This area of practice also includes preparation of purchase agreements, acting as an intermediary for 1031 exchanges and preparation of deeds and other legal documents.
In our practice this area includes the management of agricultural lands. We determine fair rental values for property, collection of cash rents and crop share rent and preparation of farm leases.
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. This area of practice also includes the drafting of Wills, Living Wills and Powers of Attorney.
Probate is the process of proving up the validity of a proposed Will, appointment of personal representative, determines the creditors of the estate, creates a process to cut off the claims of creditors and adds finality to a deceased persons business and personal affairs. Also, if a person dies without a Will, or "intestate", the court decides which person is best suited to act as Personal Representative. In addition, an intestate probate determines heirs of the deceased based upon statute, determines the creditors of an estate, allows for payment of creditors’ claims and provides for distribution of the decedents property to the heirs. This applies to both testate and intestate probates.
South Dakota has enacted numerous legal protections for the vulnerable and elderly. One may seek a protection order from “domestic abuse”. Also, stalking is illegal in South Dakota. One may also seek protection if one has a disability and is unable to protect oneself from domestic abuse. This applies to a person 65 or older who is vulnerable and unable to look out for oneself due to age or disability. South Dakota also protects vulnerable adults from financial exploitation. Our firm has experience in protection of such individuals from family or household individuals engaged in the financial exploitation and from domestic abuse.
Often times it is advantageous for a business to utilize certain entities such as corporations, limited liability companies, limited liability partnerships and limited partnerships in order to take advantage of the tax code, provide employee benefits and protect the owners from liability. These organizations were created to encourage growth and commerce and contribute to the health of our economy. Our practice assists persons who wish to create such entities.
The role of guardian and/or conservator is one that carries with it considerable responsibility as well as considerable rewards. While assuming the role of guardian/conservator may appear to be a daunting task at first glance, the process of appointment and the fulfillment of ongoing duties are not as complicated as they may seem.