Law Office of Neil Thompson Legal Blog

1. Make a will. In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. 2. Consider a trust. If you hold your property in a living trust, your survivors won’t have to go through probate court,…

The SECURE Act changed a variety of retirement account rules, including who is eligible to contribute to retirement accounts and when withdrawals are required. The new legislation also adds a new exception to the early withdrawal penalty. Important retirement account changes from the SECURE Act include: Here’s an in-depth look at the SECURE Act and how…

You may have heard that it is especially important to write a will if you have children. Here’s why: If you die without a will, a court will use state law to make many or most decisions about what happens to your property and about who will take care of your kids. Making a will…

Medicare and Medicaid are two federal programs that help older Americans pay for their medical care, and their names are so similar that many people confuse the two. However, they are different in some important ways. In this blog post, we will discuss some key points about applying for Medicaid in Minnesota. But first, we…

Are you confused and stressed by the thought of estate planning? If so, you’re in good company. After all, it isn’t easy to think about your own mortality, and from a distance, the estate planning process can seem pretty nebulous. That’s why this week on the blog we want to take a quick look at…

The Economic Growth, Regulatory Relief, and Consumer Protection Act provides seniors with more protection from financial abuse. The Act contains a section that was once a stand-alone bill from Sen. Susan Collins (R-Maine) which is designed to encourage the reporting of elder (age 65 and older) financial abuse witnessed by financial institutions. The Act does…

As we grow older, senior living options vary widely based on what level of care is required. Available options are tied to the resources a senior has to cover living costs, and vary widely in cost, assistance, and care provided. In addition to budget considerations, seniors must also realistically consider the needs they have and…

The US Food and Drug Administration (FDA) recently approved a new drug under the trademark Aduhelm™ to treat Alzheimer’s disease. The drug, Aducanumab, is a therapeutic drug that clinically demonstrates a potential to delay further decline from Alzheimer’s disease and is also the first FDA approval for a drug that does more than address the…

A friend of yours, Rose, has asked you to be the trustee of her trust. You want to help, but you’re concerned about all that responsibility. You would be managing Rose’s property for her and for others whom she names as beneficiaries. You might be paying her bills and taxes, overseeing bank accounts, making investments,…

A trust is set up to manage a person’s assets and property, and this trust is overseen by an appointed person. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the trust,…