Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
Do It Now: Name a Guardian for Your Minor Child(ren)
Posted on: February 28th, 2017
We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you - your child’s guardian could be a relative you despise or even a stranger you’ve never met....
The Top 2 Ways the Court Gets Involved in Your Estate, and How to Avoid Them
Posted on: February 21st, 2017
No one wants unnecessary court involvement in their life. But without careful and proactive estate planning, chances are that some aspect of your estate will end up being decided there....
New Legislation Could Mean the End of Estate and GSTT Taxes
Posted on: February 14th, 2017
On January 24, 2017, the Death Tax Repeal Act of 2017, or H.R. 631, was introduced to the U.S. House of Representatives by South Dakota congresswoman Kristi Noem. If passed, H.R. 631 would completely repeal the federal estate tax. A separate companion bill put before the Senate by South Dakota senator John Thune, S. 205, would also repeal the generation-skipping transfer tax (GSTT). ...
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Posted on: February 7th, 2017
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better....
Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment
Posted on: January 31st, 2017
Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning as if they’ll be as sharp as a tack late into their golden years. Unfortunately, this common approach of ignoring a potential problem and hoping it simply won’t happen can leave a giant hole in your estate plan. Read on to find out that this common hole can be more easily filled than you might think. ...
A Powerful Exercise to Surface the Values You Want to Pass on to the Next Generation
Posted on: January 24th, 2017
Successful estate planning is about far more than simply passing your wealth to the next generation— it’s also about passing on your values. No matter which financial or legal structures you choose to contain and manage your assets, these instruments only preserve your wealth until it reaches the hands of your beneficiaries. What happens then? Your values enabled you to accumulate wealth and persevere in spite of obstacles and long odds. If your children and grandchildren don’t share and cherish those values, they could lose their inheritance as quickly as they received it....