Thomas H. Sullivan
Attorney at Law
Reasons a Trust Might Terminate
Posted on: December 13th, 2021
Nothing lasts forever. While trusts can stretch across generations and keep valuable money and property within a family, no trust has unlimited funds or an interminable time horizon. Every trust, at some point, will end. The reasons why a trust might terminate can vary, but in general, termination occurs because the trust has accomplished its purpose, is no longer economically feasible, has distributed all of its property, is revoked, or is dissolved by the court because of a dispute or an illegality....
When Should You Consider a Qualified Personal Residence Trust
Posted on: December 8th, 2021
Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is uncertain what the estate tax exemption amounts and rates will be in the future. ...
Mental Health Considerations in Estate Planning
Posted on: November 17th, 2021
It is okay to not be okay. Removing the stigma of mental health starts with realizing that many people—about one in five of all US adults--are affected by mental illness. Understanding this fact can lead to more people getting the help they require, not only by seeking guidance from a mental health expert, but also by planning for the future with mental health considerations in mind....
Questions First Responders Must Consider to Best Protect Their Loved Ones
Posted on: November 9th, 2021
Thank you for all that you do for us. We understand that being the first one on the scene can come with many different risks. We are dedicated to protecting you and your loved ones from the different types of emergencies that may pop up during your life. The following are some important questions for you to consider that can help you prevent your own family emergency....
What Is HEMS and Why Is It Included in So Many Trusts?
Posted on: November 4th, 2021
In the world of estate planning, you may come across the acronym HEMS from time to time. HEMS stands for “health, education, maintenance, or support” and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to this type of distribution standard, often called an ascertainable standard, they must ensure that whatever they distribute to the beneficiaries falls within one of the four categories. Failure to do so can have a variety of negative results, including tax consequences and loss of asset protection....
Decanting: Redoing Your Loved One’s Estate Plan
Posted on: October 27th, 2021
In a constantly evolving world, having the flexibility to adapt to changing circumstances is a valuable trait. But is flexibility less important in estate planning than in other areas of life? In many situations, you may not want your estate planning documents to be flexible after you have signed them. If your planning could be changed on a whim, there is a risk that your intent can be defeated by someone who does not understand or respect it....