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Minnesota Department of Agriculture

Newsworthy Category

Update! Revocable Trust Reporting

In March, Farrish Johnson Law Office let you know about pending Minnesota legislation regarding revocable trust reporting to the Minnesota Department of Agriculture (find the article here).  Now, Governor Dayton recently signed legislation providing that the trustee of a revocable trust with respect to which either the settlor, the settlor’s spouse, or both, are the primary beneficiaries during the settlor’s lifetime shall not be required to file with the commissioner of the Department of Agriculture a corporate farm application seeking approval to allow the trust to hold agricultural real estate during any period that the trust is revocable. This legislation...
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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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