Art often imitates life and the latest drama surrounding Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, Rupert Murdoch filed a petition in Nevada probate court to change the terms of an irrevocable trust that was originally created in 1999. Read on to learn more. … [Read more...] about A Message from the Murdochs
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Tread Carefully with Specific Bequests
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about Tread Carefully with Specific Bequests
The Not-So Transparent Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about The Not-So Transparent Corporate Transparency Act
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Navigating the North Dakota Probate Process: A Comprehensive Guide
Dealing with the loss of a loved one is an emotionally taxing experience, and the added responsibility of managing their estate can make an already difficult time even more challenging. For those going through this experience, the North Dakota probate process can seem daunting. Understanding the process is an essential step and this guide aims to demystify the entire probate process for you, providing a step-by-step approach to help you navigate these complex procedures with greater ease and … [Read more...] about Navigating the North Dakota Probate Process: A Comprehensive Guide
Courts Allowing More Flexible Trust Amendments
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their … [Read more...] about Courts Allowing More Flexible Trust Amendments
North Dakota Medicaid for Seniors
As you approach retirement, the likelihood of needing long-term care services for yourself or your spouse increases significantly. Like many seniors, you may find yourself needing to turn to Medicaid for assistance with these expenses; however, the Medicaid eligibility requirements could jeopardize your retirement savings. To help you safeguard your assets and secure Medicaid eligibility, the attorneys at Thompson Law discuss what you need to know about North Dakota Medicaid for seniors. Will … [Read more...] about North Dakota Medicaid for Seniors
Thompson Law featured on Legacy of Agriculture Podcast
On the May 25, 2024 episode of the Legacy of Agriculture, host Chris Bair talked with special guest Andrew Knutson, an attorney of Thompson Law who specializes in Estate Planning, Elder Law & Medicaid Services as well as Asset Protection & Business Planning. Andrew's work with Thompson law has helped countless Ag families establish a legacy that can be passed from one generation to the next in the most efficient way possible. His practice utilizes planning, up-to-date information on … [Read more...] about Thompson Law featured on Legacy of Agriculture Podcast
The “Juice” and an Executor’s Duties
Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.” … [Read more...] about The “Juice” and an Executor’s Duties
The Purple Onion…an ode to Tangible Personal Property
More than one estate has boiled down to a fight over tangible personal property. Sometimes even if it lacks monetary value, it holds tremendous emotional significance for the beneficiaries. Maybe they remember Mom wearing a string of fake pearls or the no-name watch that Dad wore with pride. Things become more heated; however, when tangible personal property has value. Passing it on to beneficiaries requires a plan both during life and after death. Read on to learn more. … [Read more...] about The Purple Onion…an ode to Tangible Personal Property
