Thomas H. Sullivan

Attorney at Law

Estate Planning

How to Leave Assets to Adult Children

Posted on: March 16th, 2018
When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn't necessarily mean they should receive equal shares of your estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to “compensate” a child who has been a primary caregiver....

How to Leave Assets to Minor Children

Posted on: March 16th, 2018
Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Don’t make these common, expensive mistakes. Instead, here’s how to both protect and provide for the children you love....

How Estate Planning Can Help You Dream About Your Future

Posted on: March 13th, 2018
A dream without a plan is simply a wish. Estate planning is not just about death and taxes -- it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave behind for loved ones, help you avoid the expense and delay of probate, as well as help you save on taxes....

What Happens to Your Student Loan Debt When You Die?

Posted on: March 6th, 2018
There are two issues many people prefer to avoid thinking about: death and debt. Unfortunately, both of these seems to be inevitable. Student loan debt is a part of life nowadays, particular for students obtaining advanced or professional degrees. As of 2017, the total national student debt is now over $1.4 trillion with college students graduating with an average of $17,126 in debt for their degree. Students are not alone in their debt load. Approximately $81 billion of the debt is in Parent PLUS loans....

4 Things to Consider Regarding Early Inheritance

Posted on: February 23rd, 2018
Nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams while we’re alive to enjoy them, and there’s no real financial penalty for doing so, provided that you structure the arrangement correctly. Here are four important factors to take into account when planning to give an early inheritance....

Choosing a Successor Trustee

Posted on: February 20th, 2018
When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job....
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