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....
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....
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....
Caught in the Undertow
Posted on: May 12th, 2020
Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. But there may be unseen dangers that are crucial for beachgoers to keep in mind: For example, the undertow is a current of water, often quite powerful, below the surface, that is moving away from shore when waves are approaching it. It can easily knock a smaller person off balance and could be dangerous for those who are not strong swimmers. As a result, it is very important to take steps to protect family members from this danger. Likewise, there are a number of dangers associated with failing to put a well-thought-out estate plan in place that could make your family members feel as though they are drowning if you were to pass away....
COVID-19: A Reminder of Why Estate Planning Is Important
Posted on: April 7th, 2020
Coronavirus has been all over the news—and with good reason. For some people, it can turn into a serious illness if contracted. Thankfully, for the great majority of people who have contracted the disease, the symptoms appear to be relatively mild. Nevertheless, it is crucial for everyone, particularly those who are in good health, to continue to take all the steps necessary to protect those around us who are more vulnerable to becoming seriously ill if they are exposed to the coronavirus...
Reconsidering Your Role in Others' Estate Plans
Posted on: March 27th, 2020
It is important to think carefully about your ability or willingness to serve as an executor or trustee for someone else. If a family member or friend has asked you to serve as the executor of his or her estate or as trustee of a trust he or she is creating, there are a number of factors you should consider before accepting either of these important roles. If you have already accepted the role of trustee or executor for a family member or loved one, but are no longer able or willing to do so, it is important to resign in the way required by law (though if you are a trustee, the trust document may specify a particular method for resigning that might differ from the state law)....