The laws surrounding estate planning, business planning and elder law planning are constantly evolving. That is why Legacy Law Firm, P.C. is passionate about providing comprehensive and specialized legal planning in these areas. Every situation and family dynamic is different, and you need a specialized attorney that can provide a plan that will protect you and the people and things you hold dear. Please check out this recent article from WealthManagement.com which discusses a recent Massachusetts Supreme Court case regarding trust planning for a beneficiary going through a divorce; such decisions could trickle down and impact families and their wealth planning:
Legacy Law Firm Co-Founders Present to University of South Dakota School of Law Class
Jayna Voss and Bobbi Thury, Legacy Law Firm, P.C. co-founders and attorneys, went back to school earlier this month. Not to learn, but to teach at the University of South Dakota School of Law. Jayna and Bobbi were invited to be presenters to the South Dakota Drafting and Legal Practice Course during the Spring semester 2017. Presenting on Estate Planning and Estate Administration, respectively, Jayna and Bobbi taught the students using real-life scenarios to give students a taste of practicing law. Both Jayna and Bobbi are alums of the USD School of Law and are honored to be asked to serve in this capacity. It was a wonderful experience and Jayna and Bobbi were happy to share their knowledge with the law students and future attorneys in the classroom.
Bobbi Thury, attorney and co-founder of Legacy Law Firm, was present to help celebrate the ribbon cutting and grand opening of the Stockyard Ag Experience. The Stockyard Ag Experience, located at Falls Park in downtown Sioux Falls, allows the public to learn the story of agriculture and experience how it connects to our daily lives. Bobbi, representing the Chamber Board of Directors, presented the plaque welcoming the Stockyard Ag Experience into the Sioux Falls Area Chamber of Commerce family. For young and old, for city-folk and rural dwellers alike, the Stockyard Ag Experience provides an interactive and fun experience for everyone.
Legacy Law Firm understands that agriculture, farming and ranching are not simply ways to earn a living, they are a way of life. The farm is a legacy unto itself that is held dear and protected by the families that choose this noble profession. Thus, we are proud to celebrate this new destination that connects agriculture to our everyday lives.
Is a Trust right for you too? It’s not quite March Madness, but if you have basketball on the brain, check out this article from Wealthmanagement.com to learn how the owners of the NBA’s Utah Jazz have used a Dynasty Trust to protect family assets! But don’t think you have to be a Rockefeller or the Beverly Hillbillies to take advantage of dynasty trusts! Wonder how a trust can benefit your family’s assets and your legacy? Set up a free consultation today!
Check out this article from USA Today that provides helpful planning tips for young and old to take control of their finances and their legacy!
On December 13, 2016, the President signed the 21st Century Cures Act into law after passing the Senate with bi-partisan support. This Act includes the Special Needs Trust Fairness Act which allows a beneficiary with special needs to sign their own first-party special needs trust. Previous law presumed that a person with disabilities lacked the mental capacity to handle their own legal and financial affairs in all situations. With passage of the Special Needs Trust Fairness Act, individuals with capacity can set up their own trusts without having to petition the court and face undue legal fees and difficulties.
The National Academy of Elder Law Attorneys (NAELA) helped lead the effort to correct the error in the previous 1993 law that allowed only a parent, grandparent, guardian, or the Court to establish a trust. Legacy Law Firm, P.C. is proud to have attorneys that are members of NAELA and be a small part of the passage of this bill.
Legacy Law Firm Continues to Grow – New Additions to Our Team!
Legacy Law Firm continues to expand and grow to better serve the needs of our clients and to better help people forge their lasting legacy through estate planning, business planning and elder law. We have some new faces in the office! Legacy Law Firm is blessed to have three new additions to the team that have years and years of combined experience in the world of Sioux Falls estate planning:
Partner and Co-Founder, Bobbi Thury, was selected as a speaker for the NBI Seminar – Estate Planning for Farmers and Ranchers. Thury will be presenting about the topics below:
The IRS releases 2017 gift and estate tax numbers.
- The annual gift exclusion continues to remain at $14,000.00 per person in 2017. Meaning, you may give anyone up to $14,000.00 per year without having to report the gift to the IRS.
- The lifetime estate and gift tax exclusion is adjusted to $5,490,000.00, which is a $40,000.00 increase from the current year. Thus, in 2017 you can give away assets during lifetime or at death up to $5,490,000.00 before any federal estate or gift tax is due. The estate and gift tax rate for assets over that amount remains at 40%.
Check out Steve Oshins’ annual state rankings charts to learn more about why our state scores in the top. You don’t have to reside in South Dakota to take advantage of these favorable trust and tax laws.
- The Annual Domestic Asset Protection Trust State Rankings Chart
- The Annual Dynasty Trust State Rankings Chart
- The Annual Trust Decanting State Rankings Chart
- The Annual Non-Grantor Trust State Income Tax Chart