Thomas H. Sullivan
Attorney at Law
Latest Blog Posts
How to Successfully Make a Large Gift to Your Children or Grandchildren
Posted on: August 22nd, 2018
What constitutes a “large” gift can be relative. That being said, if you are considering giving cash or property to someone, a little bit of planning can really help avoid negative consequences. This is particularly true if the gifted amounts are over $15,000.00, will be gifted in property, will be gifted on a regular basis, or if the gift givers -- whether parents or grandparents -- hold assets that are over $11 million....
Five Considerations When Selecting a Guardian for Your Children
Posted on: August 17th, 2018
There is no question that having children changes everything -- and estate planning is no exception. If you and your spouse pass away or become legally incapacitated, and arrangements were never made in the event of such an emergency, your minor child or children will have to be placed with a new family. Not surprisingly, such a drastic change can be a disruptive process for minor children -- even if they are placed with members of your family. If you choose a guardian for your child in your will or other estate plan documents this difficult time can go much more smoothly....
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Posted on: August 13th, 2018
While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better....
Name a Guardian for Your Minor Children
Posted on: August 8th, 2018
We know it’s hard. Thinking about someone else raising your children can stop you in your tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you - your children’s guardian could be a relative you despise or even a stranger you’ve never met....
Legal Considerations When Getting Your New College Student Ready to Go
Posted on: August 6th, 2018
If you are preparing to send your son or daughter off to college to pursue higher education, you may be wondering how their first semester of school will go. During this exciting new chapter in your family’s life, the last thing you may be thinking about is estate planning for your college-aged child. While your child may not have any assets (yet), once he or she turns 18, your child is considered an adult in the eyes of the law. Before your kids go away, have a frank conversation with them about how much information -- including grades, finances, health records -- you will be able to access....
Passing Along a Benefit, Not a Burden
Posted on: August 1st, 2018
Most business owners have their estate planning prepared because they are worried about what will happen to their business after they are dead. However, proper estate planning has the added benefit of allowing you to make plans for what will happen if you are incapacitated or needing to be away from your business for an extended period of time....