S.F. No. 2427 Summary

• Establishes that Minnesota estate tax returns are required only when a federal estate tax return is required, eliminating separate state-level thresholds for estates after December 31, 2005.

• Allows executors to make qualified terminable interest property (QTIP) elections on Minnesota estate tax returns for decedents dying between January 1, 2010 and December 31, 2010, with a minimum taxable estate of $3,500,000.

• Clarifies that distributions from ordinary income of regulated investment companies and real estate investment trusts are income, while capital gains, depreciation, and depletion distributions are principal.

• Expands definitions relating to parent-child relationships for inheritance purposes, including provisions for adopted children, children of assisted reproduction, genetic parents, and gestational agreements, effective August 1, 2010.

• Adds emergency and temporary conservator provisions allowing court appointment for up to 60 days (or 90 days for county actions) and temporary substitute conservators for up to 6 months when immediate asset protection is needed.