Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
How to Choose a Trustee
Posted on: January 18th, 2021
When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell property, provide for your loved ones, keep accurate records, and generally keep things organized and in good order....
Severing Joint Ownership of Property
Posted on: January 11th, 2021
One of the most common forms of property ownership in the United States is joint tenancy with rights of survivorship (JTWROS or joint tenancy). But what is joint tenancy? Joint tenancy is a legal right to property that provides the owner an undivided right to the enjoyment of the property. In other words, one joint tenant cannot legally stop the other joint tenant from enjoying use of the entire property. The “WROS” part of JTWROS means that when one joint tenant dies, the deceased joint tenant’s share of the property automatically passes to the other joint tenant without the need for probate or other formal proceedings....
The Importance of a Successor Trustee
Posted on: January 6th, 2021
An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and enjoy your accounts and property during your lifetime and to maintain privacy in how the accounts and property are managed, and may save your loved ones the time and financial burden of going through probate....
What to Do If a Loved One Dies Abroad
Posted on: December 29th, 2020
The death of a loved one can be one of the most disorienting life events. But if the loved one dies while traveling in a foreign country, the emotional and bureaucratic burdens can multiply exponentially....
You Inherited a Retirement Account
Posted on: December 21st, 2020
It is increasingly common for an IRA or 401k to be the highest value item of property that an American owns. For purposes of estate planning, however, it is important to understand that very special rules apply to these types of accounts. Gone are the days when you can write up a quick will or trust and be assured that everything you own will pass to your heirs or beneficiaries according to the terms of those legal documents. Instead, it has become critically important for families to understand both the laws applicable to wills and trusts and the complex laws governing retirement plans. ...
Should You Own Your Timeshare in Your Trust?
Posted on: December 7th, 2020
Timeshares have come a long way since they first arrived in the real estate market back in the '70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over time, however, timeshares have become more consumer-friendly with greater transparency in the terms of the contract, more flexibility in scheduling timeshare weeks, more diversity in the location of the vacation properties, and less pressure during the sales experience. When it comes to your estate planning though, how should you handle your timeshare?...