- Ag Docket
(court affirms trial court decision that terms of decedent's trust rather than terms of LLC agreement control disposition of farm property; trust specified that, upon decedent's death, trustees to offer to sell or vote to sell to three sons all or any portion of real estate held by LLC; LLC operating agreement specified that LLC to be dissolved upon death of any member unless all other members agree to continue LLC and, if dissolved, LLC assets to be liquidated and distributed to members; LLC formed to reduce estate taxes and trust formed to avoid probate; decedent's land transferred into LLC and personal property to trust and trustee listed as decedent's owner of decedent's interest in LLC; decedent's will specified that, at death, all remaining property in decedent's possession to be transferred to trust; at death, trust held 50.5 percent of interests in LLC with children holding the balance; appraiser hired to determined value of land; issue was whether trust terms or LLC terms governed disposition of real estate; trial court determined that trust owned real estate; decision affirmed and appraisal proper and bad faith not present).
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