Carolyn Thompson founded our firm with the following goal: “Helping people leave a legacy for their loved ones, not solely in terms of financial means, but also with a reflection of the values and the beliefs that can be shared for generations to come.” The need for quality estate planning is not limited to any specific demographic. At Thompson Law, PLLC., we see clients from all types of backgrounds. Some of our clients are established, third-generation farmers with children who will one day … [Read more...] about Estate Planning For Clients without Children
In December 2014, the Achieving a Better Life Experience (“ABLE”) Act was signed into law by President Obama. The Act provides a powerful new planning tool for individuals with disabilities and their family members. The purpose of the Act is “to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life.” The Act achieves this purpose by allowing for the creation of … [Read more...] about A New Opportunity for Planning for Individuals with Disabilities
You’ve heard it before – by the numbers, women live longer than men. For instance, in South Dakota, the current life expectancy of a man is 76.6 years, while the current life expectancy of a woman is 82.4 years. While it is certainly not that way in every case, the loss of a loved one and the fear of what the future holds for the surviving spouse can be overwhelming. Having an estate plan in place that sets forth a plan for some of the unknowns can be a source of great comfort for those who are … [Read more...] about The Widow’s Story
When my only daughter, Rachel, was in third grade at a public school, she was asked to complete the following statement as part of Martin Luther King Day: “I have a dream that…”. She completed her statement by saying “I have a dream that everyone would come to know the Lord.” Now, several years later, thinking of her dream for the world still brings tears to my eyes. While I share my daughter’s dream for all people, I have a dream for the families we serve as well. I have designed thousands … [Read more...] about Keeping a Family a Family
I love visiting Mount Rushmore – what an awe-inspiring, national treasure right here in South Dakota! Did you know it was originally described to the artist as a plan to feature Western figures like Lewis and Clark and Buffalo Bill? But Gutzon Borglum, the sculptor, chose instead to sculpt something that would incite national interest. The project was primarily funded privately until President Coolidge spent the summer of 1927 in the Black Hills and was so impressed with Borglum’s vision for … [Read more...] about Your History Should Not be a Mystery
Estate planning for your embryos, eggs, or sperm may seem a bit odd. Generally, when a person is considering having a child and deciding how they want to conceive, they are not thinking of how it affects their estate plan, their parents’ estate plans, and maybe even their siblings’. With as many as 20% of American couples experiencing infertility, the use of assisted reproductive technology (ART) and adoption is rising. This three part blog series will explore some of the concerns that should … [Read more...] about Estate Planning For Your Embryos: Do You Have A Plan?
We have a principle in our office simply called The Clarity, Certainty, Simplicity Principle. Each of our team members has this Thompson Law principle permanently affixed to their work-space as a reminder to be clear, straightforward, and definitive in every communication we have with each other and with those who contact our office. The Thompson Law, PC team members believe that a message which meets all 3 components reduces confusion and provides peace of mind in making decisions. It’s a … [Read more...] about Is your plan really a plan?
Prenuptial agreements aren't just for Hollywood marriages anymore. Farmers and ranchers – and their heirs -- should probably be using them, too, says Carolyn Thompson, a Sioux Falls estate planning attorney. "While it can be exciting to see heirs get married and expand the family tree, it can be devastating if the marriage doesn't last or if an untimely death leaves the land or business open to an elective share claim (or worse yet if the land or business owner dies "intestate" without a will … [Read more...] about Prenups Down On The Farm