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Thompson Law, PLLC

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: end-of-year planning, payroll tax, estate planning, planning, IRA

Avoiding Family Chaos in the Coronavirus Age

June 24, 2020 by Academy of Estate Planning Attorneys

avoiding-family-chaos

The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over … [Read more...] about Avoiding Family Chaos in the Coronavirus Age

Filed Under: Legal Education, Estate Planning Tagged With: estate planning, planning, Coronavirus, Covid-19

Planning for Education Expenses

October 30, 2019 by Academy of Estate Planning Attorneys

You want the most for your child. Above all you want to make sure they get a good start in life. That includes getting the education and training they need for a good foundation and a good career. But, if you were to die before they’ve received that foundation, how can you be sure they would still get it? You could leave them money at your death. But, if you leave money to them outright, they could use the money for something else. Here’s a sad, but illustrative story: Alice had a son, John. … [Read more...] about Planning for Education Expenses

Filed Under: Estate Planning, Legal Education Tagged With: trusts, planning, 529, education

Planning for Step-Children

October 23, 2019 by Academy of Estate Planning Attorneys

If you have married someone and your spouse has children from a different relationship, those are your step-children. Even if you have helped raise the child from a very young age, unless you have adopted the child, they would not be considered your child for inheritance purposes. The implication of this can be significant. Here’s an example: When Harry met Sally, Sally had a newborn child, Betty. Harry married Sally shortly thereafter. They raised Betty together, but Harry never adopted her. … [Read more...] about Planning for Step-Children

Filed Under: Estate Planning, Legal Education Tagged With: planning, trust, intestate, step-children

Planning for Special Needs Children

October 16, 2019 by Academy of Estate Planning Attorneys

A “special needs” child is a child who faces a physical or mental disability and may require needs-based benefits, such as Medicaid or Supplemental Security Income (SSI). A special needs child is precious, like any other child. But the same planning won’t work for this unique child. Further, a lack of planning is even more problematic for a special needs child than it would be for a child without special needs. Let’s look at an example: Mike has $900,000 in assets and has three children, Amy, … [Read more...] about Planning for Special Needs Children

Filed Under: Legal Education, Estate Planning Tagged With: trusts, planning, special needs

Planning for the Unexpected

December 22, 2020 by Thompson Law

Often, people think they’ll have a warning before death and they’ll be able to plan once they get the warning. They think of life almost like a traffic signal. They think they are born with a green light. When they get old or get a serious illness it turns yellow. When death is imminent, the light turns red and they die. They think they’ll plan once the light turns yellow. Unfortunately, we don’t always get a warning. Sometimes the light can go directly from green to red. Death without … [Read more...] about Planning for the Unexpected

Filed Under: Legal Education, Estate Planning Tagged With: probate, planning, intestacy

Your Planning Can Help Your Loved Ones

August 28, 2019 by Thompson Law

Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the second of a series on the ways we can ease the transition through planning. This second article focuses on the importance of the way in which you leave assets to your loved ones. The next article will focus on the importance of communicating your wishes to your family. When we think of leaving assets to our … [Read more...] about Your Planning Can Help Your Loved Ones

Filed Under: Estate Planning, Legal Education Tagged With: planning, Asset Protection, special needs

The Importance of Communicating Your Plans

August 14, 2019 by Thompson Law

Whether or not we plan to do so, each of us will face death eventually. However, by planning we can make our passing easier and better in many ways for those we leave behind. The first article in the series demonstrated how you could gain privacy from the public by planning and using a trust rather than going through the public probate process. The second article in the series focused on how you can make the transition better through the manner in which you leave your assets to your loved ones. … [Read more...] about The Importance of Communicating Your Plans

Filed Under: Legal Education, Estate Planning Tagged With: planning, communication, contest, dispute

Many Reasons to Plan

July 17, 2019 by Carolyn Thompson

Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved ones. Let’s look at two people who die in the same car accident. It’s a tragedy for both of them and their families. But, the … [Read more...] about Many Reasons to Plan

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

Planning is Critical

May 1, 2019 by Thompson Law

Sometimes people seem to think that if they don’t plan for death, it just won’t happen. In fact, 58% of American adults have no will, no trust, and no estate plan at all, according to a recent study by Caring.com. Unfortunately, whether you plan for it or not, death is inevitable. If you have no plan, your state of residence has a plan for you, it’s called “intestacy.” With intestacy, your assets go to those the state has pre-determined. They may or may not be the people whom you love and who … [Read more...] about Planning is Critical

Filed Under: Legal Education, Estate Planning Tagged With: probate, planning, blended family, intestacy

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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

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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