Thomas H. Sullivan

Attorney at Law

Trustees

Options for Establishing and Transferring Your IRA to a Loved One

Posted on: April 26th, 2021
Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at the owner’s death. As a result, a huge amount of accumulated wealth is just waiting to be passed on to loved ones over the next few decades as retirement account owners age and die. Many people are unaware that there are numerous options for transferring these types of accounts to their loved ones. For purposes of this article, we will use “IRA” to refer to a retirement account because many people end up rolling over their 401(k) and other similar retirement accounts into an IRA to obtain greater investment options....

All in the Family: Understanding Common Legal Terms

Posted on: April 8th, 2021
While watching a movie or reading a book about wealthy individuals and their families, you may have come across terms such as “heir,” “descendant,” and “next of kin.” Though made-for-Hollywood storylines use these terms interchangeably, words describing familial relationships have distinct definitions. Using the correct terms is critical in wills, trusts, and other legal documents because words have significant implications. The wrong word can lead the courts to incorrectly interpret your documents and therefore cause an unintended result. Here are a few commonly confused words, their proper meanings, and some usage scenarios....

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?...

Including Noncitizens in Your Estate Planning

Posted on: February 3rd, 2021
With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from different countries to retain citizenship in their native countries. Many couples split their time between the United States and another country to be near their families and enjoy the many benefits of such a lifestyle. In addition, it is not uncommon for a couple’s children or other loved ones to move away from their country of origin and take up permanent residence abroad, or even renounce their home country citizenship, depending on their choices of careers or domestic partners or other considerations....

My Loved One Has Died: As an Heir or Beneficiary, Do I Need an Attorney?

Posted on: January 30th, 2021
You just found out that your favorite aunt, Aunt Melba, has died. In the midst of your grief and sadness, you receive a notice from the attorney handling Aunt Melba's affairs stating that you are a beneficiary. Your best friend advises you to get an attorney. What should you do? Will Aunt Melba's attorney help you? After all, Aunt Melba's attorney has been helping your family for years. Since this attorney knows Melba and the family affairs, shouldn't her attorney be able to help you as well?...

Who Should Be Your Successor Trustee?

Posted on: January 24th, 2021
If you have a revocable living trust, you probably named yourself as the initial trustee so you can continue to manage your financial affairs. Eventually someone else will need to step in when you are no longer able to act due to incapacity or after your death, however. Your successor trustee plays an important role in the effective implementation of your estate plan....
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