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Thompson Law

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

605-362-9100
Estate Planning Attorneys Licensed in Iowa, Minnesota, Nebraska and South Dakota
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ARTICLES

Thompson Law to speak at ‘Sustaining the Legacy’ Events hosted by SDSU Extension

December 21, 2022 by Thompson Law

Join Thompson Law in 2023 at 'Sustaining the Legacy' events across South Dakota in 2023 No matter the size of your estate, there are wrong, right, and better ways to create a family legacy. Learning about the different methods can help farmers and ranchers create a legacy they are proud of. This legacy includes the transfer of the operation, but also the family relationships they leave behind. The agenda of each event covers many methods used to transfer land and assets to the next generation … [Read more...] about Thompson Law to speak at ‘Sustaining the Legacy’ Events hosted by SDSU Extension

Filed Under: Event

Knutson becomes Certified Farm Succession Coordinator

June 27, 2022 by Thompson Law

Certified Farm Succession Coordinator logo

Attorney Andrew Knutson recently attended training to become a Certified Farm Succession Coordinator. This 2.5-day seminar held in Lincoln, NE was sponsored by the International Farm Transition Network for the purpose of equipping individuals who work with farm families to coordinate their farm business succession planning process. Succession planning is not only the transfer of assets, but also the transfer of labor, skills and decision making. It requires financial analysis to ensure the … [Read more...] about Knutson becomes Certified Farm Succession Coordinator

Filed Under: Attorney

Knutson named 2021 Great Plains Rising Star

August 4, 2021 by Thompson Law

Andrew Knutson

Andrew Knutson, managing attorney at Thompson Law, PLLC in Sioux Falls, SD, has been selected to the list of 2021 Great Plains Rising Stars for estate and business planning. Andrew has been part of the Super Lawyers/Rising Stars lists consecutively since 2013. Being a Rising Star, Knutson represents the top 2.5% of all attorneys in the state of South Dakota. To become eligible for this title, attorneys must be under the age of forty or have practiced for less than ten years. Thomson Reuters … [Read more...] about Knutson named 2021 Great Plains Rising Star

Filed Under: General

When it’s time to sell the family business – including to family – keep tax strategy in mind

March 24, 2021 by Thompson Law

Andrew Knutson

Sell your business – or part of it – to family and avoid taxes. Does it sound like a potential path for you? Then you’ll want to draw on Andrew Knutson’s expertise at the upcoming annual conference of the Prairie Family Business Association. Knutson is the owner and managing attorney at Thompson Law PLLC in Sioux Falls. He has focused his practice for the past 12 years in the areas of trusts, estate planning, asset protection and business law. He serves as co-chair of the business law … [Read more...] about When it’s time to sell the family business – including to family – keep tax strategy in mind

Filed Under: General

Book A Spring Family Photo Mini Session

February 26, 2021 by Thompson Law

family photo session advertisement

Join us as Photographer Robyn Ventura with Rockin' RV Photography sets-up shop at Thompson Law! We are now scheduling mini-photo sessions for Thompson Law clients and their families. Choose a date that works best for you: Saturday, March 27th from 9am-12pmSunday, March 28th from 10am-1pmMonday, March 29th from 4:15-6:15pm   The theme for the photos is Spring & Easter. Sessions will be booked in 15-minute increments. This is a great opportunity to get a quick family photo and … [Read more...] about Book A Spring Family Photo Mini Session

Filed Under: General

Joint Tenancy Problems in Estate Planning

February 25, 2021 by Academy of Estate Planning Attorneys

hands circling and sharing a fictional house and car

Sometimes people use Joint Tenancy as a simple way to do Estate Planning. This can have drawbacks, sometimes serious and unexpected. First, why is Joint Tenancy a simple way to do Estate Planning? At the death of a joint tenant, the property automatically transfers by operation of law to the remaining joint tenant(s). This can be attractive because it bypasses the probate process and all it entails. Probate is the process that moves property titled in the name of one person (the decedent) … [Read more...] about Joint Tenancy Problems in Estate Planning

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, joint tneancy

Important Tax Notice for Clients

February 22, 2021 by Thompson Law

tax notice stock image

This may seem odd, but we need to believe and listen to what the politicians are saying.  Regardless of your political views, tax laws are set to become less favorable this year (unless you consider more taxes to be favorable). Notably, the credit you will have for estate and gift taxes will be reduced.  Review: The federal estate tax allows a “unified credit” for every person. The unified credit is the amount that the federal government will allow each person to pass to the … [Read more...] about Important Tax Notice for Clients

Filed Under: General

Dynasty Trusts

February 11, 2021 by Academy of Estate Planning Attorneys

britains-prince-charles-prince-willian-holding-prince-george-catherine-duchess

Trusts are very useful, flexible tools to hold assets. They allow for management of assets during your life, upon your incapacity, and for the continued management of the assets after your death. Perhaps you’d continue to hold the assets in trust until your children reach a suitable age to manage the money for themselves, like age 25 or 30. But you could keep the assets in trust even longer. You could keep the assets in trust for the lives of your children, and your children’s children, and so … [Read more...] about Dynasty Trusts

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, estate tax, Dynasty Trust, GST exemption

Biden Administration Could Reduce Estate Tax Exclusion

February 4, 2021 by Academy of Estate Planning Attorneys

president joe biden

The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. In 2021, the exclusion is a whopping $11.7 million per person. This exclusion consists of a “permanent” exclusion of $5 million, adjusted for inflation since a … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, applicable exclusion

Updating Your Plan: Powers of Attorney

January 26, 2021 by Academy of Estate Planning Attorneys

estate planning

This is the first in a two-part series of articles on updating your plan. This first article examines the importance of updating Powers of Attorney, both Financial and Medical. The second part of the series looks at the importance of updating your primary estate planning documents, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. First, what’s a Power of Attorney? It’s a document by which you … [Read more...] about Updating Your Plan: Powers of Attorney

Filed Under: Legal Education, Estate Planning

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Thompson Law, PLLC

Thompson Law, PLLC.
5027 S. Western Avenue
Sioux Falls, SD 57108
Phone: 605-362-9100
Fax: (605) 362-9101

Our phone number can also receive text messages!

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 12:00 PM

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