Thomas H. Sullivan

Attorney at Law

Latest Blog Posts

Successor Trustee Compensation

Posted on: July 25th, 2021
Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If you plan to nominate a family member or friend to serve in one or both of these roles, you will need to consider whether you should authorize them to be compensated from the trust or estate for the services they provide to the trust beneficiaries or heirs of the estate....

The Difference Between a Prenuptial Agreement and a Will or Trust

Posted on: July 25th, 2021
There was a time when most people heard about prenuptial agreements only when watching soap operas or Hollywood movies or reading a novel. For many of us, prenuptial agreements seemed to be reserved only for the ultrawealthy, where the continuation of dynastic family wealth was at stake. Today, however, prenuptial agreements are much more common....

What Happens to Your Digital Movies When You Die?

Posted on: July 25th, 2021
In today’s digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. However, is it as simple as it seems? How do you own what you cannot touch? And if you cannot handle it, how do you pass it on? For those who own digital assets such as digital movies, these questions are at the heart of a new and interesting paradigm....

Common Law Marriage and Estate Planning

Posted on: July 25th, 2021
Marriage as a legal institution has taken a variety of forms throughout history. As society evolves, how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies. These marriages are called common law marriages. Their existence creates some potential issues when planning for illness or death....

Fears When Talking about Money

Posted on: July 22nd, 2021
Studies[ have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved ones about their wealth....

Multigenerational Wealth Transfer Checklist

Posted on: July 15th, 2021
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals....
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