Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from Lisa Marie
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How Does Medicaid Treat My 401(k) Account?
One of the most popular, and important, components of a comprehensive estate plan is Medicaid planning. You may have made it through several decades without ever needing to qualify for Medicaid; however, that could change rapidly once you reach your retirement years if you need long-term care. You may have also heard several disconcerting things about Medicaid eligibility, most of which likely revolve around the loss of assets because of the need to qualify for Medicaid. If you have a 401(k) … [Read more...] about How Does Medicaid Treat My 401(k) Account?
How Will a Retirement Account Impact Medicaid Eligibility?
Have you considered the possibility that you will need to pay for long-term care (LTC) when you are older? If not, you should. Given the high cost of nursing home care, many seniors turn to Medicaid to help cover those expenses. Qualifying for Medicaid, however, could threaten your retirement nest egg if you failed to plan. For example, if you are one of the many people who is planning for retirement by funding an Individual Retirement Account (IRA), you need to consider whether Medicaid can … [Read more...] about How Will a Retirement Account Impact Medicaid Eligibility?
Terminating an Irrevocable Trust in North Dakota
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
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
