Since January 1, 1996, the State of Minnesota has taxed the income, both ordinary and capital gains, of what Minn. Stat. § 290.01, subd. 7b(a) defines as a “resident trust.” Such a trust is one that is not a grantor trust for tax purposes and that either (1) was created under the will of a […]
First Trust Company, LLC
First Trust Company is a South Dakota-chartered trust company with trust service offices in St. Paul and Omaha. First Trust does not provide tax and other legal advice, but our experience and expertise as a fiduciary is accompanied by a commitment to work collaboratively with lawyers and other tax, legal, and financial advisers to serve our mutual clients. We welcome the opportunity to participate in discussions of how we can play an integral role in the effective execution of strategies for changing the tax residence of a trust from Minnesota to South Dakota or establishing South Dakota residence in the first place.