Given how popular trusts are, there is a very good chance that you will create a trust and/or be the beneficiary of a trust at some point in your lifetime. If the trust is an irrevocable trust you may wonder who has the authority to terminate the trust. Given the various factors that impact the ability to terminate any trust, you should always consult with your estate planning attorney about a specific trust. In general, however, it may help to learn when and how you can typically terminate an … [Read more...] about Terminating an Irrevocable Trust in North Dakota
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10 Things to Do When an Elderly Parent Gets a Terminal Diagnosis
As we age, we start to realize that our parents age as well. At some point, we even think we have accepted the reality that our parents will pass away someday. When that “someday” becomes “someday soon” because of a terminal diagnosis, it can cause emotional upheaval and practical confusion. Having a list of steps to take following a terminal diagnosis can be a huge benefit. To get you started, the Grand Forks elder law attorneys at Thompson Law have put together the following 10 things to do … [Read more...] about 10 Things to Do When an Elderly Parent Gets a Terminal Diagnosis
Knutson becomes Certified Farm Succession Coordinator
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
Are Capital Gains Taxes Due on the Sale or Distribution of Trust Assets?
Because a trust can help accomplish so many estate planning goals, it is common to find at least one trust agreement in the average estate plan. If you choose to establish a trust, that trust may own taxable assets, including real property. If so, you need to have a clear understanding of how trust property is taxed in the event it is sold or transferred out of the trust. The Grand Forks trust lawyers at Thompson Law explain when capital gains taxes could be due upon the sale or distribution of … [Read more...] about Are Capital Gains Taxes Due on the Sale or Distribution of Trust Assets?
Knutson named 2021 Great Plains Rising Star
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
When it’s time to sell the family business – including to family – keep tax strategy in mind
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
Book A Spring Family Photo Mini Session
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
Joint Tenancy Problems in Estate Planning
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
Important Tax Notice for Clients
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
Dynasty Trusts
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
