Thomas H. Sullivan
Attorney at Law
Loan, Gift, or Advancement: Why the Classification Matters
Posted on: May 18th, 2019
While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning. Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement....
Estate Planning Is More Than Just Death Planning
Posted on: May 13th, 2019
Many believe that estate planning is simply instructions on how to distribute your assets when you pass away, but the reality is that proper estate planning can do much more. While one major benefit of estate planning is to provide for your family and friends when you are gone, there are many benefits for you as well....
Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup!
Posted on: April 12th, 2019
Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup....
Changes to ABLE Accounts You Should Know
Posted on: April 3rd, 2019
If you have a loved one with disabilities, you may be familiar with “ABLE” accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. ABLE accounts are tax-advantaged savings accounts–similar to 529 education savings plans–whose funds can be used to pay for certain qualifying expenses of disabled individuals. As a result of the Tax Cuts and Jobs Act (TCJA), there are several changes that affect ABLE accounts....
Four Easy to Avoid Mistakes People Make at Tax Time
Posted on: March 28th, 2019
It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as with anything in life, the more you rush, the more likely you are to make mistakes....
Do I Need a Will or Trust?
Posted on: February 7th, 2019
Yes! Everyone needs a will, trust, or both to ensure your legacy is passed on in the way you intend, to provide for children, spouse, and family members, and in the case of trusts, to avoid probate. Wills and trusts are not just for the wealthy: A well-drafted plan ensures that what you do have is not wasted in probate court, establishes your intentions for sentimental items and family heirlooms, and can even state your wishes for the care of pets....