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

When Carolyn Thompson faced a cancer diagnosis and was given eight weeks to live, she believed in one powerful truth. “I believed I was going to survive and that God would have a great and mighty purpose,” said Thompson, a 1991 graduate of Northern State University. That was 2015. Today, Thompson is in remission, has published a book, and is running a successful business. As the 2018 Distinguished Alumna for the NSU School of Business, Thompson encourages NSU students to believe in … [Read more...] about NSU Distinguished Alum Shares Powerful Advice for Students

I recently had the privilege of visiting with Bernard and Glenda, and they graciously agreed to let me share the story of their awesome summer adventure. Here at Thompson Law, PLLC., we love to hear about clients who are really living life! The entire family traveled from all over the country (a group of 18) to spend the week enjoying the Outer Banks in North Carolina. Bernard and Glenda’s grandchildren had the chance to play with their cousins, aunts, and uncles. The family spent their days … [Read more...] about Living Your Legacy Now