reverse mortgages, and opportunities for investors when estates have not been properly handled. In this episode, you’ll uncover key strategies to safely pass down property, avoid financial landmines, and even profit by snatching up deals from poorly planned estates.
[00:00 - 03:22] - Introduction to Kim Bodnar
Kim introduces her experience as an attorney practicing for over 30 years
She handles litigation, estate planning, and estate administration
Calls herself a "whole life attorney" working with clients "cradle to grave"
[03:23 - 14:13] - Planning Your Real Estate Inheritance
Kim advises clients to decide early who should inherit their real estate
Transferring deeds to children ahead of time avoids taxes
Inheritance tax and transfer tax exemptions in Pennsylvania
[14:14 - 20:26] - Issues With Reverse Mortgages
Problems arising when reverse mortgage companies bet wrong on life expectancy
Reverse mortgages left in deceased parents' names creates complications
Opportunities for investors to purchase these properties
[20:27 - 27:50] - Additional Real Estate Planning Strategies
Creative idea to sell home but continue renting from new owners
Importance of keeping beneficiary designations updated
How Kim continues learning through legal education and networking
Connect with Kim!
Website: https://www.kabodnar.com/
Quote:
"I try to encourage my clients to, as soon as possible, decide who they would like their real estate to go to." - Kim Bodnar
Visit our website www.birgo.com to learn more about High-Quality Recession Resistant Assets for the Everyday Investor
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