S.F. No. 4522 - Summary

• Amends Minnesota Statutes section 290.01 to modify the definition of "resident estate" by clarifying that a decedent's domicile must be determined after applying specific provisions in subdivision 7, paragraphs (c) and (d).

• Modifies the definition of "resident trust" to apply a two-or-more conditions test for non-grantor trusts not covered under existing rules, requiring that a majority of trustee discretionary decisions regarding investment, distributions, or location of official records occur in Minnesota.

• Excludes delegated decisions by trustees to agents or custodians from consideration when determining Minnesota residency, provided the delegation is permitted, revocable, and monitored by trustees.

• Prohibits consideration of the location of the trust's attorney, accountant, financial adviser, or the financial institution where trustees conduct banking activities when determining resident trust status.

• Effective date for the estate provisions applies to decedents dying after a specified date to be inserted, while the resident trust provisions have an effective date to be determined.