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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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Joint Tenancy Problems in Estate Planning

February 25, 2021 by Academy of Estate Planning Attorneys

hands circling and sharing a fictional house and car

Sometimes people use Joint Tenancy as a simple way to do Estate Planning. This can have drawbacks, sometimes serious and unexpected. First, why is Joint Tenancy a simple way to do Estate Planning? At the death of a joint tenant, the property automatically transfers by operation of law to the remaining joint tenant(s). This can be attractive because it bypasses the probate process and all it entails. Probate is the process that moves property titled in the name of one person (the decedent) … [Read more...] about Joint Tenancy Problems in Estate Planning

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, joint tneancy

Dynasty Trusts

February 11, 2021 by Academy of Estate Planning Attorneys

britains-prince-charles-prince-willian-holding-prince-george-catherine-duchess

Trusts are very useful, flexible tools to hold assets. They allow for management of assets during your life, upon your incapacity, and for the continued management of the assets after your death. Perhaps you’d continue to hold the assets in trust until your children reach a suitable age to manage the money for themselves, like age 25 or 30. But you could keep the assets in trust even longer. You could keep the assets in trust for the lives of your children, and your children’s children, and so … [Read more...] about Dynasty Trusts

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, estate tax, Dynasty Trust, GST exemption

Biden Administration Could Reduce Estate Tax Exclusion

February 4, 2021 by Academy of Estate Planning Attorneys

president joe biden

The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. In 2021, the exclusion is a whopping $11.7 million per person. This exclusion consists of a “permanent” exclusion of $5 million, adjusted for inflation since a … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, applicable exclusion

Preparing for the Unexpected…and the Eventual

December 16, 2020 by Academy of Estate Planning Attorneys

All of us face difficulties and tragedies in our lives. Some of these difficulties are expected and some are unexpected. 2020 has been a year of many unexpected difficulties. While all of us get sick from time to time, nobody anticipated the COVID-19 pandemic. Over 9 million Americans have caught the disease, resulting in the deaths of over 230,000 Americans. Apart from coronavirus, there are many unexpected tragedies, such as 795,000 Americans suffering a stroke each year, according to … [Read more...] about Preparing for the Unexpected…and the Eventual

Filed Under: Legal Education, Estate Planning Tagged With: preparing, estate planning, unexpected, disasters, eventual

Chadwick Boseman Demonstrates the Importance of Planning

November 4, 2020 by Academy of Estate Planning Attorneys

Chadwick Boseman

The star of multiple films, including the blockbuster superhero film “Black Panther,” died on August 28 of colon cancer. “Black Panther” by Marvel was nominated for 6 Academy Awards, including Best Picture. The film grossed over $1.3 billion worldwide. Chadwick Boseman became a role model for millions by playing Marvel Studio’s first Black superhero. Boseman also starred in films portraying real-life heroes, like Jackie Robinson (“42”), James Brown (“Get On Up”), and Thurgood Marshall … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning

Filed Under: Legal Education, Estate Planning Tagged With: Black Panther, Chadwick Boseman, estate planning, basic

Staying Current is Especially Important in the Pandemic

October 29, 2020 by Academy of Estate Planning Attorneys

In the United States alone, the pandemic has infected nearly 7 million people and has killed nearly 200,000 of them. In today’s pandemic, it’s more important than ever to make sure your estate planning documents are current. It’s especially important to ensure your documents relating to your health are up-to-date. Those documents are the Health Care Power of Attorney, the Advance Directive, and the HIPAA Power. In the Health Care Power of Attorney you appoint an “Agent” to make health … [Read more...] about Staying Current is Especially Important in the Pandemic

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, Advance Directive, Health Care Power of Attorney, Covid-19

Planning Is Important

October 20, 2020 by Academy of Estate Planning Attorneys

As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding whether to shift income or expenses from this year to the next, to the extent possible. All other things being equal, typically you’d want to defer income (and the taxation on it) until the following year. However, if your income is lower in the current year, you may want to keep extra income in the current year to be taxed in a lower tax bracket and hence a lower marginal tax … [Read more...] about Planning Is Important

Filed Under: Legal Education, Estate Planning Tagged With: planning, IRA, end-of-year planning, payroll tax, estate planning

Planning for Incapacity

September 28, 2020 by Academy of Estate Planning Attorneys

Every year, many people in the United States are unable to manage their own affairs due to incapacity. They might be young or old. They may have had a gradual decline or a sudden onset. They might have had a stroke, heart attack, or some disabling disease such as Parkinson’s, Alzheimer’s, or COVID-19. If you are incapacitated without having prepared, it can be an ordeal for you and those who care for you. Your loved ones might need to go to court to have you declared incompetent and have a … [Read more...] about Planning for Incapacity

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, incapacity, Revocable Trusts, title company

Use the Exclusion or Lose It

September 23, 2020 by Academy of Estate Planning Attorneys

In 2020, each person can give away $11.58 million during life. Whatever portion they haven’t used during life, they can use it at death. However, that generous exclusion will be cut in half at the end of 2025. Beginning in 2026, the exclusion will be only $5 million adjusted for inflation from the 2011 base year. If you use the exclusion before it falls back, you won’t be penalized by a “clawback” upon your death in 2026 or later. For example, let’s say Mary has $11.58 million and gives it … [Read more...] about Use the Exclusion or Lose It

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, exclusion, clawback, SAFE trust

Will Your Estate Plan Still Work If You Move?

September 17, 2020 by Academy of Estate Planning Attorneys

Before the pandemic, Americans were as mobile as ever. In the prior decade, millions of Americans moved each year. Here’s a link for more information on moving in America. Often, people wonder, “What happens to my estate plan if I move?” Well, it depends. If you move within the same state, your documents are valid and the planning will still be intact, as well. If you move from one state to another, your primary dispositive plan may still be valid, but some aspects might not work as well in … [Read more...] about Will Your Estate Plan Still Work If You Move?

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, revocable trust, community property, differences, moving

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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

Our phone number can also receive text messages!

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Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 12:00 PM

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