Law Office of Neil P. Thompson
Law Office of Neil P. Thompson
  • 7900 International Drive
    Suite 300
    Bloomington, MN 55425
  • Call For Your Free 15 Minute Consultation

    (612) 474-5665

Blog

Seniors Receive Increased Protection From Financial Abuse In The Economic Growth, Regulatory Relief, And Consumer Protection Act
  • By: Neil P. Thompson, Esq.
  • Published: September 22, 2021

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 not mandate that these institutions report financial abuse directed towards elders to avoid penalties, rather it gives them an incentive to do so. The Act provides immunity from any lawsuit alleging elder financial abuse if the financial institution reports it to state or federal law enforcement agents. To qualify for immunity, a financial institution has to create and administer a training program for employees to teach the employees how to spot elder financial abuse. This Act provides immunity to financial…Read More

Options For Senior Living Depend On The Level Of Care Needed
  • By: Neil P. Thompson, Esq.
  • Published: September 15, 2021

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 what senior living option best fits those needs. Nursing Homes Nursing homes, or skilled nursing facilities, are one option for senior living. These facilities are for seniors who can no longer live independently. They provide care for seniors with illnesses or mental conditions that cause them to require monitoring and medical care on a full-time basis. For example, many nursing home patients have dementia, are confined to a wheelchair, or spend most of their time in bed. Their conditions require…Read More

The FDA Approves New Alzheimer’s Drug
  • By: Neil P. Thompson, Esq.
  • Published: September 8, 2021

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 symptoms. This drug therapy can target the fundamental pathophysiology of Alzheimer’s disease. In clinical studies, Aducanumab demonstrates an ability to remove amyloid plaque from the brain, delaying the disease’s progression. Understanding Aducanumab For Treat Alzheimer’s Disease Patients Multi-national pharmaceutical company Biogen (Corporate Headquarters Cambridge, MA International Headquarters in Baar, Switzerland) has been researching and developing approaches to treat Alzheimer’s patients for over a decade, according to CEO Michel Vounatsos. The hope is this drug can help those diagnosed with the…Read More

You’re Appointed Trustee, Now What?
  • By: Neil P. Thompson, Esq.
  • Published: September 1, 2021

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, collecting rent or unpaid debts, getting insurance if needed, and doing whatever else the trust directs you to do. People named as trustees are considered in law as “fiduciaries.” “Fiduciary” stems from the Latin for “trust.” To merit that trust, you must act in Rose’s best interests, to the highest ethical standards of good faith and honesty. It is a lot of responsibility, but the government is here to help. The Consumer Financial Protection Board (CFPB) has issued a guide:…Read More

How Does A Special Needs Trust Work?
  • By: Neil P. Thompson, Esq.
  • Published: August 25, 2021

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, known as the beneficiary. Trusts are advantageous because they provide the ability to place conditions on how and when your assets will be distributed when you die, reduce estate and gift taxes, and allow you to skip the lengthy and expensive probate process. Special needs trusts are a class of trusts made specifically for the benefit of those with physical and/or mental disabilities. These differ from the typical trust due to the special conditions that often need to be in…Read More

A Source Of Comfort And Peace For Your Family – A Letter Of Intent
  • By: Neil P. Thompson, Esq.
  • Published: August 18, 2021

A letter of intent (LOI), also referred to as a letter of instruction, communicates important information to your loved ones that may not be covered in the general estate planning documents. Your LOI is a valuable piece in your estate planning, and although it is an informal letter, it can more fully represent your intentions after you die. Everyone knows they need to make a will, but this lesser-known document can also be a crucial estate planning tool. What Is A Letter Of Intent? The letter itself has no legal standing, so it can’t supersede a will. Still, a letter of intent, also called a letter of instruction, can be of enormous practical and emotional value to your loved ones. A letter of intent conveys essential information about personal and financial matters in combination with your…Read More

A Guide For Understanding How Pet Trusts Work
  • By: Neil P. Thompson, Esq.
  • Published: August 11, 2021

Hotel heiress Leona Helmsley left a trust fund for her Maltese dog named “Trouble” to the tune of $12 million dollars in 2007. Unfortunately, pet inheritances ever since have enjoyed a dubious reputation. The Value Of An Animal Trust For Your Pet For those who care about the well-being of their animals or livestock, animal trusts can play an essential role in ensuring that the animals get the care they need after the principal caregiver passes. After all, estate planning aims to provide for the family, and many of us consider animals as part of the family. Trusts can ensure that money is put aside to care for animals when the animal’s primary human is no longer there. This legal document is significant for long-lived animals like parrots, horses, or tortoises. Because trusts avoid the…Read More

Make Sure Your End-Of-Life Wishes Are Followed By Preparing A Power-Of-Attorney
  • By: Neil P. Thompson, Esq.
  • Published: August 4, 2021

Attorney’s prepare powers-of-attorney documents for clients in order to communicate their wishes and delegate an entrusted person to make decisions on the clients’ behalf when their clients no longer can. But when it comes to actually using those documents at the time of a healthcare crisis, clear and powerful documents are just the beginning. The decision points can (and must) be put down on paper in advance, but when it comes to end-of-life situations, the clarity on which we lawyers thrive can be very hard to find. Sitting in her lawyer’s office, the client may have been quite certain about health-care decisions. She does not want her life prolonged by a battery of aggressive treatments, where these would not preserve her quality of life. She does not want blood transfusions, dialysis, repeated courses of antibiotics…Read More

Military Benefits That Could Help You
  • By: Neil P. Thompson, Esq.
  • Published: July 28, 2021

Veterans have several educational and health care benefits offered through the Tricare and GI Bill by The US Department of Veterans. Even with these programs that help veterans and their families, other little-known services can improve their lives and ease the financial burden of medical care and other expenses. Check your veteran status to see if you qualify for the following ten benefits: Long-Term Care It is well documented that long-term care is expensive, but it is often necessary to provide aging relatives. Through the Aid and Attendance program, many veterans can receive money that covers the cost of assisted living programs, nursing homes, and other long-term care facility options. Currently, couples can receive up to $25,020 annually, which can defray a significant portion of the costs associated with long-term care. A veteran’s surviving spouse…Read More

A Personal Property Memorandum Avoids Misunderstandings
  • By: Neil P. Thompson, Esq.
  • Published: July 21, 2021

When a family member has passed, the family sometimes ends up arguing over personal property. Arguments can take place over things like a coffee mug, a piece of jewelry, or a painting. These types of arguments can be eliminated by filling out a personal property memorandum and keeping it with your will or trust. A personal property memorandum is designed to cover who should receive items owned that don’t have an official title record. Personal property includes furniture, jewelry, art, and other collections, as well as household items like china and silverware. Personal property memoranda may not include real estate or business interests, money and bank accounts, stocks or bonds, copyrights, and IOUs. When writing your memorandum, it is best to keep things simple. Personal property memoranda generally resemble a list of items with the…Read More

Page 1 of 3:123»