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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 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

Beneficiary Designations and Other Non-Probate Transfers

February 26, 2020 by Academy of Estate Planning Attorneys

Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals.  When planning what would happen to your assets at death, most of us think, “oh, that’s simple, I need to do a Will to take care of that!” But, that’s just part of the process. You almost certainly have assets that are controlled by beneficiary designations or other non-probate transfers. Let’s look at an example. Mary … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, IRA, retirement plan, bank accounts, brokerage accounts, life insurance

Planning for the SECURE Act

February 12, 2020 by Academy of Estate Planning Attorneys

The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This second article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of retirement benefits to most beneficiaries, a … [Read more...] about Planning for the SECURE Act

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, CRT, IRA, retirement plan, Roth

The SECURE Act and What It Means for You

February 5, 2020 by Academy of Estate Planning Attorneys

The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. This first article looks at the basics of the Secure Act. What does it do? The Secure Act does many things, but here are a few of the biggest changes. First the good news: It changes the age at which you must start withdrawing from your IRA or retirement plan. It was age 70 ½ under … [Read more...] about The SECURE Act and What It Means for You

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, IRA, retirement plan

Tax Tips after New Year

February 6, 2019 by Academy of Estate Planning Attorneys

The ball has dropped in Times Square and we’ve bid farewell to 2018. But there are still a few things we can do to adjust our tax liability for 2018 before filing tax returns on April 15. First, you’ll need to organize all your tax records. That way, you’ll have some idea of what your tax liability might be. After you’ve organized your tax records, if you find you will owe money, there are a couple things you can do. You can contribute to your IRA for 2018. That’s right, even though it’s … [Read more...] about Tax Tips after New Year

Filed Under: Legal Education, Estate Planning Tagged With: 401(k), IRA, retirement, estimated tax withholding, New Year, tax tips

Giving Back

December 19, 2018 by Thompson Law

There are many ways to give back. Some give back through donations of cash or property. Other people give back by donating their time or expertise. Some people do both. When you give cash to a public charity, for example, you can deduct your contribution up to 60% of your adjusted gross income. For example, Mary Smith had an adjusted gross income of $100,000. She made a contribution of $60,000 to her alma mater. This resulted in Mary being taxed on $40,000 instead of $100,000, which cut her … [Read more...] about Giving Back

Filed Under: Legal Education, Estate Planning Tagged With: grouping deductions, charitable IRA rollover, IRA, charity, giving back

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: 401(k), IRA, retirement, Roth IRA, estate planning

Age-Related Retirement Milestones

April 11, 2018 by Academy of Estate Planning Attorneys

Written by: Stephen C. Hartnett, J.D., LL.M. There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement. But, there are certain … [Read more...] about Age-Related Retirement Milestones

Filed Under: Estate Planning Tagged With: estate planning, 401(k), IRA, retirement, distribution, Medicare

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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!

Office Hours

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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