On October 2, 2020, about 1512 central daylight time, a Piper PA-46-500TP, N62ZM, was substantially damaged when it was involved in an accident near Lake Elmo, Minnesota. The airline transport pilot and passenger sustained serious injuries. The airplane was operated as a Title 14 Code of Federal Regulations (CFR) Part 91 personal flight. The pilot reported that, shortly after takeoff and following landing gear retraction, he noticed a “hiccup” in engine power and immediately started a turn back toward the airport. During the turn, engine power was lost and the pilot performed a forced landing into a field of standing corn. The airplane impacted terrain, bounced, and came to rest upright in the corn about ½ mile northwest of the departure end of the runway. The airplane sustained substantial damage to the right wing as a result of the impact and post-crash fire. A post-accident examination of the engine, accessories, fuel pump, fuel control unit, flow divider valve, and fuel-oil heat exchanger revealed no mechanical malfunctions or anomalies that would have precluded normal operation.