Effective July 1, 2026, German Law in Grand Forks, ND merged with Thompson Law in Sioux Falls, SD. Going forward, both offices will be under the Thompson Law name and continue to serve their clients and communities with excellence.
Tax Planning Archives - Thompson Law, PLLC

Thompson Law, PLLC

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

Sioux Falls

605-362-9100

Grand Forks

701-738-0060
Estate Planning Attorneys Licensed in South Dakota, North Dakota, Minnesota, Iowa, and Nebraska

Tax Avoidance in Your Minnesota Estate Plan

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A well thought out and comprehensive estate plan allows you to safeguard what you have earned and decide how to support loved ones in the future. Many people begin the planning process with a focus on selecting beneficiaries, structuring inheritances, and directing the eventual transfer of property. While those goals are central to every estate plan, they represent only part of what an effective plan can accomplish. A comprehensive plan lets you protect accumulated wealth, manage exposure to … [Read more...] about Tax Avoidance in Your Minnesota Estate Plan

How the OBBBA Influences ABLE Accounts in North Dakota

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On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, marking a sweeping reform of federal tax and transfer laws. While much of the media attention has focused on estate and gift tax changes, the OBBBA also introduced provisions directly affecting Achieving a Better Life Experience (ABLE) accounts, a vital planning tool for individuals with disabilities. For families in North Dakota, these updates may significantly change how ABLE accounts are established, funded, and utilized. To … [Read more...] about How the OBBBA Influences ABLE Accounts in North Dakota

Tax Filing Requirements After the Death of a Spouse

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Losing a spouse is an emotionally difficult experience, and the legal and financial matters that follow can feel overwhelming; however, certain tax obligations must be addressed to ensure compliance with state and federal laws. One of the most important responsibilities is filing your spouse’s final tax return. Additionally, their passing may have tax implications for your own finances and estate plan that may require attention. To help you get started, an attorney at Thompson Law explains the … [Read more...] about Tax Filing Requirements After the Death of a Spouse

Pumpkin Kisses and Harvest Wishes

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As the spooky season transitions into the season of Thanksgiving, it’s important to remember our why. Most of us do what we do for our families and loved ones. As the holiday season approaches, do something that will have a lasting impact on your family. Create a comprehensive Estate Plan. Make sure that you take the time to consult a qualified Estate Planning attorney who can provide advice regarding all the elements necessary to complete your plan. Read on to learn more. … [Read more...] about Pumpkin Kisses and Harvest Wishes

Understanding and Manipulating Estate and Gift Taxes – Part II

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Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part II

Understanding and Manipulating Estate and Gift Taxes

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Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes

Should “In Re Gregory Hall Trust” Change the Way We Think About Amending Trusts?

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Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity. Read on to learn more. … [Read more...] about Should “In Re Gregory Hall Trust” Change the Way We Think About Amending Trusts?