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March 22, 2017

Revocable Trust Reporting to Minnesota Department of Agriculture

There is legislation  currently working its way through both chambers of the Minnesota legislature that would eliminate the requirement that a revocable trust holding title to agricultural real estate register with the Minnesota Department of Agricultural.  The Minnesota corporate farm statute limits the type of entities that may legally own agricultural real estate.  The statute lists a number of exceptions to the corporate ownership prohibition.    One of these exceptions is farmland held by revocable trust.  Current law requires the trustee of a qualified trust to file an application with the Department of Agriculture for a certificate of compliance.  If approved,...
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