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
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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
What Taylor Swift Can Teach Us About Estate Planning
Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the … [Read more...] about What Taylor Swift Can Teach Us About Estate Planning
What You Should Know About Conditional Gifts
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest. Read on to learn more. … [Read more...] about What You Should Know About Conditional Gifts
North Dakota Guide to Avoiding Probate
A well thought out and comprehensive estate plan should accomplish numerous goals above and beyond simply creating a roadmap for the distribution of your estate assets after you are gone. One estate planning goal that should be included in most estate plans is probate avoidance. To help get you started, a Grand Forks attorney at Thompson Law offers a North Dakota guide to avoiding probate. What Is Probate? Probate, is the legal process that unfolds after an individual's death, serves to … [Read more...] about North Dakota Guide to Avoiding Probate
What You Need to Know about a North Dakota Will Contest
Along with heightened emotions, the death of a loved one often causes the surviving family members and loved ones to have questions about the legal process that follows. If the decedent left behind a Last Will and Testament, one of those questions may relate to the authenticity of that document and how to go about challenging the validity of the Will. If you are contemplating a will contest in North Dakota, it is important to have at least a basic understanding of the legal process involved. … [Read more...] about What You Need to Know about a North Dakota Will Contest
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
What You Need to Know about the 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 What You Need to Know about the Corporate Transparency Act
