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 was far overdue and eliminates a hoop (and fee) for agricultural producers and estate planning.
If you have questions about this issue or other real estate concerns, please contact Steve Fink at 507-625-2525.