Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
4 Things to Consider Regarding Early Inheritance
Posted on: February 23rd, 2018
Nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams while we’re alive to enjoy them, and there’s no real financial penalty for doing so, provided that you structure the arrangement correctly. Here are four important factors to take into account when planning to give an early inheritance....
Choosing a Successor Trustee
Posted on: February 20th, 2018
When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job....
What do successor trustees and executors do?
Posted on: February 13th, 2018
An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or may use so-called “independent” administration for an unsupervised probate....
After Tax Reform, Is Estate Planning Still Necessary?
Posted on: February 5th, 2018
The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional Joint Committee on Taxation....
Are Payable-On-Death Accounts Right For You?
Posted on: January 30th, 2018
A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost....
Why Your Estate Planner Needs to Know If You’ve Lent Money to Family
Posted on: January 25th, 2018
Many children and grandchildren are skipping the traditional bank and obtaining loans from parents or grandparents. Unfortunately, we have all heard stories of families torn apart because of disagreements over money. So, what can you do to make sure your intra-family loans help — rather than hurt — your family?...