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Resident Trusts
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The definition of a resident trust depends on the date the trust becomes irrevocable or is first administered in Minnesota. (See Minnesota Statute 290.01, subdivision 7b)
- After December 31, 1995: A trust, except a grantor type trust, that meets one of the following criteria:
- Created by a will of a decedent, who at their death was a Minnesota resident
- Is irrevocable, and at the time it became irrevocable, the grantor was a Minnesota resident
- Before January 1, 1996: A trust, except a grantor type trust, administered in Minnesota, meeting two of the following three criteria:
- The majority of the discretionary investment decisions are made in Minnesota
- The majority of the discretionary distribution decisions are made in Minnesota
- The trust’s official books and records are kept in Minnesota
Minnesota taxes resident trusts on all their income or gains from intangible property, such as stocks and bonds.
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