Matter of Petersen Trust

2023 S.D. 44
CourtSouth Dakota Supreme Court
DecidedAugust 18, 2023
Docket29745
StatusPublished
Cited by1 cases

This text of 2023 S.D. 44 (Matter of Petersen Trust) is published on Counsel Stack Legal Research, covering South Dakota Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Matter of Petersen Trust, 2023 S.D. 44 (S.D. 2023).

Opinion

#29745-aff in pt & rev in pt-MES 2023 S.D. 44

IN THE SUPREME COURT OF THE STATE OF SOUTH DAKOTA

****

IN THE MATTER OF THE FRED PETERSEN LAND TRUST

IN THE MATTER OF THE FRED PETERSEN LIVING TRUST

APPEAL FROM THE CIRCUIT COURT OF THE THIRD JUDICIAL CIRCUIT MOODY COUNTY, SOUTH DAKOTA ****

THE HONORABLE PATRICK T. PARDY Judge

RONALD A. PARSONS, JR. PAMELA R. REITER ANTHONY P. SUTTON of Johnson, Janklow, Abdallah & Reiter, LLP Sioux Falls, South Dakota Attorneys for appellants Michael and Sally Johnson.

JOHN A. SHAEFFER Flandreau, South Dakota Attorney for appellee Mindy Smith.

DANNY R. SMEINS Britton, South Dakota Attorney for appellee Jody Wallin.

**** ARGUED MAY 26, 2022 OPINION FILED NOVEMBER 23, 2022 REHEARING GRANTED AND OPINION WITHDRAWN AUGUST 18, 2023 OPINION FILED 08/18/2023 #29745

SALTER, Justice

[¶1.] Prior to his death in 2018, Fred Petersen created two trusts. After

Fred’s passing, one of his daughters, Sally Johnson, filed separate petitions seeking

court supervision and reformation of one of the trusts. Another of Fred’s daughters,

Mindy Smith, opposed the reformation of the trust and filed her own petition

seeking clarification from the court and requesting other relief.

[¶2.] The circuit court conducted a two-day court trial to determine the

merits of the petitions. In its memorandum decision, the court granted Sally’s

request to reform the trust and denied each of Mindy’s requests for relief. Sally

then sought reimbursement from the trust for her attorney fees and expenses

incurred during the litigation. The circuit court denied the request, concluding the

trust did not receive an economic benefit from the litigation, which, the court

determined, was required to justify reimbursement from the trust. Sally has

appealed this denial. We affirm in part, reverse in part, and remand.

Facts and Procedural History

[¶3.] Fred Petersen farmed and raised cattle in Moody County for many

years. His farm consisted of approximately 1,000 acres of crop and pasture land,

including a twenty-acre homestead with outbuildings, a cattle yard, and a

farmhouse where Fred and his family lived. At one point, the farm was valued at

nearly six million dollars.

[¶4.] Fred and his first wife were divorced in what appears to have been the

late 1970s. Prior to the divorce, they had three daughters together: Jody, Mindy,

and Sally. As they grew older, Jody and Mindy left the farm and moved out of

-1- #29745

state. 1 Sally, however, remained. She and her husband, Mike Johnson, lived one

mile from the homestead and helped Fred on the farm.

[¶5.] In 1997, Sally and Mike rented all the crop ground from Fred and

farmed it themselves. When Fred retired from farming altogether, Sally and Mike

took over the cattle operation as well. Though Fred continued living on the

homestead after his retirement, Sally and Mike began making farm-related

improvements to the property with the understanding—expressed to them by

Fred—that they would inherit the homestead after his death.

[¶6.] Marital tension between Fred and his second wife, Sharon Petersen,

prompted Fred to create the Fred Petersen Living Trust. The Living Trust was a

revocable trust prepared by Thompson Law in Sioux Falls and was funded with all

of Fred’s real and personal property. Fred named himself as the initial trustee with

Fred and Sharon as the income beneficiaries. Fred selected his sister along with

Sally and Mike to serve as successor co-trustees after his death and named his three

daughters as successor income beneficiaries.

[¶7.] The Living Trust contained several specific distributions, including

Fred’s directive to have his twenty-acre homestead surveyed, platted, and

distributed to Sally immediately upon his death. The Living Trust instrument also

provided an option for Sally and Mike to lease the entirety of the agricultural land

from the trust after Fred’s death, with rent for the tillable acres calculated at ninety

1. Mindy returned to South Dakota in 2010 and lives near Flandreau with her husband. -2- #29745

percent of the county average rental rate. 2 The term of the option was the

remainder of Sharon’s life plus three years.

[¶8.] In 2013, Sharon initiated a divorce action. During the pendency of the

divorce, Fred returned to Thompson Law and amended the Living Trust to remove

Sharon as an income beneficiary. He also created a new irrevocable trust, known as

the Fred Petersen Land Trust, which he funded with the farm land owned by the

Living Trust. Fred named Sally, Mike, and Fred’s sister as co-trustees, with Fred

as the sole income beneficiary.

[¶9.] In an effort to resolve the divorce without selling the farm, Fred agreed

to make a cash payment to Sharon of $800,000. Fred was able to pay $253,000 with

available funds, and he obtained a loan to cover the balance. The loan agreement

required annual payments over a twenty-year term with the final payment due on

December 1, 2033. The debt was secured by a mortgage on the property now owned

by the Land Trust.

[¶10.] The trust instrument establishing the Land Trust included several

provisions relating to the mortgage, leasing, and the eventual distribution of its

corpus. Under its provisions, the mortgage payments due after Fred’s death could

be made from the rental income received by the Land Trust. Mike and Sally had

the option to lease the land, as they had with the Living Trust, at the ninety-

2. The county average rental rate was calculated using information published by the South Dakota field office of the United States Department of Agriculture National Agricultural Statistics Service. Information in the record suggests that Fred set the rental rate below the average because he believed the soil quality of the cropland was generally below average for the area, though Mindy has frequently described the rent as “below market.” -3- #29745

percent-of-the-average rate on the tillable acres for up to three years after Fred’s

death or three years after the loan was paid off, whichever occurred later. The

Land Trust instrument designated Jody, Mindy, and Sally as income beneficiaries

after Fred’s death and provided that they would eventually receive all the

agricultural land from the Land Trust once the mortgage was paid off and the trust

was terminated.

[¶11.] After creating the Land Trust, Fred executed a trustee’s deed

conveying all the real property from the Living Trust to the Land Trust. However,

the deed contained a drafting error. Instead of excepting the homestead that Fred

intended to gift to Sally and Mike immediately upon his death, the deed

unconditionally transferred the homestead to the Land Trust as part of a larger

tract without any reference to the intended distribution of the twenty-acre parcel to

Sally and Mike. The attorney who drafted both trusts later acknowledged that this

was a mistake and that Fred had always planned to transfer the homestead to Sally

and Mike in the same manner described in the terms of the Living Trust.

[¶12.] At the time of his death, Fred had reduced the mortgage balance to

approximately $150,000 through periodic additional principal payments. However,

the terms of the Land Trust required unanimous agreement among Jody, Mindy,

and Sally to continue accelerating the mortgage payments beyond the minimum

annual payments.

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Bluebook (online)
2023 S.D. 44, Counsel Stack Legal Research, https://law.counselstack.com/opinion/matter-of-petersen-trust-sd-2023.