I met with an amazing gentleman recently. This man, in his eighties, recalled walking to school with a rifle in hopes of catching a rabbit for dinner. On his luckiest of days, he would see a skunk. Skunk pelts could be sold for $5, which was a lot of money in those days. He finished his story this way: “No one told us we were poor. It never affected us because we didn’t know. We made the best of it, and we have been so blessed.” What a valuable perspective! It was so refreshing to hear … [Read more...] about History is Worth Repeating
Cat Got Your Tongue?
So many people wonder – how do I bring up the importance of estate planning with my folks? The younger generation often feels torn because they have heard nightmare after nightmare of what has happened to friends or other families when a parent passes away. They hear stories of siblings no longer talking because parents either did not have an estate plan or had a plan that lacked clarity or was impractical to administer after their death. Others have heard stories of families forced to sell … [Read more...] about Cat Got Your Tongue?
Your Legacy
At Thompson Law, PLLC., we focus on legacy, but a legacy does not just involve a single person. A legacy requires others to carry it on through the generations. It is not just one person’s values, it is the shared values of a group, of a family. Family Days At Thompson Law, PLLC., legacy (and every meaning that the word carries with it) is so important to us, which is why we have “Family Days.” This can be personalized in a variety of ways. How each Family Day proceeds and how I … [Read more...] about Your Legacy
How do you spend your time?
Where I spend my time and who I spend it with are so important to me. Before I got cancer I would have said the same thing, but for different reasons. Years ago, circumstances were different and my time was spent differently. My children were younger, my business was young and developing, and there were so many amazing families that needed to design their legacy that I had yet to meet. Now, I have survived cancer and am in remission. There are still demands on my schedule, but they are … [Read more...] about How do you spend your time?
2 Minutes With Thompson Law: Lucky
We hope you are feeling especially lucky this St. Patrick's Day! Click the link below to watch a special St. Patrick's Day message from Carolyn A. Thompson. … [Read more...] about 2 Minutes With Thompson Law: Lucky
Standard Form Contracts: Don’t End Up Like Sofia Vergara!
I am sure many of you read the title and think I am crazy, right? I mean Sofia Vegara (ABC’s Modern Family) is gorgeous, intelligent, a savvy business woman, and has a great sense of humor. So who wouldn’t want to end up in Sofia’s shoes? Well recently, Sofia has been going through a custody battle for her embryos with her ex-fiancé. Yes, you read that correctly. A custody battle for her embryos. Assisted reproductive technology (ART) has opened a new legal battlefield and if you are not … [Read more...] about Standard Form Contracts: Don’t End Up Like Sofia Vergara!
Christmas is Around the Corner: Is the IRS in a Gifting Mood?
Every year we wait in anticipation…no not for holiday music to start playing in the mall…but for the Internal Revenue Service to release the amount you can pass estate tax free upon your death (the Unified Credit Against Estate Tax). Alright, perhaps I am stretching the level of anticipation, I mean I am very excited to start listening to holiday music again. However, in all seriousness, as we sit around with our families over the holidays, many will wonder what will happen to their family … [Read more...] about Christmas is Around the Corner: Is the IRS in a Gifting Mood?
Make a Big Impact with the Little Things
Take a moment right now to stop and think about a few of your fondest childhood memories. Is there a physical item – a game, a picture, a tool or some other “thing” – connected to that memory? For me, I think of my grandma’s candy jar. My cousins and I would often try to sneak a hard butterscotch candy without her hearing – it rarely worked! I smile as I look at that candy jar now sitting on my kitchen counter, and appreciate that my hearing is just as sharp as hers was when my own kids try to … [Read more...] about Make a Big Impact with the Little Things
What will your kids pay in taxes when you die?
Many people have heard the old adage, “There are only two things that are certain in life: death and taxes.” Both of these certainties have probably caused each of us some concern at one point or another during our lives. Many of the clients who I have the pleasure to work with are particularly concerned about the federal estate tax. One of the most common questions that I get asked is, “How much are my children going to have to pay in taxes when I die?” Currently, the federal estate and … [Read more...] about What will your kids pay in taxes when you die?
The Realities of Inheriting
Perhaps you have heard the story of Wellington R. Burt, a man who was at one time among the eight wealthiest Americans. Under the terms of his will, the bulk of his estate would not be distributed until 21 years after the death of his last surviving grandchild. Now, 92 years after his death, 12 of his distant heirs will share his estate valued at around $110 million. Not all inheritances are quite so large or quite so unexpected. Nonetheless, the prospect of an inheritance, whether expected … [Read more...] about The Realities of Inheriting

