Expertise

Sioux Falls Asset Protection Lawyer

When you are protecting your estate and family from taxes, there are many types of taxes that need to come into play when doing your planning: estate taxes, gift taxes, income taxes, real estate taxes, capital gains taxes, generation skipping transfer taxes, and depending on the state you live in, inheritance taxes and state estate taxes. Our Sioux Falls asset protection attorneys and tax attorneys are here to help.

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Be Prepared

What Does a Tax Attorney Do?

A tax attorney advises on how income, gift, and estate taxes apply to your property and plans, and structures your affairs to reduce them legally. Our Sioux Falls tax lawyers focus on tax planning for families, farms, and business owners, so you and your loved ones keep more of what you’ve built.

Estate and gift tax planning: lifetime gifting, trusts, and using both spouses’ exemptions
Income and capital gains planning when property passes to the next generation
Business owners: see our business tax and asset protection planning page

Tax planning works best alongside asset protection planning, because bad things can happen to good people. Our Sioux Falls asset protection lawyers can protect your children’s inheritance if they divorce, get sued, or cause a car accident.

We can also protect a surviving spouse’s assets from a predatory marriage if they remarry after you’re gone. It’s not about what you make at the end of the day; it’s about what you keep.

Our Sioux Falls attorneys have helped clients across South Dakota, Iowa, Minnesota, Nebraska, and North Dakota, from those just starting out to those who are well established. Call 605-275-5665 or contact us online to talk with one of our tax or asset protection attorneys.

Frequently Asked Questions

What is a gift tax?

The gift tax applies to gifts made while a person is living. A gift is considered a “gift” when assets are transferred to someone else and the person who gave them the asset is not paid or given full value in return. Generally, gift taxes are paid by the individual making the gift. Depending on where you live, you may be subject to both a state gift tax and the federal gift tax. The annual federal gift tax exclusion is the amount an individual may gift to each individual during the year without having to report a taxable gift. In 2025, the annual gift exclusion is $19,000 per donee. Any gift over this amount must be reported to the IRS. The lifetime federal gift exemption is the amount each individual may gift during lifetime without haing to pay gift taxes. In 2025, the lifetime gift exemption is $13.99 million. Any amounts exceeding the lifetime gift exemption is subject to a 40% gift tax.

What is an estate tax?

The estate tax is a tax on the value of a deceased individual’s gross estate calculated at death. Unlike the gift tax, which is applied during an individual’s lifetime, the estate tax is applied at death. Generally, estate taxes are paid by a deceased individual’s estate. Depending on where you live, you may be subject to both a state estate tax or an inheritance tax and the federal estate tax. In 2025, the federal estate tax is $13.99 million per person. Accordingly, spouses can pass to heirs a combined total of $27.98 million before facing estate taxes. Any amount exceeding this is subject to a 40% estate tax. It’s important to know that lifetime gifts reduce the exemption amount available for estate tax purposes.