Thompson Law, PLLC

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

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

6 Important Estate Planning Considerations – Part 2: Long-Term Care

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This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care

6 Important Estate Planning Considerations – Part 1: Incapacity

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This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for the old, the rich, or the infirm. But, that simply is not true. Estate planning is something you do when you care, regardless of your age, wealth, or health. One thing to consider in your estate planning is your own possible incapacity. Nobody wants to consider they may become … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity

Retirement is Complicated

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Many factors go into retirement decisions. When should you retire? Where should you retire? Etc. Family and personal factors are perhaps the most important of these considerations. Where do your children, grandchildren, and friends live? Where do you have roots? What location has the weather and scenery you enjoy? How are you feeling? Financial issues are only one factor in choosing a retirement location. Depending upon the person, it may loom large, or it may not be a significant factor at … [Read more...] about Retirement is Complicated

Retirement: It’s not Just About the Money

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Many factors go into retirement decisions. Often, people are stressed over whether they’ll have enough money or other resources to retire. That’s certainly one factor in retirement. And, given the savings statistics, this might be a factor contributing to retirement stress. According to a survey done in 2013, the mean amount of retirement savings for a family between 56 and 61 years of age was only $17,000. Here’s a link to an article based on the survey. But, many financial professionals … [Read more...] about Retirement: It’s not Just About the Money

Estate Planning: The Simplest Plan is Usually Not the Best

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Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits? In my previous blog, I examined the simplest estate plan: doing nothing. In this blog, we’ll look at a plan which is very simple, … [Read more...] about Estate Planning: The Simplest Plan is Usually Not the Best

Estate Planning: Simple is not Always Better

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Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits? In my previous blog, I examined the simplest estate plan: doing nothing. In this blog, we’ll look at a plan which is very simple, … [Read more...] about Estate Planning: Simple is not Always Better

Basics of Estate Planning: Powers of Appointment – Part 2

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Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc. The last blog examined the basics of powers of appointment. This blog will examine how they can impact taxation. From a gift and estate tax perspective, there are two kinds of powers of appointment, a limited power of appointment (or “LPOA”), and a general power of appointment (or “GPOA”). They can cause dramatically different gift and estate taxation results, as well … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2

Basics of Estate Planning: Powers of Appointment – Part 1

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Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc. Trusts have many potential benefits. One of those benefits is that they can be very flexible. One way to increase the flexibility of a trust is by including powers of appointment. A power of appointment is giving someone the ability to direct the assets of the trust. There are many different ways a power of appointment could be drafted. Manner of exercise. The … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1

Basics of Estate Planning: Privacy and Estate Planning

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Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. From the dawn of time, humans have been concerned with privacy. In the biblical story of Adam and Eve, the couple sought the privacy provided by fig leaves as they left the Garden of Eden. When species Homo sapiens emerged, privacy was essential to protect against predators. In today’s world, privacy is more important than ever to protect ourselves from the seemingly … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning