Thomas H. Sullivan
Attorney at Law
Murphy’s Law and Estate Planning
Posted on: November 17th, 2018
As the old adage goes “anything that can go wrong, will go wrong.” Referred to as Murphy’s law, this well-known saying has no mercy. Sadly, estate planning is no exception to its wrath. There is hope! Below are five-estate planning mistakes and how to fix them:...
Caution: Creditors Now Have Easy Access to Inherited IRAs
Posted on: November 16th, 2018
Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. As opposed to when you own the retirement accounts, inherited retirement accounts do not have asset protection, meaning they can be seized by creditors....
Giving Thanks With Your Estate Plan
Posted on: November 11th, 2018
Estate planning covers more than just financial matters. Indeed, many use their estate plan to pass along their values as well as their wealth. One way to do this is to give thanks with your estate plan, by designating charitable giving or specific gifts that will help ensure your legacy...
Trusts - The Swiss Army Knife of Estate Planning
Posted on: October 9th, 2018
To the general public, a trust may seem like an advanced tool only for the wealthiest among us. But, the reality is that trusts are a foundational estate planning tool with a solid history for being highly effective in ensuring a person’s wishes are carried out. The process begins with the maker of a trust – commonly referred to as the trust maker, grantor, settlor, or trustor – transferring his or her ownership of certain assets to the trust. A trustee is then appointed to manage these assets for the beneficiary (or beneficiaries) of the trust. In a “standard” revocable living trust, you are the trust maker, the trustee, and the beneficiary while you are alive. Then your designated successor trustee and beneficiaries take over upon your passing....
Who Should Be Your Successor Trustee?
Posted on: September 2nd, 2018
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death. Your successor trustee plays an important role in the effective execution of your estate plan....
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....