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Thompson Law

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

605-362-9100
Estate Planning Attorneys Licensed in Iowa, Minnesota, Nebraska and South Dakota
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Joint Tenancy Problems in Estate Planning

February 25, 2021 by Academy of Estate Planning Attorneys

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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

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, joint tneancy

Dynasty Trusts

February 11, 2021 by Academy of Estate Planning Attorneys

britains-prince-charles-prince-willian-holding-prince-george-catherine-duchess

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

Filed Under: Legal Education, Estate Planning Tagged With: estate tax, Dynasty Trust, GST exemption, estate planning

Biden Administration Could Reduce Estate Tax Exclusion

February 4, 2021 by Academy of Estate Planning Attorneys

president joe biden

The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. In 2021, the exclusion is a whopping $11.7 million per person. This exclusion consists of a “permanent” exclusion of $5 million, adjusted for inflation since a … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, applicable exclusion

Updating Your Plan: Powers of Attorney

January 26, 2021 by Academy of Estate Planning Attorneys

estate planning

This is the first in a two-part series of articles on updating your plan. This first article examines the importance of updating Powers of Attorney, both Financial and Medical. The second part of the series looks at the importance of updating your primary estate planning documents, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. First, what’s a Power of Attorney? It’s a document by which you … [Read more...] about Updating Your Plan: Powers of Attorney

Filed Under: Legal Education, Estate Planning

Updating Your Plan: Your Trust or Will

January 19, 2021 by Academy of Estate Planning Attorneys

trust

This is the second in a two-part series of articles on updating your plan. This first article examined the importance of updating the Powers of Attorney, both Financial and Medical. This second part of the series looks at the importance of updating your primary estate planning document, such as your trust or will. Together, these documents form the core of even the most basic estate plan and it’s important to keep them up-to-date. Every state has laws controlling what happens to your assets if … [Read more...] about Updating Your Plan: Your Trust or Will

Filed Under: Estate Planning, Legal Education

Updating Your Plan: Beneficiary Designations

January 6, 2021 by Academy of Estate Planning Attorneys

This is a bonus part of a series of articles on updating your plan. The first article examined the importance of updating your Powers of Attorney, both Financial and Medical. The second part of the series looked at the importance of updating your primary estate planning document, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. However, it’s also important to make sure beneficiary designations … [Read more...] about Updating Your Plan: Beneficiary Designations

Filed Under: Legal Education, Estate Planning

Preparing for the Unexpected…and the Eventual

December 16, 2020 by Academy of Estate Planning Attorneys

All of us face difficulties and tragedies in our lives. Some of these difficulties are expected and some are unexpected. 2020 has been a year of many unexpected difficulties. While all of us get sick from time to time, nobody anticipated the COVID-19 pandemic. Over 9 million Americans have caught the disease, resulting in the deaths of over 230,000 Americans. Apart from coronavirus, there are many unexpected tragedies, such as 795,000 Americans suffering a stroke each year, according to … [Read more...] about Preparing for the Unexpected…and the Eventual

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, unexpected, disasters, eventual, preparing

What the 2020 Election Could Mean for Your Estate Plan

December 9, 2020 by Academy of Estate Planning Attorneys

How did the 2020 elections shape the political landscape and what does that changed landscape mean for your estate plan? First, at the top of the ticket, it appears Joe Biden and Kamala Harris are the new President-Elect and Vice-President Elect, with an apparent 306 electoral votes to Donald Trump and Mike Pence’s apparent 232 electoral votes. Democrats retained control of the House of Representatives, although with a narrower majority. The Senate is a more complicated matter. Republicans … [Read more...] about What the 2020 Election Could Mean for Your Estate Plan

Filed Under: Legal Education, Estate Planning Tagged With: Republicans, Trump, Biden, Democrats, Election 2020

A Time for Thanks and Community

December 2, 2020 by Academy of Estate Planning Attorneys

Thanksgiving is a time for giving thanks and for community with family and friends. While 2020 has been a difficult year for many of us, there is still much for which we can be grateful. As we gather around the Thanksgiving table with our loved ones, let’s be grateful for the food on our table and the companionship of our loved ones around us, both those seated at the table and those joining us electronically. While the pandemic has altered this traditional holiday and the way many of us … [Read more...] about A Time for Thanks and Community

Filed Under: Legal Education, Estate Planning Tagged With: Thanksgiving, Covid-19, agents, successor trustees

What Is a HIPAA Release?

November 25, 2020 by Academy of Estate Planning Attorneys

The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?

Filed Under: Estate Planning Tagged With: HIPAA release, incapacity planning

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Thompson Law, PLLC

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

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Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 12:00 PM

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