Estate of Austin Korby - Page 4

                                        - 4 -                                         
          estate attorney, Austin and Edna formed the living trust as                 
          cotrustmakers.  Austin and Dennis were the only trustees of the             
          living trust from its inception until Austin’s death on December            
          2, 1998.  Edna was never a trustee of the living trust.  The                
          living trust gave Austin and Edna the authority to control and              
          direct payments from the living trust, add or remove living trust           
          property, and amend or revoke the living trust.                             
               Between 1993 and spring 1995, the following assets of the              
          Korbys were transferred to the living trust:  (1) A money market            
          account; (2) a house in Fergus Falls, Minnesota; (3) a vacant lot           
          in Fergus Falls, Minnesota; (4) a checking account; (5) a savings           
          account; (6) household furnishings and items; (7) a 1-percent               
          general partnership interest in Crane Properties, A Limited                 
          Partnership (Crane Properties); (8) a 2-percent general                     
          partnership interest in KPLP; and (9) the Korbys’ monthly Social            
          Security checks.  During 1993, the living trust also opened a               
          checking account.                                                           
          III.  KPLP                                                                  
               On March 26, 1994, KPLP was formed under the Minnesota                 
          Limited Partnership Act with the help of the estate attorney who            
          had been involved in the formation of the living trust.  Austin,            
          Edna, and each of their sons signed the KPLP limited partnership            
          agreement (the KPLP agreement) as limited partners on March 26,             
          1994.  The living trust was the sole general partner of KPLP from           






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011