Thomas H. Sullivan
Attorney at Law
What if I Can Find Only Photocopies or Digital Copies of My Estate Planning Documents?
Posted on: September 17th, 2021
If you were to ask attorneys across the country how often they get phone calls like the following, the answer (“Very frequently”) may surprise you. The phone call might go something like this: “Hi, this is John Jones. My dad, Bill Jones, passed away recently and we have torn the house apart looking for his estate planning documents. But despite our best efforts, we can’t find his will or trust anywhere! I know he did an estate plan with your office a few years ago, but we are at a total loss trying to find the original documents. Please tell me that you have the originals stored at your office?”...
Make Gifts That Your Family Will Love but the IRS Won't Tax
Posted on: July 25th, 2021
Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones....
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....
Fears When Talking about Money
Posted on: July 22nd, 2021
Studies[ have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved ones about their wealth....
Multigenerational Wealth Transfer Checklist
Posted on: July 15th, 2021
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals....
Can a Beneficiary Also Be a Trustee of a Trust?
Posted on: July 10th, 2021
Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can also be a trustee of the same trust—but it may not always be wise, and certain guidelines must be followed....