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Garn–St Germain Act: Inter Vivos Trust
A transfer to an inter vivos trust in which the borrower is and remains a beneficiary and that does not relate to a transfer of rights of occupancy in the property is protected by the Garn-St. Germain Act. An inter vivos trust is a trust that is created during the lifetime of the settlor. The…
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Garn–St Germain Act: Estate Planning Transfers
Four of the nine Garn–St Germain Act due-on-sale exceptions are especially relevant for estate planning. Two of them are simple: a transfer to a relative resulting from the borrower’s death and a transfer to a spouse or child during the owner’s lifetime. Another is a transfer on the death of a joint tenant. In a…
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Garn–St Germain Act: What You Need to Know
It is important to let your estate planning attorney know if you own real estate subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the property, the entire amount of the debt owed is immediately due and payable. Under the Garn–St Germain Depository Institutions Act, lenders are prohibited from…
Category: Garn–St Germain Act
Eckert & Krautkramer, LLC
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