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II. The Austin & Edna Korby Living Trust
In 1993, Austin and Dennis met with an attorney specializing
in estate planning. On June 2, 1993, with the assistance of the
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,
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