Thompson Law, P.C.

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

605-362-9100
Estate Planning Attorneys Licensed in South Dakota, North Dakota and Iowa
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What steps can I take to preserve my legacy?

June 22, 2018 by Carolyn Thompson

The best approach is to meet with an attorney who understands the Legacy Wealth Planning process. This will ensure you address the financial and non-financial assets of your family. The right attorney will help you, first, set up a Family Wealth Trust to preserve your financial legacy. Then, you will be educated about completing the My Legacy workbook, to share in your own words about your life story, family history, memories, and life lessons. And finally, writing a Legacy Planning Letter to … [Read more...]

Can any attorney create a Family Wealth Trust?

June 22, 2018 by Carolyn Thompson

YES, but you would be better off choosing an attorney whose practice is focused on estate planning. Members of the American Academy of Estate Planning Attorneys receive continuing legal education on the latest changes in any law affecting estate planning, allowing them to provide you with the highest quality estate planning service anywhere. … [Read more...]

Is a Family Wealth Trust only for the rich?

June 22, 2018 by Carolyn Thompson

No. A Family Wealth Trust can help anyone who wants to protect his or her family from unnecessary probate fees, attorney’s fees, court costs and federal estate taxes. In fact, the Family Wealth Trust offers substantial protection for your family, regardless of your total estate. In addition to savings at death, especially if your estate is over $100,000, the Family Wealth Trust also provides savings and peace of mind during life, because it avoids the expense and emotional nightmare of an … [Read more...]

If I have a “bare bones” living trust should I go back to the attorney who drafted the trust?

June 22, 2018 by Carolyn Thompson

You can certainly go back to the attorney you worked with before, however, few attorneys offer Legacy Wealth Planning. If you want Legacy Wealth Planning, contact a member of the American Academy of Estate Planning Attorneys. … [Read more...]

How do I know if I have a “bare bones” living trust?

June 22, 2018 by Carolyn Thompson

Very few estate planning attorneys offer Legacy Wealth Planning. A “bare bones” living trust covers probate avoidance and usually ignores important issues to protect you, your spouse (if married) and your children. Bring your existing trust to your free one-hour consultation and we can review it for you. … [Read more...]

Is the Family Wealth Trust some kind of loophole the government will eventually close down?

June 22, 2018 by Carolyn Thompson

NO. The Family Wealth Trust has been authorized by the law for centuries. The government really has no interest in making you or your family suffer a probate that will only further clog up the legal system. A Family Wealth Trust avoids probate so that your estate is settled exactly according to your wishes. … [Read more...]

Can I transfer real estate into a Family Wealth Trust?

June 22, 2018 by Carolyn Thompson

YES. In fact, all real estate should be transferred into your Family Wealth Trust. Otherwise, upon your death, depending on how you hold the title, there will be a death probate in every state in which you hold real property. When your real property is owned by your Family Wealth Trust, there is no probate anywhere. … [Read more...]

Will a Family Wealth Trust avoid income taxes?

June 22, 2018 by Carolyn Thompson

NO. The purpose of creating a Family Wealth Trust is to avoid living probate, death probate, and reduce or even eliminate federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, if you’re the trustee of your Family Wealth Trust, you will file your income tax returns exactly as you filed them before the trust existed. There are no new returns to file and no new liabilities are created. … [Read more...]

If I set up a Family Wealth Trust, can I be my own trustee?

June 22, 2018 by Carolyn Thompson

YES. In fact, most people who create a Family Wealth Trust act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your trust. In the event of a mentally disabling condition, your hand-picked successor trustee assumes control over your affairs, not the court’s appointee. … [Read more...]

Why should I have a Family Wealth Trust?

June 22, 2018 by Carolyn Thompson

Not only does a Family Wealth Trust provide for the disposition of your property (like a Will), but it also offers the following benefits: Provides for the immediate transfer or trust management and distribution in the future of assets after death; Allows for a smooth transition of management upon incapacity or death; Avoids the expense and hassle of probate proceedings; Minimizes estate taxes and defers payment of estate taxes for married couples; Allows for continued control … [Read more...]

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Thompson Law, P.C.

Thompson Law, P.C.
5027 S. Western Avenue
Sioux Falls 57108
Phone: 605-362-9100
Fax: (605) 362-9101

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 12:00 PM

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