Thomas H. Sullivan
Attorney at Law
What Is a Separate Revocable Living Trust?
Posted on: August 31st, 2021
When a couple engages in foundational estate planning, one of the first questions addressed by estate planning attorneys is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If using an RLT makes sense, an important follow-up question to married couples should be whether it makes sense for them to use a joint RLT or separate RLTs. ...
Trust and Estate Administration: Whom Should You Bring to the Meetings?
Posted on: August 20th, 2021
A loved one’s passing is felt by their entire surviving family. But when it comes to carrying out the decedent’s final wishes, not everyone has an equal say. In fact, in many cases, only one person—the executor, or personal representative, of the estate—plays a role in administering a will. This role includes gathering the deceased’s accounts and property, paying debts, managing the money and property, then distributing the money and property to the chosen individuals or charities named in the will. The same is true of trust administration. The trustee, and typically the trustee alone, is in charge of managing, investing, and distributing the trust’s accounts and property according to the instructions in the trust document. If you are the executor of your loved one’s estate or the trustee of their trust, there are some things you need to know....
How Remarriage Can Affect Your Estate Planning
Posted on: August 18th, 2021
Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation....
Answering Common Questions of Senior Citizens
Posted on: August 14th, 2021
According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019. Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you....
Preserving Your Money and Property Beyond the Third Generation
Posted on: July 25th, 2021
Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. The quotation “shirtsleeves to shirtsleeves in three generations” has often been attributed to Andrew Carnegie. The same concept has been echoed by other people and various cultures, with the underlying notion being that the first generation builds the wealth, the second generation spends the wealth, and the third generation rarely sees any of the wealth. We are committed to crafting estate plans that will disprove those words and provide for many future generations....
Successor Trustee Compensation
Posted on: July 25th, 2021
Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If you plan to nominate a family member or friend to serve in one or both of these roles, you will need to consider whether you should authorize them to be compensated from the trust or estate for the services they provide to the trust beneficiaries or heirs of the estate....