Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
Missed a Required Minimum Distribution?: Here Is How to Fix It
Posted on: October 17th, 2019
The retirement years are supposed to be carefree—but what if you neglected to take the required minimum distribution (RMD) from one or more of your retirement accounts or took a distribution that was lower than required? This could be a costly mistake resulting in a tax penalty of 50% of the amount of the distribution you did not take, which may amount to thousands of your hard-earned dollars. Fortunately, the IRS has provided retirees with the opportunity to seek a waiver of penalties if the proper remedial action is promptly taken. ...
Estate Planning Awareness Week
Posted on: October 14th, 2019
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared any estate planning documents such as a will or trust despite the fact that 76% viewed them as important. Many of the respondents said this was due to procrastination, but many others mistakenly believed that it was not necessary because they did not have many assets....
Posted on: October 9th, 2019
Identity theft is the last thing a grieving family should have to worry about after the loss of a loved one. Unfortunately, identity thieves have increasingly targeted the identities of deceased people, using their names and other identifying information to get credit cards, apply for loans, collect refunds based on fraudulent tax returns, and even obtain “proof” of U.S. citizenship. Although family members are not personally responsible for the debts of their deceased loved ones, it may take an effort to resolve the situation if a loved one’s identity is stolen. You and your family can take action to prevent identity theft from happening....
Love Them Today and Love Them Tomorrow with a Pet Trust
Posted on: October 6th, 2019
There are 3.3 million dogs housed in animal shelters each year. You can celebrate Adopt-a-Dog Month this October by adopting a homeless dog, providing it with a home, and gaining years of joy and companionship. But whether you are planning to adopt a new pet or already have one (or several), it is important not to forget to make arrangements for their care if something should happen to you....
Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them
Posted on: September 28th, 2019
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice. ...
Posted on: September 25th, 2019
For each season, there is planning that you must do on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents to consider when crafting a plan to protect yourself, your family, your business, and your legacy....