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

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

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