MN HF22

Exempts trustees of revocable trusts from annual reporting requirements to the commissioner when the settlor, settlor's spouse, or both are the primary beneficiaries during the settlor's lifetime.

Adds new subsection (f) to Minnesota Statutes section 500.24, subdivision 4, establishing the exemption for revocable trusts while the trust remains revocable.

Applies to family farm trusts that hold interests in agricultural land or engage in farming operations in Minnesota.

Does not affect reporting requirements for other entities such as corporations, limited partnerships, limited liability companies, or irrevocable trusts.