Thomas H. Sullivan
Attorney at Law
Why Your Heirs or Beneficiaries May Receive a Smaller Inheritance Than You Thought
Posted on: August 17th, 2020
Often when a person dies and leaves money or property to heirs or beneficiaries, the first thing the heirs or beneficiaries want to know is the overall value of the estate. If the executor or the trustee (the person or entity in charge of handling the final affairs of a deceased person) shares that information, as is typically required, it can be tempting for heirs or beneficiaries to immediately do some quick mental math to estimate how much they will receive. With that number in mind, they may begin mentally spending the anticipated inheritance on things that have always been a little out of reach....
Seven Ways to Avoid Family Fights over Your Property
Posted on: August 6th, 2020
Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Many families have worked through the details of divvying up a deceased loved one’s property remarkably well and ended up even closer. Having counseled families for years, we offer the following pearls of wisdom to help your family avoid fighting over your property when you are gone:...
Planning for Your Family's Education
Posted on: July 31st, 2020
According to the National Center for Education Statistics, in the 2018–2019 academic year, the average tuition and fees for a public four-year institution were $9,200; $35,800 for a private nonprofit four-year institution; $3,700 for a public two-year institution; and $18,400 for a private nonprofit two-year institution. If postsecondary education is in your family’s future, including any of the following tools in your estate plan can be an excellent way to help provide for education needs....
How to Help Your Loved Ones Avoid Probate
Posted on: June 22nd, 2020
Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust....
Setting Your Trustee Up for Success
Posted on: June 8th, 2020
For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, signing the trust agreement doesn’t end the estate planning process: To work properly, the trust needs to be funded....
Caught in the Undertow
Posted on: May 12th, 2020
Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. But there may be unseen dangers that are crucial for beachgoers to keep in mind: For example, the undertow is a current of water, often quite powerful, below the surface, that is moving away from shore when waves are approaching it. It can easily knock a smaller person off balance and could be dangerous for those who are not strong swimmers. As a result, it is very important to take steps to protect family members from this danger. Likewise, there are a number of dangers associated with failing to put a well-thought-out estate plan in place that could make your family members feel as though they are drowning if you were to pass away....