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

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

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

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

Please join us on May 20 for an online Refresher Course.  This virtual session is geared for clients, family members, guests of clients, and successor trustees to your estate plan - simply join us from the comfort of home, on any device!  It’s a good time to think back and note any changes in your own family and/or your assets, and the effect those changes might have on your estate plan.  We will inform you of recent relevant changes in the law that have impacted your estate … [Read more...] about Details About Upcoming Virtual Client Refresher Course & Recent Legal Updates

Did you received a stimulus check or deposit addressed to a deceased person or their trust or estate?  We have been telling people to hold such checks and wait for IRS guidance.  Yesterday, May 6, the IRS issued such guidance. The payment needs to be returned.   A payment made to someone who died before receipt of the payment should be returned to the appropriate IRS location.  The location depends on the State in which the decedent lived. Return the entire … [Read more...] about Economic Impact Payment Update for Deceased Persons or Their Trust/Estate

Carolyn Thompson, 49, of Brandon, South Dakota, passed away peacefully September 28, 2019 after a long and courageous battle with leukemia. Carolyn died with the confidence she would wake up in heaven. Carolyn will live forever in the hearts of her children Taylor, Rachel, and Will. They were the loves of her life, her perfect gifts from God, as she called them. Carolyn often said she was sure that God had taught her more through her kids than He had taught them through her. Carolyn will also … [Read more...] about Honoring Carolyn A. Thompson

As the holidays approach, requests for charitable giving seem to multiply in our mailboxes and inboxes. This year, I am preparing to be a more strategic giver and I would like to share with you what is being refined in my own life. Because I am an estate planning attorney, I often discuss with clients their resources and opportunities for giving. At times I make the case that charitable giving will minimize estate and income taxes, make an impact during one’s lifetime, and teach children to see … [Read more...] about ‘Tis the Season

When planning, taxes are an important consideration. Of course, that does not mean they are the only consideration, or even the most important consideration. That’s the reason taxes appear as the final estate planning consideration on the list. Taxes really break down into two components: taxes for yourself and taxes of your beneficiaries. Here are some important tax considerations when planning: Estate, gift and GST taxes: Have you considered ways to eliminate or minimize these transfer … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes