Estate Planning

Trust & Estate Planning for Business Owners and Families

Estate planning is about far more than drafting a will. 

For many successful families and business owners, estate planning is about protecting the wealth they have worked decades to build, preserving that wealth for future generations, and ensuring their family is not left with uncertainty or conflict. 

At Goosmann Law Firm, we design trust‑based estate plans for individuals and families throughout Iowa, Nebraska, and South Dakota. Our attorneys regularly work with business owners, professionals, and families who want their planning structures to function effectively not just today, but for generations. 

Thoughtful estate planning can help:

  • Protect family wealth from unnecessary taxes   
  • Prevent probate complications   
  • Protect inheritances from divorce or creditor claims   
  • Coordinate business succession planning   
  • Reduce uncertainty and potential family conflict   

Many clients come to us after discovering that their prior estate plan was never fully implemented or no longer reflects their financial situation. 

Schedule a Trust Planning Consultation
Financial summary document

Who is Estate Planning Designed For?

Our estate planning practice frequently serves:

  • Business owners and entrepreneurs   
  • Families with estates exceeding $1 million   
  • Professionals building generational wealth   
  • Families with real estate or investment portfolios   
  • Individuals concerned about protecting assets for their children   

Many of our clients share a common goal: ensuring that the wealth they have built continues to benefit their family for generations.

Trust‑Based Estate Planning

Trust‑based planning often provides greater flexibility and protection than a simple will. 

Trust structures can allow families to manage how assets are distributed, protect beneficiaries, and create long‑term governance for family wealth. 

Depending on a client’s goals, planning strategies may include:

  • Revocable living trusts   
  • Dynasty trusts   
  • Asset protection trusts   
  • Spousal lifetime access trusts (SLATs)   
  • Intentionally defective grantor trusts (IDGTs)   
  • Charitable trusts and philanthropic structures   

These strategies are most effective when implemented proactively, before major financial events occur. 

Schedule a Trust Planning Consultation
Children walking in hallway

Protecting Your Children’s Inheritance

Many families want to ensure that their children benefit from family wealth without exposing those assets to unnecessary risks. 

Leaving assets outright to children can unintentionally expose those assets to:

  • Divorce or property settlements   
  • Creditor claims or lawsuits   
  • Financial mismanagement   
  • Outside influence 

Trust planning allows families to create structures designed to protect inheritances while still providing financial support for future generations. 

Planning for Remarriage and Blended Families

Another important estate planning consideration is the possibility of remarriage after the death of a spouse. 

Without thoughtful planning, assets intended for children may unintentionally pass to a new spouse or a new family. 

Trust planning can address these concerns by: 

  • Providing financial security for a surviving spouse   
  • Preserving assets intended for children   
  • Including remarriage protections when appropriate   
  • Encouraging prenuptial agreements when future marriages occur 
planning portfolio

Estate Planning for Business Owners

For many entrepreneurs, the most powerful planning strategy is transferring high‑growth assets outside the estate before a major liquidity event.

Examples include:

  • Closely held business interests
  • Investment funds
  • Real estate portfolios
  • Intellectual property assets

If these assets are transferred to an IDGT prior to significant appreciation or a business sale, all future growth may occur outside the federal estate tax system.

Our attorneys regularly coordinate with valuation professionals and appraisers to structure these transfers properly.

Estate Planning for Business Owners

For many families, the most valuable asset they own is a closely held business. 

Without proper planning, ownership disputes, tax issues, or lack of succession planning can disrupt or even destroy a business that took decades to build. 

Estate planning can help:

  • Coordinate ownership transitions   
  • Protect business value for family members   
  • Reduce estate tax exposure   
  • Prepare for future liquidity events or business sales 
Jeana Goosmann by front desk sign

Do You Actually Have a Working Trust?

Many people believe they have a trust simply because documents were signed. 

However, trusts frequently fail because they were never properly funded. 

For example: 

  • Real estate may not be titled in the trust   
  • Investment accounts may remain individually owned   
  • Beneficiary designations may conflict with the plan   
  • Business ownership may not be coordinated with the trust 

One simple test we often discuss with clients: 

If your home is owned by your trust, the property tax statement should typically be issued in the name of the trust. 

Many clients discover their trust was never fully implemented. Our planning process focuses on ensuring your estate plan actually works when it matters most.

Schedule a Trust Planning Consultation

Our Estate Planning Process

We structure the planning process to be efficient and practical for busy professionals and business owners. 

Most clients complete their estate planning in three meetings over approximately three months. 

Step 1 – Planning Questionnaire   

Clients complete a planning questionnaire before the consultation so our attorneys can review assets and planning goals in advance. 

Step 2 – Consultation and Plan Design   

We review your goals and often design the planning structure during the first meeting. 

Step 3 – Document Preparation   

Once the structure is approved we prepare the estate planning documents and provide a clear fee quote. 

Step 4 – Signing Meeting   

We review and execute the documents. 

Step 5 – Implementation and Funding   

We assist with titling assets and implementing the trust so the plan functions as intended. 

Goosmann services team

When Should You Call an Estate Planning Attorney?

Estate planning is most effective when it is done proactively rather than in response to a crisis. 

You should consider speaking with an estate planning attorney if:

  • Your net worth is approaching or exceeding $1 million   
  • You own a business or significant real estate assets   
  • You want to protect assets for your children   
  • You anticipate selling a company in the future   
  • You want to ensure your estate plan will actually work when it matters 

Proactive planning can preserve significant wealth for your family and reduce uncertainty for the people you care about most. 

Planning meeting

Protect Your Family’s Future

Thoughtful estate planning protects the wealth you have built and ensures your family has clarity and stability in the future. 

Schedule a Trust Planning Consultation with Goosmann Law Firm to discuss strategies designed to protect your assets, preserve family wealth, and ensure your estate plan functions as intended. 

Schedule a Trust Planning Consultation

Meet Our Team

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Make sure you and your loved ones are set up for future success and stability. Contact our estate planning attorneys at Goosmann Law Firm today.

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Estate Planning FAQ

How often should I update my estate plan?

Generally, every three years or whenever significant life changes occur, such as marriage, divorce, the birth of a child, or changes in assets or health.

Do I need a will if I already have a trust?

Yes. Even with a trust, a will ensures any assets not included in the trust are properly distributed and names guardians for minor children.

How can estate planning reduce taxes and protect my family’s inheritance?

A comprehensive plan can use trusts, gifting strategies, and other legal tools to minimize estate and income taxes, protect assets from creditors, and provide for your heirs according to your wishes.

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