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Robert S. Duxstad
Daniel P. Bestul
Lance A. McNaughton
Nathan R. Martin

Customized plans achieve personal goals.


The future may be unknown, but estate planning and administration from Duxstad & Bestul can bring certainty to concerns that lie ahead. Our services include not only wills and trusts, but also disability planning, retirement planning, and succession planning, as well as the transfer and division of estates.


Your estate represents a lifetime of work and achievement. It takes planning to assure that those assets will meet your objectives in the future. The lawyers at Duxstad & Bestul will develop a customized plan tailored to your family’s needs. It will account for unique family dynamics, for instance, or the desire to divide assets in a non-typical way. Rather than automatically defaulting to a trust, our lawyers will present an individualized plan that accomplishes your goals in an efficient and cost-effective manner.


The right estate plan should prepare your family for the future, minimize potential conflicts, and ensure that all that you’ve built will benefit your loved ones. Contact us to discuss estate planning that will meet your objectives today and tomorrow.




Client Results:


Family Farm Case:


Clients wanted to leave their estate to their children equally, but felt that their farm was something that held the family together. So, despite the fact that none of their children actively farm and even they rented most of the land, they wanted the land to stay in the family as long as possible.


Solution:


We created an LLC to hold their farm, with the remainder of their estate being equally divided outside of the LLC. Upon their death, their children would get equal ownership interest and the most responsible two of their children would become the co-managers. We placed restrictions on transfers of interests in the LLC so that if one of the children did not want to continue to be a part of the property LLC they had to first offer their interest to all the remaining siblings in equal shares. This way the ownership and control was even between the children. If the group wasn’t interested in purchasing that child out, then another individual child could.


Result:


This gave the clients the security that their children and grandchildren could keep coming to the farm even once they were no longer able to be there with them. It also allowed for the farm to be easily managed or sold, in the event it was not financially feasible for the children to keep the farm or if only some of their children wanted to remain owners.

Farm Real Estate Dispute:


Clients operated a farm with one of their children, but had other children that they did not want to exclude from their estate plan. Unfortunately, the majority of Clients’ assets were tied up in the farm real estate.


Solution:


After a discussion of their priorities, Clients concluded that it was more important to ensure their son, the child they farmed with, could continue the business, and that his children could eventually take over the farm. In order for their other child to not feel excluded they would leave her a percentage interest in the farm which their son could purchase for a set amount, not to exceed the fair market value of that percentage interest. They would also name their daughter as the beneficiary on a life insurance policy. I also encouraged Clients to discuss this solution with both of their children so that neither child was caught off guard when they passed away.


Results:


While this did not result in an equal division of their estate, it allowed Clients to achieve their primary goal of ensuring the farm continued, in the family, while still providing something to their daughter so she wouldn’t think they didn’t care. Also, Clients felt better after informing their children of their plan and reasoning, which will hopefully allow the children to continue to have a good relationship after their parents are gone, even though one inherits substantially all of the estate.

Related Links

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  3. Big Money Case Decided on Basic Principles Jennifer Williams 23-May-2017
  4. Charges Dismissed Jennifer Williams 20-Mar-2017
  5. From Beer to Eternity: A Lawyer’s Journey Toward Better Serving His Clients Jennifer Williams 09-Mar-2017

Contact D&B


MONROE  (608) 325-4924
DARLINGTON  (608) 776-2662
TOLL-FREE  (866) 325-4924

Looking for estate planning and administration legal advice?


Duxstad & Bestul can bring certainty to concerns that lie ahead. Contact Robert Duxstad at duxstad@duxstadlaw.com or call him at 608-325-4924 to discuss estate planning that will meet your objectives today and for the future.