Thomas H. Sullivan

Attorney at Law

Latest Blog Posts

Protecting the New Athletic Superstars

Posted on: November 30th, 2021
A change to the long-standing National Collegiate Athletic Association (NCAA) policy that prohibited athletes from making money has abruptly—and dramatically—altered the landscape of NIL in collegiate athletics. The NCAA has long been criticized for generating billions in annual revenue from athletic programs while barring athletes from sharing the profits. Student athletes have not wasted time profiting under the new rules, with many already cashing in....

Are Family Limited Partnerships under Attack?

Posted on: November 26th, 2021
A popular estate planning tool that has long been used effectively may be facing new challenges under the current administration in Washington, DC. The family limited partnership (FLP) is an estate planning tool that allows families not only to transfer significant amounts of their wealth to succeeding generations while reducing estate, gift, and income tax liabilities but also to achieve several other important estate planning goals....

Should You Consider a Life Estate for Your Home?

Posted on: November 21st, 2021
A home is often one of the most valuable items of property that someone will ever own. When it comes to ensuring that your home passes to the individual or group that you intend, there are a variety of ways to legally make that happen. The life estate is a less commonly used method....

Mental Health Considerations in Estate Planning

Posted on: November 17th, 2021
It is okay to not be okay. Removing the stigma of mental health starts with realizing that many people—about one in five of all US adults--are affected by mental illness. Understanding this fact can lead to more people getting the help they require, not only by seeking guidance from a mental health expert, but also by planning for the future with mental health considerations in mind....

Questions First Responders Must Consider to Best Protect Their Loved Ones

Posted on: November 9th, 2021
Thank you for all that you do for us. We understand that being the first one on the scene can come with many different risks. We are dedicated to protecting you and your loved ones from the different types of emergencies that may pop up during your life. The following are some important questions for you to consider that can help you prevent your own family emergency....

What Is HEMS and Why Is It Included in So Many Trusts?

Posted on: November 4th, 2021
In the world of estate planning, you may come across the acronym HEMS from time to time. HEMS stands for “health, education, maintenance, or support” and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to this type of distribution standard, often called an ascertainable standard, they must ensure that whatever they distribute to the beneficiaries falls within one of the four categories. Failure to do so can have a variety of negative results, including tax consequences and loss of asset protection....
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