Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
How to Talk to Mom and Dad about Creating an Estate Plan
Posted on: March 11th, 2021
Conversations about death and dying are rarely fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the topic because they do not want to think about their parents’ mortality, and they may also want to avoid sounding as though they are waiting for their parents to die....
What You Should Know about Life Insurance Settlements
Posted on: March 5th, 2021
Though many people are familiar with life insurance policies and have a general understanding of how they work, the process of selling a life insurance policy to a third party may be less commonly understood. When an insured party sells a life insurance policy to a third party investor, the transaction is called a life settlement....
What If No One Wants My Stuff?
Posted on: February 28th, 2021
A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like to receive the major items—homes, retirement accounts, savings—personal property such as jewelry, clothing, sports equipment, vehicles, and other possessions are often overlooked. The truth is that while some mementos and sentimental items may be very valuable to you, the people that you want to give them to at your death may not need or want them. Who, then, will get your remaining property and possessions if no one wants them?...
Reviewing Your Accounts and Property upon the Death of a Loved One
Posted on: February 20th, 2021
How your accounts are owned makes a big difference in estate planning. The main objective is usually to ensure that no accounts and property are in only your name when you die. Otherwise, they will be subject to probate, a costly, public, and time-consuming court process that many people prefer to avoid. Therefore, it is important that you review your accounts and beneficiary designations to be sure that the death of your loved one has not compromised your previously established plan....
Ways to Leave Your Real Estate to Your Loved Ones
Posted on: February 16th, 2021
Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death. Failing to understand how you legally own your real estate and how it will be passed on to your loved ones can lead to unintended, and often negative, consequences....
What If I Can't Find My Loved One's Documents?
Posted on: February 8th, 2021
If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential. The estate planning process and associated documents are critical to making decisions on the loved one’s behalf, gaining access to accounts, and discovering your deceased loved one’s wishes regarding how to distribute the individual’s money and property. Properly prepared documents have significant legal power to help you handle these vital tasks. However, despite the importance of these documents, it is not uncommon for people to move them or fail to communicate exactly where they are....