Thomas H. Sullivan
Attorney at Law
Planning for Your Family's Education
Posted on: July 31st, 2020
According to the National Center for Education Statistics, in the 2018–2019 academic year, the average tuition and fees for a public four-year institution were $9,200; $35,800 for a private nonprofit four-year institution; $3,700 for a public two-year institution; and $18,400 for a private nonprofit two-year institution. If postsecondary education is in your family’s future, including any of the following tools in your estate plan can be an excellent way to help provide for education needs....
Saving for College: What If There Is Money Left Over?
Posted on: July 24th, 2020
Setting money aside for your children’s or grandchildren’s education is a great way to provide for their future. However, it is possible that not all of the money you have set aside will be used for college expenses. For example, your child may receive a large scholarship and will not need to use all the money you have saved, or your grandchild may choose a trade school that is less costly than you expected. Alternatively, your child or grandchild may decide to join the workforce immediately upon graduation. When confronted with this scenario, you may wonder what you can do with the excess money. The answer depends on how the money is managed....
How to Help Your Loved Ones Avoid Probate
Posted on: June 22nd, 2020
Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust....
3 Simple Ways to Avoid Probate Costs
Posted on: June 17th, 2020
The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees can run into tens of thousands of dollars. The good news: Many of these probate costs can be reduced by avoiding probate. It’s really that simple....
Setting Your Trustee Up for Success
Posted on: June 8th, 2020
For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, signing the trust agreement doesn’t end the estate planning process: To work properly, the trust needs to be funded....
How to Handle Savings Bonds in Estate Planning
Posted on: June 3rd, 2020
A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs.” In effect, when you buy a savings bond, you are loaning the U.S. government money which is repaid with interest after a fixed period of time....