Thomas H. Sullivan

Attorney at Law

Trustees

The Lifetime QTIP Trust

Posted on: February 5th, 2020
Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution for allowing the well-to-do spouse to maintain control of their property and wealth--but keep their other spouse happy--is the "Lifetime QTIP Trust."...

Distribution Methods for Your Children

Posted on: February 5th, 2020
If you are a parent, you probably love to do good things for your children—and leaving them an inheritance is one of the most tangible ways you can show your love once you are gone. What you may not know is that there are a variety of ways that you can leave money and property to your children, and you can choose the method you think best takes your goals, including their well-being, into account....

New Year, New Estate Plan

Posted on: January 7th, 2020
Welcome to 2020! A new year is a time for optimism and new opportunities. It is a time to start fresh and make sure you are headed in the right direction. But making New Year’s resolutions is not enough: Take action now to ensure that you and your family or loved ones are prepared for the future!...

Estate Planning is Like Building a Snowman

Posted on: January 7th, 2020
A complete estate plan must include certain essential parts. In fact, it is similar to building a snowman in some respects. The traditional snowman has several critical components: bottom, middle, and top snowballs, as well as “arms” and a “ face.” If any of these are left out, the snowman can look a little odd! The consequences of an incomplete estate plan are much more serious, however. If you leave out important documents when you create your estate plan, it is unlikely to accomplish all of your goals, and the benefits you thought you were gaining could melt away....

Effect of Bankruptcy on Estate Planning

Posted on: December 3rd, 2019
Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings have declined as the economy has improved, but there were still a whopping 969,397 bankruptcy filings during the period from June 30, 2018 to September 30, 2019. What happens to your estate if you file for bankruptcy protection, but die while still in bankruptcy? What if one of your beneficiaries is in bankruptcy or is likely to be soon? None of us knows what the future holds, so these are important considerations that you should take into account in your estate planning, even if the possibility of bankruptcy seems far-fetched right now....

Planning for Stepchildren and Step-Grandchildren

Posted on: November 7th, 2019
The structure of families has changed in the United States: According to statistics cited by the Pew Research Center, six out of ten women who remarry are in blended families, and in about half of those remarriages, stepchildren live with the remarried couple. If you or your grown children are part of a blended family, your estate planning should reflect the special considerations and complexities involved....
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