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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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Planning to Avoid Too Much SALT

September 19, 2018 by Academy of Estate Planning Attorneys

Doctors have long said that too much salt isn’t good for you. Now it appears that too much “SALT” isn’t deductible either. December 2017 brought a new federal tax law, The Tax and Jobs Act, which limited the deductibility of state and local taxes (“SALT”) to $10,000 per year. This $10,000 limitation applies for individual taxpayers and even married taxpayers filing a joint return. Some state legislatures have considered or are considering adopting proposals which allow taxpayers to contribute … [Read more...] about Planning to Avoid Too Much SALT

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, deductions, SALT, state and local taxes

Trusts for Privacy

September 7, 2018 by Academy of Estate Planning Attorneys

There are many good reasons to use trusts: Trusts avoid the probate process, which is a public process to change title of assets from the deceased person to the new recipient. Trusts may be helpful in tax planning. Specialized irrevocable trusts may be helpful in qualifying for Medicaid. Trusts are helpful to manage your assets during your incapacity, avoiding “guardianship” or “life probate.” Trusts may continue after death for the beneficiaries and can provide a multitude of … [Read more...] about Trusts for Privacy

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, privacy, probate, trusts, incapacity

Planning for Frequent Flyer Miles

August 29, 2018 by Academy of Estate Planning Attorneys

Frequent Flyer miles and other reward points can be valuable resources. Many credit card companies give tens of thousands of miles or points for opening an account and then give miles or points for each purchase. The typical frequent flyer mile is worth 1.5 cents. While this may not sound like much, a balance of 100,000 miles would be worth $1,500. It’s not uncommon for people to have hundreds of thousands or more miles or points in different programs for airlines, hotels, and more. Here’s a … [Read more...] about Planning for Frequent Flyer Miles

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, Anthony Bourdain, contractual rights, frequent flyer miles

You Never Know: Planning for the Unexpected

August 22, 2018 by Academy of Estate Planning Attorneys

On a hot summer day, few things are more fun than swimming. Hannah Collins went swimming on such a day in the Edisto river near Charleston, South Carolina. She swam often and was nicknamed “river rat” by her father. But, while swimming one summer day, she became infected by an unseen danger, a rare amoeba, Naegleria fowleri, which is known as the “brain-eating amoeba.” Less than two weeks later, even after the best medical care, Hannah died. Here’s a link to more information. Like Hannah, … [Read more...] about You Never Know: Planning for the Unexpected

Filed Under: Legal Education, Estate Planning Tagged With: unexpected, estate planning, incapacity, powers of attorney, revocable trust

Estate Planning: It’s Not Just About the Estate Taxes

August 8, 2018 by Academy of Estate Planning Attorneys

When we plan our lives and our estates, it’s not all about the estate taxes. Of course, estate taxes should be taken into consideration, but there are many more important factors. That’s why the temporary doubling (until the end of 2025) of the amount which can be passed free of estate tax (to $11.18 million in 2018) does not remove the need for estate planning. Whether the exclusion amount is $5.59 million or $11.18 million is irrelevant to the vast majority of people. Here are some … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes

Filed Under: Legal Education, Estate Planning Tagged With: trust, income tax, beneficiary, beneficiary designation, estate planning, estate tax

Estate Planning is Too Important to Procrastinate

June 27, 2018 by Academy of Estate Planning Attorneys

Most of us recognize that estate planning is the loving and responsible thing to do. Yet, only 44% of adult Americans even have so much as a simple Will, according to a Gallup poll. Our world is increasingly complex. It seems our lives are busier than ever. Interestingly, this may not be what leads us to procrastinate. According to Psychology Today, there are three reasons we might procrastinate: Things Get Done. We procrastinate until we are faced with a deadline and the deadline … [Read more...] about Estate Planning is Too Important to Procrastinate

Filed Under: Legal Education, Estate Planning Tagged With: planning, Medicaid, power of attorney, love, trusts, wills

6 Important Estate Planning Considerations – Part 5: Retirement Assets

June 20, 2018 by Academy of Estate Planning Attorneys

This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the distribution of assets at death. The second article in the series focused on how an estate plan should take into consideration the potential for future Long-Term Care (“LTC”) needs. The third article focused on the differing needs of the … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, 401(k), IRA, retirement, Roth IRA

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

May 23, 2018 by Thompson Law

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

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, trust, retirement, Medicare, insurance, Long-Term Care, LTC, Medicaid

6 Important Estate Planning Considerations – Part 1: Incapacity

May 16, 2018 by Thompson Law

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

Filed Under: Legal Education, Estate Planning Tagged With: power of attorney, estate planning, emergency, end-of-life, incapacity

Retirement is Complicated

May 9, 2018 by Academy of Estate Planning Attorneys

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

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, taxes, healthcare, retirement

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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
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